Announcement: Revised VX Release Model



  • Announcement: Revised VX Release Model

    (And an extra bonus)

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    As you all know, we launched the ViteX trading platform not too long ago. Additionally, many of you are eagerly anticipating the release of the VX mining functions (check out the five mining methods here). Currently, we are on track to launch VX mining abilities and subsequently, begin releasing VX in September of this year.

    However, there is one thing that we need to change regarding the VX daily distribution curve (don’t worry, it’s for the good of everyone). Under the current model, early VX miners will get a disproportionately large percentage of VX as the early participants. This fundamentally goes against what we want to achieve with ViteX, which is meant to be a truly decentralized exchange. If the early users are rewarded with a disproportionately large percentage of the VX, when more and more users join later, the VX will still be concentrated in the wallets of the early users. Simply put, this would not be good for the long-term development of ViteX.

    In light of this, we plan to add a buffer phase after we launch our VX mining features to allow for more time to attract VX miners.

    VX Distribution Schedule

    The total supply of VX will be 29328807.8 with no inflation. The total supply of VX will be fully distributed in two phases.

    Phase 1: Buffer phase that has ended on December 6, 2019. A fixed amount of 10,000 VX was released daily.
    Phase 2: Standard Phase. In this phase, all un-mined VX will be released according to below schedule:

    • Sub-phase 1: Starting at 10,000 from December 7, 2019, daily release will increase for 90 days at a fixed rate until reaching 50,000 on March 6, 2020

    • Sub-phase 2: Starting from March 7, 2020, annual release will decrease by half each year until fully distributed after 8 years.
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      An Extra Bonus
      Users who participate in VX mining on the first day of the VX mining launch will get 30x on the first VX dividend payout!

    Note: you must hold more than 10 VX in your ViteX account in order to be eligible to receive dividends.

    Additionally, as a little extra incentive: since the launch of ViteX, trading fees have been accumulating in the dividend pool. Currently, the dividend pool contains about: 21300 VITE, 74.9 USDT, 0.0075 BTC and 0.36 ETH. However, once the VX mining function is launched, the total amount of these collected trading fees will be completely released to VX holders during the first dividend payout (which you also conveniently apply that 30x bonus). So, all the more reason to come and trade on ViteX!
    After that, the dividend pool distribution will accumulate according to regularly scheduled programming — that is, dividends will be distributed at a daily rate of 1%.


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