About tx fee not decreased much

[uoso]

I see latest release: https://github.com/ElementsProject/elements/releases/tag/elements-0.18.1.6 introduced decreased tx fees for the liquid transactions. However, after some tests, looks the fee does not drop much.
The fee is about 0.8688394276629572 sotoshi/vbytes now, just a little decreased from before(about 1sotoshi/vbytes).

The args used for rpc sendtoaddress were:

• subtractfeefromamount: false
• replaceable: false
• conf_target: 1
• estimate_mode: ECONOMICAL

[allenpiscitello]

Not all of the functionaries have updated to support the lower fee, so your node is trying to estimate the chance to get in 1 block. Since transactions with lower fees will not make it into blocks created by functionaries with the upgrade, it will provide this estimate.

As of writing this 14/15 have, so if you choose 2 block conf_target, you will likely see much lower fee estimates.

[uoso]

Hi, Thanks for your reply. I just tested with conf_target as 2 or 5, looks just a little difference with fee rate as about 0.8497 satoshi/vbyte.

Is there a prefer which functionary will process my tx? 'cause looks all my tests gave me the similar results.

[uoso]

Just checked some piece of code, looks can set wallet fee-rate. so now I tested my tx fee rate could be 0.09988562714449103 satoshi/vbytes. So I have more questions now:

• Can it be lower than 0.1 satoshi/vbytes?
• Possible to set the fee rate per tx with method rpc sendtoaddress? Looks it can only estimate the fee with conf_targets and estimmate_mode.

[allenpiscitello]

Lower than 0.1 will not be relayed from standard nodes and won't be relayed to functionaries.

There's no way to prefer which functionary - they are set based on the time of day (the functionary that has not been updated makes blocks at :03, :18, :33, :48 past each hour).

If you call settxfee, and set that to 0.000001, you should have the minimum fee set.

[uoso]

Ok, so probably liquid nodes think feerate 0.09988562714449103 as 0.1 sato/vB , seeing it got several confirmations. So no way to set fee rate for a specific tx with sendtoaddress, right?

[stevenroose]

We're also releasing a v0.18.1.7 version that improves fee estimation for low-fee values. Currently the estimation is kind-of biased against sub-satoshi feerates.

[stevenroose]

This is fixed in 0.18.1.7.