This is Lien from BitcoinVN, Vietnam’s premier Cryptocurrency Exchange (launched in 2014).
Our swap exchange service also provides our users with the ability to swap in/out of ZEC, however, we have recently seen increasing issues with ZEC transactions “being stuck” in the mempool.
The fees we usually paid were about “Fee: 0.0000516 ZEC ( 0.0018 USD)”
While we have taken an initial look at the specifications in ZIP-317, we are not extremely familiar yet with the ZEC ecosystem and are looking to adjust our transaction fees in a way that our client transactions get confirmed quick & reliable.
Would a simple doubling be a potentially sufficient number and/or should we rather aim for 10x the - previous - standard transaction fee?
We hope to learn from your input in order to further improve our services.
For very basic tx’s, yes. The formula is pretty straightforward. Firstly, the fee will be based on either inputs or outputs and whichever you have more of. Commonly, thats inputs and will be the example here but could also be outputs.
Each note input costs 0.00005. Thats pretty much it.
The Base Fee of 0.0001 covers a tx with up to two inputs and two outputs and is why some non-compliant wallets still work sometimes. A normal tx with one input and one receiver output also (usually) has a change output and so the base fee minimum is required.
The absolute minimum is 10000 zatoshis. If you want a quick fix while you implement ZIP-317, try setting the fees to some fixed value above that (say, 20000 zatoshis), just to cover unusual transactions with more than two inputs.
