Update on Transfer and Withdrawal Fees in PlayMining and External

Digital Entertaiment Asset Pte. Ltd.
PlayMining
Published in
2 min readJan 10, 2024

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WalletsThank you for your continued support for PlayMining and DEP.
We apologize for any confusion caused by our previous announcement about withdrawal fees, as some details were not clearly communicated.
We have reviewed and are updating our fee structure and rules as follows:

Background:
Currently, there are two types of withdrawal fees when withdrawing DEAPCoin from a wallet:

  • External Withdrawal Fee: This fee is charged when transferring DEAPcoin from PlayMining to an external wallet.
  • Internal Transfer Fee: This fee applies when transferring funds within wallets on PlayMining.

These fees cover the gas costs necessary for transferring DEAPcoin on the blockchain, borne primarily by DEA on behalf of customers, and to prevent malicious bots from aggregating funds.
While we have been offering a fixed rate of 850 DEP to avoid burdening customers, recent surges in cryptocurrency prices and blockchain gas costs necessitate a more transparent and regularly reviewed fee structure.

External Withdrawal Fee Calculation Method:
Going forward, the external withdrawal fee will be calculated using the following formula:

External Withdrawal Fee = (DEP/ETH Rate) × (Average GAS Fee over the Specified Period) × (Coefficient)

  • DEP/ETH Rate: Based on the ETH and DEP prices on CoinGecko from the previous Sunday before the change date.
  • Average GAS Fee: The average gas cost for DEP transfers over the past two weeks, ending on the previous Sunday. https://dune.com/queries/3261742/5460182
  • Coefficient: The fee charged by the platform.

Internal Transfer Fee in PlayMining:
A fixed fee amount.

First Fee Revision Date and Time:
The first revision will take place on January 12th (Friday) at 14:00 (UTC+8). Thereafter, fees will be reset every two weeks based on the above formula.

  • Current External Withdrawal Fee: 850 DEP
  • Revised External Withdrawal Fee: (DEP/ETH Rate) × (Average GAS Fee) × (Coefficient) = 912848.8285 × 0.00122 ETH × 1.3 = 1,448 DEP
  • Internal Transfer Fee in PlayMining: Maintained at the current fee of 850 DEP, considering the actual transfer activities of users.

Announcement of Withdrawal Fees:
Updates will be announced via PlayMining NFT notices and the official PlayMining X.
We remain committed to enhancing the value of DEP and appreciate your ongoing support.

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Digital Entertaiment Asset Pte. Ltd.
PlayMining

We are issuing the crypto currency DEAPcoin and developing and operating the NFT x DeFi entertainment platform PlayMining.