How do I burn fees?
burnReserveFees function of the FeeBurner contract. This function will have to be called for each reserve. At the moment, we run a script to call this function for all the reserves once every week. More information regarding the input parameters of the
burnReserveFees function can be found in API/ABI.
Calculation of Fees
In every trade, 0.25% of the transaction value is charged as a fee. The payment of the fees during a trade is administered by the handleFees() of the FeeBurner contract. This fee amount is converted to its equivalent KNC value and recorded for the reserve by the FeeBurner contract. 30% of this fee paid by the reserves will be shared among the fee sharing partners and the rest is burned.
The reserve manager may read the
reserveFeesToBurn of the fee burner contract to view the total fee to burn and share.
Step 1: Read the FeeBurner contract in Etherscan
Obtain the FeeBurner contract address here. You may then view this address using Etherscan.
Step 2: Query the
Key in your reserve's contract address in the input field for the
reserveFeesToBurn variable. The query should return the total fees to burn and share in KNC.
Withdrawing funds from the reserve
The Operator account can withdraw funds to the registered whitelisted addresses of your reserve by calling the
withdraw() function in the reserve contract.
The Admin account can withdraw funds to any destination address by calling the
withdrawToken() functions. For more information regarding the input parameters of the
withdrawToken() functions function can be found in API/ABI.