We would like to address a critical matter concerning our fee calculator and its implications on your final payouts. Following the integration of an updated fee calculator in January 2024, it has come to our attention that the calculator did not adequately account for the incoming transaction (Tx) fees associated with buyer payments. This oversight has led to discrepancies in the expected vs. actual payout amounts (as in, SWAPD unknowingly covered fees that should be tacked on to sellers).
This was a manageable arrangement for transactions utilizing TRC20, given their minimal fees. However, transactions conducted via ERC20 have presented significant challenges due to their higher transaction fees, with some fees observed in the range of $10 to $20 for transactions as modest as $50.
We are implementing corrective measures to address this issue effective immediately. However, it is important to acknowledge that the nature of blockchain transactions and the associated network fees’ variability over time make it exceedingly difficult to develop a calculator that can accurately predict transaction fees in real-time. From the acceptance of funds to their payout, network fees are subject to significant fluctuations, which are beyond our control.
In light of this, we urge our members to heed the warning provided within our fee calculator, which states that fee calculations may be off by a few dollars due to various factors, including bank fees, exchange rates, geographical locations, and account types, among others. This warning is not merely a precaution but a genuine advisory based on the unpredictable nature of transaction fees. Starting today, sellers will feel a slight change in payouts.
The good news is that the accuracy of our fee calculator has improved substantially over the past years. However, members should remain cognizant of the potential for minor discrepancies, particularly with ERC20 payments.
