The following diagram shows the number of swaps in green fee daily and in red. according to this :

• The highest fee was received on 14 November 2021
• when 1775 swaps were performed on the same day

The chart below shows the number of swaps in green fee on a monthly basis and in red. according to this :

• The highest fee was received in November
• when 68,251 swaps were performed in the same month

In the chart below, a monthly comparison was made between the amount of fee and the reward in dollars, based on which: There can be a significant relationship between the monthly swap fee and the reward payment in all months. Note: Reward information is available until September 2021.

In the chart below, a monthly comparison was made between compare tobin tax vs spread fee and the significant relationship between the two is quite obvious.

Tobin tax

The Tobin tax is a fixed percentage fee added to any market swap between Terra stablecoin denominations. The rate varies depending on each Terra stablecoin. For example, while the rate for most denominations is .35%, the rate for MNT is 2%. To see the Tobin tax rates, query the oracle. When stablecoins have different Tobin tax rates, the higher tax rate will be used for the transaction.

The Tobin tax was created to discourage front-running the oracle and foreign exchange trading at the expense of users. For more information on the implementation of the Tobin tax, read “On swap fees: the greedy and the wise”.

Every block, Tobin tax fees are sent to the [Oracle reward pool] and dispersed to validators that faithfully report correct exchange rates. Validators then distribute these fees to delegators in the form of staking rewards. For more information on the Oracle reward pool, visit the Oracle module.

Spread fee

Spread fees are added to any market swap between Terra and Luna. The minimum spread fee is .5%. During times of extreme volatility, the market module adjusts the spread fee to maintain a constant product between the size of the Terra pool and the fiat value of the Luna pool, ensuring stability in the protocol. As the pools reach constant product equilibrium, The spread rate returns to a normal value.

For more information on spread fees, visit the market module.

Every block, spread fees are sent to the [Oracle reward pool] and dispersed to validators that faithfully report correct exchange rates. Validators then distribute these fees to delegators in the form of staking rewards. For more information on the Oracle reward pool, visit the Oracle module.