Announcement: the 2nd Batch of Trading Pairs Eligible for “Market-Making as Mining”
Oleg last edited by Oleg
We have received a significant amount of positive feedback on the updated rules of market-making as mining. To further encourage the mining experience, we will introduce the second batch of trading pairs to be eligible starting 7 am UTC+0 November 21, and adjustments to the mining range of trading pairs VITE/BTC, VITE/ETH, and VITE/USDT. See details below:
Starting 7 am UTC+0 November 2, traders will receive VX for both buy orders and sell orders placed within the mining range on the following trading pairs, and the PASC/BTC trading pair is no longer valid for receiving mining rewards with trading.
Adjusted Mining Range for Selected Trading Pairs
The mining range for trading pairs VITE/BTC, VITE/ETH, VITE/USDT has been increased from 5% to 15%, and mining range for other pairs remains the same.
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.
Suppose that the BTC market has only GRIMM/BTC trading pair and all orders are placed for 24 hours, a total of 250 VX will be allocated as mining rewards. Consider five scenarios as follows:
The mining calculation is conducted 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
Note: Mining ranges may be subject to future adjustment.