About Babel Fees
Babel fees are a way to pay for transaction fees using Ergo tokens. On the Ergo blockchain, every transaction has a fee, and it is paid in the Ergo coin. Babel fees allow you to exchange a fungible Ergo token for Ergo as part of the transaction to pay transaction fees. A fungible token is anything you can buy on a decentralized exchange (DEX), such as Spectrum. Or, a token can be minted and added to a Babel Fee box, by anyone.
- You need an ErgoPay compatible wallet application at hand. We recommend the mobile Ergo Wallet App
- Click box “Open app”.
- Click box “Purchase Tokens”.
- Click box “To Babel Fee Dashboard”.
- Connect to your wallet.
- Select Token: Select a token you’d like to acquire from the pull-down menu. If it is not in the pull-down menu, get the token ID from Ergo Explorer.
- Set Exchange Rate: Then, select the exchange rate you’d like to offer. For example, if the current price for Ergo is $2 SigUSD, then it is worth 0.5 Erg per SigUSD. Then, add in some profit for creating a Babel Fee box for people to use.
- Set Total: How much do you want to put in the Babel Box? In this example, if you want to buy 100 SigUSD, you would need to add 50 Erg and some additional Erg to cover the fee for creating the box. Click “Create babel fee box” button. Box will be created in the next minted block.