TopicStarter: ViteLabs –
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ViteX to Launch on July 30, VX Mining Beginning at the End of August
VX is the native token of ViteX (a DAG-based decentralized exchange).
Users who hold VX enjoy dividends of transaction fees and listing fees.
VX has no public sale nor private sale. Users only get VX through mining.
ViteX will officially launch on July 30, 2019
VX mining will be available starting at the end of August 2019
Specific time will be announced later.
Trade on ViteX: https://x.vite.net/
How to Mine VX
Trading is Mining
Whenever users execute a trade (i.e. take an order off the order book), they are rewarded with VX.
The amount of VX users receive is calculated based on the amount of trading fees they paid proportional
to the total amount of trading fees collected by ViteX on that day.
Staking is Mining
The Vite public chain requires quota to properly allocate is computing resources. Quota is obtained by staking VITE.
Whenever users stake VITE to help ViteX obtain the quota it requires to run, they receive VX. The amount of VX
is calculated based on the proportion of the amount of VITE staked by the user to the total amount of VITE staked that day.
Market-Making is Mining
Place orders to boost liquidity on ViteX and get rewarded with VX. The amount of VX depends on two factors:
1) the amount of time your order remains on the order book
2) the amount of deviation from the best bid and ask price in the order book spread.
The longer your order remains in the order book, the more VX you receive.
The less your order deviates from the best bid/offer, the more VX you receive.
Listing is Mining
List new trading pairs to mine VX. A user (�token issuer� or �operator�) that lists a new trading pair receives VX.
The token issuer�s reward is calculated as if he/she executed a trade involving a transaction fee of 1,000 VITE.
Note: For listing as mining, there is a cost of 10,000 VITE for each new token issued on the Vite chain.
50% of this fee (5,000 VITE) will be burned and the remainder will be added to the shared VX dividend pool.
Referring is Mining
Users can apply for referral codes to invite their friends to become traders on ViteX.
You can apply for a code by completing this form here. Referrals benefit both the inviter and the invitee.
For example, Alice sends Bob a referral code. When Bob signs up and starts trading on ViteX, he gets 10% off of all trading fees
(Base Transaction Fee + any applicable Zone Fees) on ViteX. Alice, on the other hand, benefits from Bob�s trading activity as
5% of Bob�s accumulated trading fees count for Alice�s accumulated trading fees.
For example, if Bob accrues $100 in trading fees and Alice accrues $200, Alice will effectively have $205
in accumulated trading fees (thus boosting the ratio of her trading fees to the total collected fees).
VX Reward Allocation
Trading, Referring, and Listing
60% of VX released daily will be distributed to traders who mine within this category.
There are currently four markets: BTC, ETH, VITE, and USDT.
Each market will account for 15% of the daily VX distribution.
20% of VX released daily will be distributed to users who mine within this category.
10% of VX released daily will be distributed to traders who create orders.
Benefits for VX Holders
VX holders will receive dividends from a shared dividend pool. All fees collected by the ViteX platform
will be kept in a shared pool and slowly distributed at a daily rate of 1%.
This model is meant to stabilize fluctuations in the value of VX over time. VX holders will not only benefit
from a steady stream of transaction fees, but also, an ever-increasing shared pool.
Note: A minimum of 10 VX is required to receive dividends. By holding more than 10 VX, one may continuously
obtain dividends of daily trading and listing activities. Although VX is only earned through mining, VX will be tradeable on ViteX.
VX Distribution Schedule
The total supply of VX will be 100,000,000 with no inflation.
After the launch of ViteX, the total supply of VX will be fully distributed within two years.
During the first year, the number of VX released will decrease by 0.5% every day.
477,032 VX will be released on day 1. According to this formula, 80.13% of the total supply will be released in the first year.
During the second year, the number of VX released will decrease by 0.2% every day.
37,051 VX will be released on the last day of the second year.
ViteX Transaction Fees
For every transaction, ViteX will charge a Base Transaction Fee of 0.2%.
Since Operators have the option to charge separate transaction fees on their respective Zones,
traders may have to pay fees depending on the Zone(s) they trade on.
However, users can reduce their Base Transaction Fee to 0.1% by staking 10,000 VITE for a minimum of 30 days.
- February 15, 2019