An Update to the Rules of Market-Making as Mining
Oleg last edited by Oleg Reward
In order to provide users with a better experience of market-making as mining, ViteX will open more eligible trading pairs for market-making as mining on 7 am November 19 UTC +0. The rules of the first batch are as follows:
The ratio of VX rewards from buys versus sells is capped. When the ratio hits the cap, if one continues to place buy orders, their VX rewards will NOT be increased.
The ratio of VX rewards from sells versus buys is also capped. When the ratio hits the cap, if one continues to place sell orders, their VX rewards will NOT be increased.
Say the BTC market only has ETH/BTC trading pair. The BTC market is allocated mining rewards of 250 VX in the last 24 hours. Consider five scenarios below:
Suppose that the USDT market has only VITE/USDT trading pair, and mining rewards of 250 VX gets allocated in the last 24 hours. Consider five scenarios as follows:
With trading pairs involving VX and VITE, when the total amount of mining-eligible sell orders exceeds the total amount of mining-eligible buy orders, the ratio of buy order VX rewards and sell order VX rewards is 1:100.
The mining calculation formula is as follows:
The Base Number of 1 user on one market in a day = the sum of all Base Numbers of every single order of that market. Here, the Base Number (m) is subject to three factors: the order time (T), the order amount (A), and the mining coefficient (y). That is, m = T * A * y (T ≥ 300 seconds)
The sum of the Base Number on one market in a day = the sum of the Base Numbers of all eligible orders on that day. That is, M = m1+ m2 + m3 + …..mn
Mined VX of 1 user = m / M * 2.5% * VX daily released amount on that day
1. Mining eligible order ranges may be subsequently adjusted;
2. We have selected the above trading pairs for initial trials; more trading pairs may be added in the future.