Trading and Market-making as Mining Information Sum-Up



  • Dear ViteX users,

    We have, for your convenience, sorted out trading and market-making as mining information on eligible trading pairs.
    You may refer to the following content when making decisions.

    Market-making as Mining:

    Place orders to boost liquidity on ViteX and get rewarded with VX. The amount of VX depends on two factors:

    1. the amount of time your order remains on the order book
    2. the amount of deviation from the best bid and best offer in the order book spread.

    The longer your order remains in the order book, the more VX you receive. The less your order deviates from the best bid/offer, the more VX you receive.
    Currently MM as Mining accounts for 10% of the daily VX distribution: BTC Market (5%), ETH Market (1.5%), VITE Market (1.5%), and USDT Market (2%).

    Trading as Mining:

    Trading at the four markets: BTC, ETH, VITE and USDT will be rewarded with ViteX
    Currently each market accounts for 15% of the daily VX distribution.

    Trading and market-making as mining eligible trading pairs in the four markets are listed as follows:

    BTC Market

    Screen Shot 2020-02-07 at 19.36.04.png

    ETH Market

    Screen Shot 2020-02-07 at 19.36.20.png

    VITE Market

    Screen Shot 2020-02-07 at 19.36.46.png

    USDT Market

    Screen Shot 2020-02-07 at 19.36.58.png

    Note:
    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.

    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

    Dec.31 2019
    Team ViteX


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