How do I mine VX?


  • Reward

    Trading as Mining
    Currently, users are able to trade in four markets: BTC, ETH, VITE and USDT and receive VX rewards accordingly.

    Allocation: As mentioned above, ViteX is currently divided into four different markets: BTC, ETH, VITE and USDT. By trading in these markets, users are able to receive VX mining rewards. Each market will receive 15% of daily distributed VX.
    How to participate: By executing trades on eligible trading pairs and paying the corresponding trading fees, users mine VX (Trading as Mining).
    Mining reward calculation: VX rewards are calculated based on the proportion of a user's daily accumulated trading fee to the total accumulated fees in each market. For example, for a given day, if a trader accumulates 5% of the total BTC market trading fees, then that trader will receive 5% of the 15% of VX rewards allocated to the BTC market.

    Staking as Mining

    By staking VITE to help ViteX obtain necessary quota, users receive VX rewards.

    Allocation: 20% of daily released VX
    How to participate: stake VITE with the beneficiary set to the ViteX smart contract
    Staking amount: the minimum amount of VITE that users can stake is 134 VITE. There is no maximum cap.
    Staking duration: if a user stakes his or her VITE, they will be able to withdraw it after 3 days. There is no maximum number of days for staking VITE (i.e. users can stake VITE indefinitely if they want to). Note: after the staking amount is retrieved, it will not be counted towards staking as mining rewards. The user must re-stake VITE in order to participate in staking as mining rewards.
    Mining reward calculation : the amount of VX rewards will be calculated based on the proportion of VITE staked by a user's account to the total amount of VITE staked that day.

    Market-making as Mining

    Placing orders on ViteX will also earn users VX rewards. The amount of VX earned depends on three factors: 1) the amount of order, 2) the amount of time your order remains on the order book, and 3) the amount of deviation from the best bid and best offer in the order book spread.

    Allocation: 10% of daily released VX, with each market (BTC, ETCH, VITE and USDT) weighted equally at 2.5%

    How to participate: stake VITE with the beneficiary set to the ViteX smart contract

    Only eligible trading pairs will be considered for market-making as mining rewards
    Only buy orders will be considered for market-making as mining rewards
    The buy orders must not deviate more than 10% from the best buy offer in the order book
    Calculation rules:

    Overview
    Calculation
    The VX mining reward for market-making has a linear relationship with the order amount and order duration (i.e. amount of time the pending order stays on the order book). However, the mining reward has an exponential relationship with the order distance (i.e. the deviation from the best bid offer).

    For example, if Alice and Bob both place two separate orders for the same amount of token X. Both orders remain on the order book for the same amount of time. However, Alice prices her order on level 1 (i.e., extremely close to the best bid offer) and Bob prices his order on level 10 (i.e. further away from the best bid offer), the mining reward for Alice will be 100 times that of Bob's. This system is designed to incentive users to place orders as close to the best bid offer as possible.

    Referring as Mining

    User can request invitation codes to invite friends to join the ViteX platform. The invitees will enjoy a 10% discount on trading fees on the ViteX platform while the inviter will receive a "commission" of 5% on all transaction fees generated by the invitees. This means that 5% of their invitees trading fees will get counted towards the inviter's total trading fees.

    How to participate:

    Apply for a referral code using this form: https://forms.gle/D71gwnVVXdEBWfKi8
    If you are approved, you will get a referral code that you can send to your friends
    How to generate a referral code:

    In order to obtain a referral code, the user will also need to pay 1,000 VITE, of which 100% will go into the shared dividend pool.
    Currently, the referral code generation will not be available to all users. Those who are interested need to apply for a referral code via this form. Later on, the referral code generation function will be added as a feature to the Vite wallet and users will be able to generate the code without having to apply.
    Mining reward calculation:

    As an example, let’s say Bob gets a referral code from Alice. 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 = more VX rewards).

    Note

    If you are a ViteX VIP (users who have staked 10,000 VITE to obtain a 0.1% reduction in trading fees) AND joined ViteX via a referral code, your 10% discount will be applied after the 0.1% reduction.

    Listing as Mining

    Whenever a trading pair is opened on ViteX, the issuer is required to pay 10,000 VITE. Of this 10,000 VITE, 5,000 VITE will be burned and the other 5,000 VITE will go into the shared dividend pool. The token issuer’s VX reward is then calculated as if he/she executed a trade involving a transaction fee of 1,000 VITE.


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