I think the current CHSBK does more bad than good for the SEFI price. Let me explain from my experience as probably one of the most active users on the exchange.
I already fetched over 1 Million CHSBK in the past couple of weeks, not for fun but mainly for price arbitrage, soo much SEFI I’ve gotten for free on top of the arbitrage profits, I sold it all for BTC. Of course, these are just my trading decisions, and it does not mean everyone is doing the same. However, I explain further who currently is “everyone” in secretswap.
I want to make the main point that just 2 or 3 people besides me are doing extensive arbitrage, draining the pools back and forth, earning juicy CHSBK and potentially selling the free SEFI. Like if 99% of the volume is done by 3 people only, I have no on-chain evidence for it to show you right now, but my evidence is based on the hundreds of hours I spent on secret swap during the past month, where you get to notice the real activity in the DEX, it is quiet, and when it is not quiet is because the outside world has volatility and arbitrage takes place at secretswap. So honest and genuine privacy-oriented trading is extremely low. And well, beyond the point of the purpose behind every trade, I believe the current setup is not helping to incentivise more and new users to secretswap with full potential. Furthermore, I believe the current setup is causing a downward spiral pressure on SEFI price, which affects the APR% of the pools, which gets further aggravated with the late overall market bearishness. Also worth remind the native high inflation nature of SEFI?
For that reason, I would suggest implementing a cap or diminishing returns as to how much CSHBCK you can earn. The larger the size of the trade, the less cashback with some sort of inverse-proportion algorithm. Of course, I am no programmer, but I believe you get the idea of what I am trying to say.
Bonus slightly off-topic:
Another thing I deem urgent, not just for SEFI but for secretswap in general. Is to implement the slippage option. You find yourself waiting for prices to refresh (+45 seconds why?), it is suitable for 3 traders on the platform with a bit of patience. It is unusable for 30 active traders.
BSC traders are coming from a quick chain with successful transactions. So if they find the same speed/frictionless + privacy bonus, they will like it. However, if they get a bad experience waiting for price updates, be lucky enough to send a transaction before the price gets pushed away from the slippage error, then I don’t think they will get a good experience. It is like replacing your current SSD with an HDD; what would be your reaction? I could justify the HDD if I made 1 or 2 trades a month due to privacy concerns and not for huge volumes of trading.