🌟 Voting for Reward Sharing Rules of ViteX



  • As the release date of ViteX Alpha version approaches, we asked the community to vote on the handling of the transaction fees. After hearing from over 100 voices within the community, ViteX will adjust the rules according to the voting result.

    We have also received a proposal from Vite community regarding how to deal with the ViteX shared pool. After extensive internal discussions, our team has decided to publish the content of the proposal and let community vote for which one it prefers.

    Explanations of Shared Pool Rules

    In the previous economic model, the transaction and listing fees that were collected during one day will be distributed immediately to VX holders the following day. Following this model, there will be a sharp decline in the amount of shares per VX.

    As such, we plan to adopt the community's shared pool proposal. The transaction and listing fees will be collected into a shared pool and slowly distributed at a predetermined rate. For example, if the daily share rate is set to 1%, VX holders will receive 1% of the total fees collected by the previous 100 days (since the rate is set at 1%, 50 days if at 2%).

    This model can stabilize fluctuations in the value of VX over time. Additionally, VX holders will not only benefit from a permanent right to share of transaction fees, but also an increasing shared pool. This is an effective supply to the ViteX economic model.

    The below graph is calculated based on a daily 1% increase of the shares:

    Under this setting, the transaction and listing fees from the 1st day will be fully distributed on the 100th day.

    image2019-4-10_21-34-2.png

    Voting screenshot

    b001a7b0-7921-4b40-b530-05320bd7482f-image.png

    Voting link:https://docs.google.com/forms/d/e/1FAIpQLSeCrJee-vyzFY0CO_XN11b78bFDY_cWiGQvvXtFCqlMEvM_mA/viewform?usp=sf_link

    Vote TIME: Apr. 10 to Apr. 18

    Note: The Beta version of ViteX will only support testing coins which have no real values. ViteX will be officially launched after we test the beta version. More information will be released soon.



  • 👍 👍 great to know Vite is the first DAG based DEX with Smart contract




  • Reward

    I voted "No" to sharing pools.
    I like the simplicity of the old model. All accumulated fees of one day will be paid out the next. Simple as that.

    The "shared pool" sounds much more complicated and difficult to explain, which could scare away new users. To reach as many people as possible, the system should be as simple to use as possible. IMHO this is only the case with the old model.



  • @luhe Received, there is indeed a part of this impact, we will comprehensively consider the gains and losses of this part.


  • SBP Reward

    I do prefer the shared pool model. The old model might be easier to game? If I was planning to dump or pump or knew of such, I would buy up a lot of VX tokens the day prior and then perform my trades. Then day after = VX payouts.

    Harder to pull this off with the new share pool model as the fees will be paid out over a period of time, and the side effect is that it'll encourages more people to hold it for longer to see benefits.

    Also old model, volume on the DEX can go or up, and the VX token might pay out a lot tomorrow and the next nothing - due to exchange volume fluctuating. Again, on the new model, VX payouts are more consistent and happens daily = which encourages people to hold for longer.

    The other benefit of share pool model is... price forecast/predictability of the VX token. If a VX token was going to pay such and such each day, traders/speculators/investors will be able to better calculate the price of one VX token (and they can also take in account growth if they see volume increase on the exchange).


  • Reward

    @Tony_Vite
    I like the 200 day hold, the longe it can accumulate the more it can potentially earn for everyone.



  • @plasmo Yes, we consider balancing benefits as a very important feature.



  • @noahg Haha, let's vote for it. The voting will end on April 18th. The final voting result will be released later. At present, it seems that most people support the setting of the shared pool, and the total number of voters has exceeded 100 people.




Log in to reply
 

Suggested Topics

  • 5
  • 1
  • 1
  • 2
  • 4
  • 2
  • 4
  • 19