In this case, yes. We are not the largest source of liquidity by a longshot so I am not sure raising fees here will have a positive impact on this pool either. This might end up having the effect of discouraging any small trades that already occur here. Note that our competitors are already at .2% and .3% on their fees respectively for their GNO-ETH pairs.
From what I have seen, we typically have good success with higher fees when we have a large source of liquidity concentrated for a specific pair. Essentially, when we have corner the market for a specific token pair.
FYI, here is the specific volume for this token the past few weeks:
||Conversion Fees in USD
||Volume in USD
I would recommend a more moderate fee increase to .15% as opposed to .5%.