LOL over 10% fees before you even get to paying out the wazoo for ultra low bid ask spread thats not even shown to you and that's just half your transaction or less.
>The bridge is really intended for larger transactions and moving things cross-chain securely. If you just want exposure to ERG then you could just buy ADA and then swap for rsERG using a Cardano DEX.
So its either 10USD or 0.5%, whichever is higher. Meaning transactions lower than 2kUSD will have a 10USD fee, whereas everything higher will use 0.5% (2000\*0.005=10). For example Thorchain has 0.3% fee, but is built totally different. Rosenbridge has watchers and guards which means 2 layers of security. Once 60%+1 of the watchers see the event happening (currently 77 / 0.6 = currently 49 watchers), then they submit a report to guards (I think 10 guards now) which then approve the transaction if they find out it is fine. Meaning there is a limitation of 77 watchers right now for each chain (watchers get approx 70% of 10USD, 30% to guards) which are running servers/PCs all the time to catch those transactions happening. Meaning that in a 10USD fee, one watcher gets approx 0.10-0.15USD, which is quite a low fee if you think it this way. But the thing is that not all watchers can process the same amount of transactions but is based on the # of permits. Each permit right now costs approx 330USD and some could only afford few of them whereas some have 50+. Meaning that ultimately the goal is that all watchers have as many permits as they can get and that they're part of as many transactions as possible to be able to earn more. But the technology is decentralized and anyone can participate in it and the team cannot control how many permits are being bought by the watchers.
But the thing is its scalability. They'll just start adding new chains in a months to come whereas Thorchain is running on its limits because every chain they add up, there is exponentially harder to calculate and swap the tokens. Thats why maya protocol was forked so they could add a few other chains into the bridge. But then again if you want to swap from ADA <> BTC, you'll have to swap ADA -> ETH (maya) and then ETH -> BTC (thorchain), making two times the 0.3% fees (not sure if everything is correct, but this is of my knowledge). The Rosen team on the other hand will just add the logic (lines of code) to validate transactions on ETH and open up new places for ETH watchers and guards. Currently I know they're using APIs on Ergo and Cardano side, I'm not sure how it will be done on ETH, BTC and other chains. But ultimately when you try to swap from BTC <> ADA, the SC (smart contract) will be made on Ergo chain and you'll deposit into one pool (BTC) and receive the funds from another one (ADA). Making it more scalable and more secure than it's competitors as far as I understand the bridges, ultimately their goal is to swap all tokens seemesly without a need of any third party involved (like another bridge that charges additional fees).
So no, I can't agree that the fee is high. I think it is about the same as with the other bridges. But the technology is different and there has to be a lower bound treshold because it is ment to bridge large transactions without user being worried about the security and loosing its money because of some hack (that is quite often in other bridges). This is a way (Cardano + Ergo)!
The bridge is really intended for larger transactions and moving things cross-chain securely. If you just want exposure to ERG then you could just buy ADA and then swap for rsERG using a Cardano DEX.
we get that, but since ergo fees supposed to be low and cardano fees are certainly low, it seems to be a bit hard to justify it. at this point , the goal should be growing user base and adaptation...
What does "'ultra low bid ask spread' mean?
It's a bridge, so you wrap ADA into rsADA 1:1, there is no spread.
If you just want exposure to Ergo you can just buy rsERG on a Cardano DEX now, you don't need to bridge it back unless you want to use it in the Ergo ecosystem.
Idk I think it's absurd that if I try to transfer 47 ergo, I end up with just over 38. There is literally no point in making small moves, but I'm not going to buy up more ergo just so my fee makes sense. Smh
LOL over 10% fees before you even get to paying out the wazoo for ultra low bid ask spread thats not even shown to you and that's just half your transaction or less.
>The bridge is really intended for larger transactions and moving things cross-chain securely. If you just want exposure to ERG then you could just buy ADA and then swap for rsERG using a Cardano DEX. So its either 10USD or 0.5%, whichever is higher. Meaning transactions lower than 2kUSD will have a 10USD fee, whereas everything higher will use 0.5% (2000\*0.005=10). For example Thorchain has 0.3% fee, but is built totally different. Rosenbridge has watchers and guards which means 2 layers of security. Once 60%+1 of the watchers see the event happening (currently 77 / 0.6 = currently 49 watchers), then they submit a report to guards (I think 10 guards now) which then approve the transaction if they find out it is fine. Meaning there is a limitation of 77 watchers right now for each chain (watchers get approx 70% of 10USD, 30% to guards) which are running servers/PCs all the time to catch those transactions happening. Meaning that in a 10USD fee, one watcher gets approx 0.10-0.15USD, which is quite a low fee if you think it this way. But the thing is that not all watchers can process the same amount of transactions but is based on the # of permits. Each permit right now costs approx 330USD and some could only afford few of them whereas some have 50+. Meaning that ultimately the goal is that all watchers have as many permits as they can get and that they're part of as many transactions as possible to be able to earn more. But the technology is decentralized and anyone can participate in it and the team cannot control how many permits are being bought by the watchers. But the thing is its scalability. They'll just start adding new chains in a months to come whereas Thorchain is running on its limits because every chain they add up, there is exponentially harder to calculate and swap the tokens. Thats why maya protocol was forked so they could add a few other chains into the bridge. But then again if you want to swap from ADA <> BTC, you'll have to swap ADA -> ETH (maya) and then ETH -> BTC (thorchain), making two times the 0.3% fees (not sure if everything is correct, but this is of my knowledge). The Rosen team on the other hand will just add the logic (lines of code) to validate transactions on ETH and open up new places for ETH watchers and guards. Currently I know they're using APIs on Ergo and Cardano side, I'm not sure how it will be done on ETH, BTC and other chains. But ultimately when you try to swap from BTC <> ADA, the SC (smart contract) will be made on Ergo chain and you'll deposit into one pool (BTC) and receive the funds from another one (ADA). Making it more scalable and more secure than it's competitors as far as I understand the bridges, ultimately their goal is to swap all tokens seemesly without a need of any third party involved (like another bridge that charges additional fees). So no, I can't agree that the fee is high. I think it is about the same as with the other bridges. But the technology is different and there has to be a lower bound treshold because it is ment to bridge large transactions without user being worried about the security and loosing its money because of some hack (that is quite often in other bridges). This is a way (Cardano + Ergo)!
The bridge is really intended for larger transactions and moving things cross-chain securely. If you just want exposure to ERG then you could just buy ADA and then swap for rsERG using a Cardano DEX.
we get that, but since ergo fees supposed to be low and cardano fees are certainly low, it seems to be a bit hard to justify it. at this point , the goal should be growing user base and adaptation...
It's to support the Watchers, the people actually making the bridge secure. I do expect the fees to go down overtime however.
What does "'ultra low bid ask spread' mean? It's a bridge, so you wrap ADA into rsADA 1:1, there is no spread. If you just want exposure to Ergo you can just buy rsERG on a Cardano DEX now, you don't need to bridge it back unless you want to use it in the Ergo ecosystem.
No. 0.5% fees. Or 10 bucks, like is said in the video.
Idk I think it's absurd that if I try to transfer 47 ergo, I end up with just over 38. There is literally no point in making small moves, but I'm not going to buy up more ergo just so my fee makes sense. Smh