How is the rate calculated?
TWAP of the QASH and FTT rates for the month of March 2022. TWAP: Time weight average price
TWAP: Time weighted average price.
Every time there is an execution on a market, we mark the time it was made, a how long until the next execution. Then we weight all the executions by multiplying the the price and the number of milliseconds that it remained the most recent transaction.
For example the TWAP of only the two executions labelled in this diagram would be:
1((8.344 * 45) + (8.310 * 287)) / (45 + 287) = 8.314608
There is no QASH/FTT market available to get a direct rate. Instead two different markets with a common currency can be used to work out a rate. This is known as a crossing currency.
Two different crossing pairs were used in the calculation:
For all the executions in the following markets in the time span
2022-03-01 00:00:00 to
2022-03-31 23:59:59 , we calculated the TWAP.
Crossing Rate FTT/QASH
It is in the user favour for the FTT/QASH rate to be lower, so that they receive more FTT for every QASH they hold. Because of this we use the rate
701.193. Going a step further, we have rounded this down to
The Swap Rate
When the swap is performed we use the QASH/FTT rate instead of the FTT/QASH rate for the calculation.
11 / 700 = 0.00142857
However is we use this number it results in a swap slightly above 700
11 / 0.00142857 = 700.0007
So again we round in the users favour
11 / 0.00142858 = 699.995800
Early Swap Premiums
To incentivise swapping as soon as possible, we are offering a 20% premium on the swap rate for two weeks.
10.00142858 * 1.2 = 0.00171429