More Details about ViteX Economic Model
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Hello,
Trading fees at 0.5% is not reasonable. Are you sure it's not a typo for 0.05%? No trader will use an exchange with such high fees.
If you need advice/recommendation from a crypto trader for anything related to your exchange (UI/UX, fees model, etc.) don't hesitate to contact me, I'll be happy to help.
Cheers
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Agree on fees. Why not at least start at 0.05% or even 0.08% (or 0%?) to build some volume?
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0.5% fees! It's 10x what I expected... Why DAG if it is to set so high fees?
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@Krillin It is reasonable. LET Me tell you why. First as mentioned above, all transaction fees will be distributed to the VX holders, in other words, ViteX will not take any of your crypto assets. Even though, ViteX will take 10% of every transaction fees as already published in this article, which means 10% * 0.5% = 0.0005 (0.05%) as a transaction fee (that will be 100x higher in other exchanges)
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@nik12 It is reasonable. LET Me tell you why. First as mentioned above, all transaction fees will be distributed to the VX holders, in other words, ViteX will not take any of your crypto assets. Even though, ViteX will take 10% of every transaction fees as already published in this article, which means 10% * 0.5% = 0.0005 (0.05%) as a transaction fee (that will be 100x higher in other exchanges)
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@JD It is reasonable. LET Me tell you why. First as mentioned above, all transaction fees will be distributed to the VX holders, in other words, ViteX will not take any of your crypto assets. Even though, ViteX will take 10% of every transaction fees as already published in this article, which means 10% * 0.5% = 0.0005 (0.05%) as a transaction fee (that will be 100x higher in other exchanges)
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@felicity Later details about listing a coin will come out.
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@Choeriswangqiji said in More Details about ViteX Economic Model:
@Krillin It is reasonable. LET Me tell you why. First as mentioned above, all transaction fees will be distributed to the VX holders, in other words, ViteX will not take any of your crypto assets. Even though, ViteX will take 10% of every transaction fees as already published in this article, which means 10% * 0.5% = 0.0005 (0.05%) as a transaction fee (that will be 100x higher in other exchanges)
I don't understand your sentence, sorry, can you rephrase?
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@Krillin ViteX will only take 10% of total transaction fees for daily operations. And the rest of 90% of transaction fees collected will be allocated to all traders on ViteX if they are holding VX in their account. So that means 0.5% * 10% = 0.05%.
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- Sorry, but 0.5% is everything but reasonable, my bank takes less fees. It's the highest fee of the all market.
- You are speaking like everybody will be VX big holder...
- As a full time trader, I tell you, I will never trade with 0.5% fee, it is just a fact, and you can ask other traders.
- As a DEX, you can be cheaper than other exchanges, and as a DAG based DEX, you can be cheaper than other DEX.
So your model is good only for VX whale, but not for users (especially vite token users). To me 0.5% is a deal breaker. It's just my honest opinion, I hope you will do a comparative analysis and see that your fees are 5x higher than the all market. Fee level is the 1st thing traders look at. Exchange token must be an incentive, not the inverse.
Peace.
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@nik12 Thanks for your kind advice. I will report to our dev team.
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@Choeriswangqiji sorry but you're totally missing the point.
If I want to buy VITE with BTC on the DEX, you will take 0.5% of the amount of VITE I am purchasing. And this is not acceptable.
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@Krillin Yes, and how about you will receive some VX in return and you will receive dividends every day since then? So what do you think?
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@Krillin agree, whatever if it goes to a VX holder. It a 0.5% fee, so it's a 0.5% loss.
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@nik12 But you get transaction fees in return, that will compensate the called loss.
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@Choeriswangqiji Token exchange must be an incentive, not the inverse.
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@nik12 It is an incentive.
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@Choeriswangqiji In this case, collecting a 0.5% fees it is a deal breaker for many, and a good incentive for a few. My pm is open for more feedback.
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@nik12 You just put your eyes on the number, 0.5%. You could see and more behind this number. That is the case. Maybe this number will be adjusted, but you shall not ignore its benefits. It is an incentive one.
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@Choeriswangqiji I think people who want to buy VITE with BTC in my example just want as much VITE as possible. They don't want VX.
If the purpose of VX is only to be able to get more VX it's just pointless.
If you want to build an efficient exchange you will need to be advised by experienced traders. Don't build a whole exchange based on assumptions, ask the traders what they think is best.CoinEx exchange implemented a very similar "trade mining" system with their CET token and it was a complete disaster.
Hotmine exchange also implemented something very similar with their HMT token and they exit scammed.
