Long-term staking VITE! - my point of view
felicity last edited by felicity
Long time no see, but I am still holding (and staking) VITE!
$VITE price seems not much moving (except for the "double kill" before Binance voting), and after the long time holding, I realize there is a way to earn good incentives in return, instead of just wait for 'the moon' or even 'wait for price to be back' at the time you bought the coins; or even sell low. Do other things, STAKE in ViteX!
So, what is stake? What benefit it gives? and what will you lose when stake?
Everything has two sides, let's go into what you gain first then go to drawback later, and make your final decision.
1/ What is stake?
Stake (as mining) is to lock your coins in a Vite smart contract for a period of time, in return, you get income as VX - ViteX coin. https://x.vite.net/trade?symbol=VX_USDT-000
So why lock it? For what?
iteX obtains quota for the transaction process so when staking VITE in ViteX, it means more quota are sent to ViteX, the faster and more maintainable the transaction process is. In Vite, you don't have to pay gas fee for miner but in stead,it costs you quota; quota doesn't have price or can be traded, it's just quota - running in the Vite system.
Locking your coin also in my very self-opinion, will eliminate the selling pressure. But also, accordingly, it leads to the elimination in trading volume since people are tending to get on well with staking
I also wonder if there is no-one stake VITE on ViteX then what will happen? I'd like to hear the voice from Vite team then (but it's weird since it's free money, very good income- VX)
There are several types of stake that makes a newbie, perhaps gets confused. I'll list out the 3 ones now available in Vite system.
Stake for quota https://vite.wiki/tutorial/rule/quota.html#staking
Quota can be obtained through staking. The specified recipient account will receive the corresponding quota after the staking transaction is processed successfully.
-> lock your coins in 3 days, after that you can get it back into Vite balance anytime. Quota is there if you stake, unstake then it will disappear.
Stake to mine VX (staking as mining) https://vite.wiki/dex/#trading-as-mining
-> lock your coins in 3 days until you can retrieve them, and 7 days more for waiting time. Sadly this waiting time, no rewards is sent to the one who is leaving the staking system. Is it fair? I am not sure, but if I am the one who is still staking my VITE, I will be sure to earn more than normal a bit, so I think it's win-win situation for the one who stays and the one who leaves.
Stastics of earning is different day by day when you look at vitex.net, because there are people who leave, who stay, the amount of VX released per day are not the same.
Until Mar 2020 when VX daily release reaches 50k and amount of VITE staked is unchanged -> your VX rewards are X5
- Stake VX to earn dividends in BTC, USDT & ETH
-> lock your VX in a smart contract and in return you earn other currencies as above. 7 days for your coins to be delivered back if you want to withdraw the. These currencies are gained from 1% of total trading pool.
This is the dashboard of today 05 Jan, ViteX is very potential since more trading pairs are listed there, the trading volume is good in general, there are days ViteX got 200 BTC trading value, it's a good sign for a new-born exchange, expecting the more volume ViteX has, the more dividends VX stake-er earns. I am looking forward to it.
unfortunately there is no dashboard to show clearly how many dividends eanred Should we add it on #vite team?
2/ What benefit Staking brings about?
You don't have to run any mining machine like POW coins, no need to be online 24/24 for staking as mining. Just stake and leave your coins there, sounds ideal for me, since I am not free to open any device the whole day.
- Environment protection
No electricity consumed, no harsh to the world and to your bill
Locking coins in smart contract and you can see it in the vitescan link, it's secured more than storing it in any cex (even Binance also got hacked back several months ago, I am in with dex)
- Good incentives
As above, the income is not bad. Let's do a math.
3/ What I lose when stake?
- Lock your coin in a period of time: the only issue I see when staking is that you really STAKE your coin. It takes 7 days for coins to be delivered once you cancel staking as mining, which means, if $VITE is moving its price and you want to sell for xx% gains, you still have 7 days to play around before the sell. Maybe that 7 days will pass and the pump wave is not there. But who knows? Do your own study and be decisive to join VX price could be up anytime
4/ Potential in the near future
Staking in the ecosystem is being widely used as far as I know. The return of VITE income when Stake as mining is not bad. If you are having Vite, probably you should take a look. I am in for long-term holding. And it's interesting if Vite team can consider about dividing staking periods for users into several types, maybe 3 - 6- 9 days, and different types of rewards for each staking time?
PSA 1: VITE recently was removed from the dividends pool and I feel bad about it. So I just purchased some VITE to vote for a SBP. Imo VITE is still the main coin of the whole ecosystem, so VITE has more potential to be a good bag then any coins issued on Vite chain. ETH gains more benefit and any tokens built on it.
PSA 2: I believe in Vite and what Vite is delivering, support me by clicking upvote, sharing this post, comment below. Your help is appreciated!
See you, till the next time!
Michi last edited by Michi Reward
Thanks for taking the time to write it! Interesting article!
To me - VX vs Vite is simple:
As I reinvest any return 100% on all accounts & I have a decent amount of both.
I remodeled the release curves of both VX as well as Vite - doing that you can build an simple dashboard that calculates the expected daily return as well as the NPV (under few assumptions). I basically reinvest based on the daily returns (as it is possible to swap over time).
VX provides now the best return on investment- but the release schedule shows that this will change (compared to staking | even in the minimal scenario that 100% vite would be staked).
So basically to me simple:
1.reinvest in VX as long as that provides best return.
2. Reinvest in Vite when that provides best return
3. Swap vx to vite when the difference in return >= missing dividends
Edit: I might make the dashboard available in the near future as a helpful resource for the community.
It would be great that in that section “helpful resources “ we could also find an solid comparison between SBP’s (willing to build , but have quite some trouble finding the information)
Blackey_Vite last edited by Reward