ViteX Economic Model Vote - Round 3

  • Base Transaction Fee & ViteX Operator role

    Recently, we had a vote to determine the trading fees to be used on ViteX. Following this vote, we received additional feedback regarding this economic structure with some proposed changes. As such, we are putting these proposed adjustments to another vote.

    Voting period: May 9 to May 17, 2019

    ** Please note that the following rules will still apply in light of the proposed changes:

    • Users can still stake 10,000 VITE in order to reduce the transaction fees by 0.1%.
    • Shared dividend pool rules do not change.

    Proposed Changes

    1. Originally, we had two transaction rates (0.4% and 0.25%) depending on the preference of the trader. We propose that instead of having two tiers of transaction fees that we establish a Base Transaction Fee of 0.2% and give every trader VX mining privileges.
    2. We are adding a ViteX Operator role to our DEX. You can think of the role of the ViteX operator as someone who can open and manage his or her mini-DEX, called a "Zone" that runs on top of ViteX. ViteX Operators will be able to:
    • Choose which trading pairs they wish to list. It is the ViteX Operator's responsibility to list quality trading pairs; ViteX will not be responsible for a scammy and/or valueless coins that a ViteX Operator lists on his or her Zone.
    • Choose the transaction fee (can be anywhere from 0–0.4%) they wish to charge traders who trade on their Zone.

    Please submit your vote here. We look forward to hearing your thoughts and opinions!

    A Quick Example

    ViteX Operator Alice stakes 10,000 VITE to reduce the Base Transaction Fee to 0.1%. Alice decides to open her own Zone with a 0.3% transaction fee because she put in a lot of work to list some rare trading pairs.

    ViteX Trader Bob really likes the trading pairs on Alice's Zone. However, Bob doesn't want to pay 0.3% in transaction fees on Alice's Zone. Bob also stakes 10,000 VITE to in order to reduce his transaction fees by 0.1%. Now, Bob only has to pay 0.2% in transaction fees whenever he trades on Alice's Zone.

    Each time Bob makes a trade on Alice's Zone, he pays 0.2% in transaction fees to Alice. However, since Alice only has to pay 0.1% in transaction fees to ViteX, she keeps the extra 0.1% as profit.

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