Some projects want to give their users possibility to operate with their tokens without using Waves at all. Often it makes sense since these tokens have value. Currently, it's impossible to ensure that all the miners will accept any particular token as a fee.
Sponsored Transactions feature can be used in this scenario. So any token issuer can use custom fees in official wallets and other apps. Sponsored transactions can be used for the transfer fees and script invocation fees, so it's impossible to pay the trading fee with it.
Note: Before you start, please make sure that you have at least 0.002 WAVES on the balance. Since activation and deactivation costs 0.001 WAVES per request.
To activate sponsored transactions, you should launch WX.Network, navigate to the Wallet tab, then open the My Issued Tokens folder, hover the necessary token and click on the three-dot icon:
In the appeared menu choose Manage Sponsorship, click on the Enable and fill in the appeared form:
Before proceeding carefully read the conditions described in the yellow box.
Specify the required amount of sponsored token to be charged to users in the Amount per 0.001 Waves field.
Note: After activation, you'll be able to change the specified amount without deactivation. To do so, find your token, click on the three-dot icon in the tokens line.
Then select Manage Sponsorship and choose Change. In the following window specify the necessary amount, double-check the entered data and if everything is correct click Continue or click Go Back to make corrections.
You will be able to see the activation status — there will be a special % symbol near the token logo:
Note: You'll be charged a commission of 0.001 Waves for each user transfer transaction and 0.005 Waves for invoke script transaction in the sponsored mode. If your account balance has less than 1.005 Waves, your sponsored transactions will be suspended.
Example: You activated the sponsored transaction. Your balance is: 3 Waves, you have 5 Waves in orders and 10 Waves in leasing. As soon as the 3 Waves run out, the active sponsored mode will use Waves from your active (unfilled) orders. In this case, orders at the time of the matching will be canceled, since you will not have enough Waves to pay the order fee or to ensure an active order. As soon as all free Waves are used, the sponsored mode will be suspended.
To deactivate sponsored transactions, find your token, click on the three-dot icon in the token's line. Then select Manage Sponsorship, choose Disable, and after that click on the Continue button. When the token sponsorship is deactivated, the special symbol will be removed from the token logo.
If you have any questions related to WX Network, feel free to contact us.
tags*: sponsored transaction enable sponsorship