How to Set Up a Custom Front-End Fee for Your Application

Suggest Edits

One powerful feature that can be integrated into your application is the ability to set up a custom front-end fee. This article will guide you through the process of implementing this capability in your application, providing step-by-step instructions and a practical example.

Setting Up a Custom Front-End Fee

To set an additional fee in the order.buymethod, you need to utilize the originFees parameter. This parameter requires two key pieces of information: account and value.

  • account This is the address that will receive the fee. It should be specified in the format, for example, "ETHEREUM:0x...".
  • value: This parameter represents the fee value in basis points, ranging from 0 to 10000. Here, 10000 equals a 100% fee.

Benefits of Custom Front-End Fees

  1. Revenue Generation: By implementing custom front-end fees, you can generate additional revenue for your platform. This fee can be a percentage of the transaction amount, contributing directly to your earnings.
  2. Flexible Monetization: Custom fees allow you to tailor your monetization strategy according to your business model. You can charge different fees for different types of transactions or users, enabling a versatile approach to revenue generation.
  3. Enhanced User Experience: Providing transparency about fees and allowing users to see the breakdown of their transactions instills trust. Users appreciate clarity in financial dealings, leading to a positive user experience.
  4. Encouraging Desirable Behavior: Custom fees can be used strategically to incentivize specific user behavior. For instance, you could offer reduced fees for high-value transactions, encouraging users to make larger purchases.
  5. Competitive Advantage: Offering a customizable fee structure can give you a competitive edge. Businesses and users often compare platforms based on fees and transparency. Being able to offer tailored fee options can attract more users to your application.

Example Implementation

Let's take a look at an example of how to implement custom front-end fees in your application using the provided code snippet:

> const tx = await sdk.order.buy({  
>     orderId: toOrderId("..."),  
>     amount: 1,  
>     originFees: [{  
>         account: toUnionAddress("ETHEREUM:0x..."),  
>         value: 1000, // 1000 basis points equals 10% fee  
>     }]  
> })

In this example, the originFees parameter is used to specify a 10% fee for the transaction. Adjust the value parameter according to your desired fee percentage.

For more information on the technical integration, please see here.

Conclusion

Custom front-end fees empower you with the flexibility to tailor your application's revenue model while enhancing user satisfaction through transparency and fairness. By following the steps outlined in this guide and understanding the benefits, you can implement this feature effectively, creating a win-win situation for both your business and your users. Happy coding!

Updated 5 months ago