Explained: Token Issuers, ViteX Operators & Token Right
Oleg last edited by Lee Reward
As we’ve mentioned time and time again, ViteX firmly believes in the principles of openness and transparency. As such, ViteX allows anyone to issue their own token (in just one click!) on the Vite platform. Not only that, ViteX also allows anyone to operate their own min decentralized exchange, called Zones, on ViteX. Within their respective Zones, Operators can list trading pairs, customize transaction fees, and generate profits from users that choose to trade on their Zone.
Token Issuer (“Issuer”)
An Issuer is classified as anyone who issues a token on the Vite platform. All you need to do is go here, fill out your token parameters, burn 1,000 VITE and you’re good to go.
As a quick example, let’s say our CSO Chris wants to issue the ChrisToken (which we will conveniently rename to CT) on Vite. He hits a couple buttons and boom, the CT now exists in the blockchain-sphere on the Vite chain.
Chris thinks that CT is going to to be super popular, so he wants to make it available for others to trade on ViteX.
However, just because anyone can easily issue a token does not mean that they can immediately trade the token. This is where the idea of ViteX Operators come in.
ViteX Operator Guide
Token Ownership Rights
By default, the token ownership rights belong to the Issuer. However, the Issuer can transfer the rights to their token to a third party. Once they do so, the third party has full access to the token and can list trading pairs.
Listing Trading Pairs
Only the token owner can list trading pairs involving the token he or she owns. In the case of ViteX, only BTC/ETH/USDT/VITE trading pairs can be listed. Attempting to open trading pairs to other cryptocurrencies will be rejected.
Note: A cost of 10,000 VITE is required to open a trading pair.
Transferring Token Ownership
Token ownership can be transferred. The transfer of token ownership is irreversible.
Token Trading Rights
If an Issuer does not want to fully transfer the rights to his or her token, the Issuer can choose to transfer the Token Trading Rights instead. For example, the Issuer can first list a trading pair (i.e. Token A / BTC) and transfer the rights to this specific trading pair to a third party. In this case, the third party now has the right to the Token A / BTC pair — they cannot open additional trading pairs to other cryptocurrencies but can transfer their Token A / BTC right to another party should they wish to.
Setting Transaction Fee
Operators have the right to set an additional transaction fee (on top of the Base Transaction Fee) of 0 - 0.2%. Operators also reserve the right to adjust these fees.
The Operator reserve the right to suspend a trading pair. After they do so, the user cannot place orders involving the given trading pair but can withdraw the order if they already had one in place.
Transferring Token Trading Right
Token trading right can be transferred. The new owner will become the Operator of the trading pair. This operation is irreversible.
The token ownership right and token trading right are two independent sets of rights.
For example, Alice is the Issuer of Token A, so by default, she has the token ownership right to Token A. At the moment, only Alice can open trading pairs involving Token A. Now, Alice decides to open a trading pair: Token A / BTC. Now, she has two"sets" of rights: 1) Ownership of Token A and 2) Token A / BTC Trading.
If Alice transfer the right of Token A / BTC to Bob, Alice now no longer has the right to list Token A / BTC pair. The transfer of trading rights to Bob is irreversible. However, since Alice still has the token A ownership rights, she decides to open another trading pair of Token A / ETH. Now, if Alice decides to transfer the Token A Ownership right to Charles, she permanently loses that right and can no longer open any additional trading pairs involving Token A. However, Alice still owns the Token A / ETH trading pair despite no longer having the Token A Ownership rights.
Transaction Fee Formula
For all transactions on ViteX, incomplete orders do not incur any trading fees.
Total Transaction Fee = Base Transaction Fee + Operator Zone Fee
Unlike other DEXes, ViteX does not charge fees for pending orders and withdrawals provided that users have the requisite amount of quota. Related documentation: What is quota.
Base Transaction Fee: 0.2%
This transaction fee will be applied to all trading pairs in the ViteX ecosystem. All the fees collected from this will be put into the shared dividend pool to be redistributed back to VX holders.
Operator Zone Fee: 0 - 0.2%
This is the fee that will be set by ViteX Operators for their respective Zones. Operators may set fees ranging from 0% to 0.2%. Proceeds from this fee belong to the Operators.
Reducing Transaction Fees
Stake 10,000 VITE to become a VIP and receive 50% off basic trading fees
(Minimum Staking Duration: 30 days)
Use a Referral Code and receive 10% off trading fees
(Refer to Referring as Mining section for details)
Note: For any VIP user using a referral code, another 10% will be taken off incurred trading fees after the 50% reduction.
Sri Lankan: https://t.me/vite_sri_lankan