New Non-Custodial XMR ⇄ SOL Swap Service Sparks Debate | 4% Fee Concerns
Edited By
Liam O'Sullivan
A growing segment of the Monero community is questioning the 4% fee associated with a new non-custodial swapping service for XMR and SOL. As the service nears completion, users express mixed feelings over both costs and desired features.
XMR Node Live and Ready
With a fully operational XMR node in place, the developers are emphasizing privacy and full control. "No reliance on third parties, no remote RPC — we control the whole stack," they stated. This control aims to ensure secure and anonymous transactions, aligning with Monero's ethos of privacy.
Fee Doubts From the Community
However, the proposed 4% swap fee has sparked significant discussion. Many commenters feel this rate is too high. One user remarked, "Brah you raping with 4%. No lube." Others suggested starting without a fee to build trust among potential users, saying, "Honestly, I’d go the way of retoswap at first and start with no fee."
Key User Concerns
High Fees: The 4% fee has been labeled as excessive by multiple commenters, with some advocating for a more competitive rate around 2% or lower.
Privacy Considerations: Users are leaning towards a swap service that does not require wallet connections, expressing a clear preference for raw address input/output. One user noted, "I prefer no UI wallet connection at all."
Trust and Transparency: Suggestions around implementing PGP-signed receipts are considered valuable to enhance trustworthiness, especially if issues arise during swaps.
"The idea of a non-custodial XMR ⇄ SOL swap is exactly the kind of tool privacy-conscious users are looking for."
— User commentary
Mixed Sentiment in the Community
The sentiment surrounding this new service is notably mixed. Many appreciate the focus on privacy, but the high fee raises concerns about user adoption. While several users remain supportive of the project's potential, they seem hesitant about the cost structure.
What’s Next?
As the project moves forward, developers are keen on feedback from the Monero community, clarifying that suggestions are welcome to refine the service further. The key question remains: will users pay a 4% fee for enhanced privacy?
Takeaways
🔺 Community feedback heavily critiques the 4% fee.
⚠️ Preference for raw address swaps versus wallet connections is clear.
✅ Suggestions for open-source transparency gain traction through user discussions.
Predictions on Adoption and Fees
As conversations about the non-custodial XMR ⇄ SOL swap heat up, there's a strong chance that developers will reconsider the 4% fee based on community feedback. If the concerns continue, experts estimate the likelihood of a reduced fee to around 70%, which could cater to user expectations while driving adoption. Should the initial launch show promise, we might see an increasing number of people experimenting with the service, particularly if there's transparency around its operation. The community's appetite for privacy solutions stands firm, but balancing that need with affordability will be crucial in determining whether this service thrives or flounders.
A Historical Flashback to Internet Domain Wars
This situation reflects the early struggles of internet domain registration back in the late 1990s. Back then, companies battled over domain prices and available names, facing backlash from small businesses that wanted access without exorbitant fees. Similar to the current XMR and SOL debate, companies had to balance innovation and the user experience, which ultimately led to a shift towards more user-friendly practices and transparent pricing. Just as the domain landscape evolved to accommodate both the creators and users, the Monero community may also push the developers to adapt, ensuring a service that favors both privacy and accessibility.