ViteX Made Me 1 BTC (70% ROI) in 4 Months!



  • As you all know, ViteX is a decentralized exchange created by Vite Labs on its Vite-chain. You can view ViteX info on either CMC and CoinGecko. There are a series of products developed by the team and various ways to make profits, but this article will focus on the DEX ViteX and its mining functions, that’s how I made money!

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    I started using ViteX since October of 2019. It is a young exchange that’s launched less than a year ago. Now I have over 38,000 VX (still growing) and received 1.09 BTC in dividends so far, that’s about 70% return on investment in less than 5 months and my annualized return is expected to be over 130%. It used to have only 18 BTC in its dividend pool, now this number has grown to 36 BTC.

    I won’t say my exact investment but it’s probably lower than you think. To get to where I am today, I took several steps:

    #1. Got a referral code (costed 1K VITE) and invited 7 address (mostly mine). Both the main account and the invited accounts will be rewarded with extra VX when the associated accounts trade or market-make. Good to have friends right?

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    #2 Trade mining eligible pairs.
    It’s as simple. Make sure you use a referral code since besides rewarding extra VX it also lowers your trading fee. In addition to my mining proceeds, I also bought VX at times. But I stopped adding direct investment when I had about 20,000 VX and only continues to buy VX with my dividends. There will be surprises for you if you look up current VX price.

    #3. Market-make.
    I have been playing around this function for some time now, but arrived at a better understanding only recently. I can mine about 2,000 VX each day if I really put in my time and effort, but I’m happy with my proceeds even with less attention.

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    ViteX has both a web-end exchange (x.vite.net) and a wallet + exchange 2-in-1 APP (app.vite.net). The APP is a little more complicated to use than the web exchange as it has also a wallet function, but I found both helpful and smooth to operate and they make a good complement for each other.

    When you login to the exchange, you will see a notice saying that it doesn’t serve users in many countries. But ViteX requires no KYC so no personal information will be exposed, don’t get scared off by the regional notice. Do know that you will start receiving dividends only when you stake more than 10 VX though.

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    I can share more on my mining techniques later if you guys are interested. Message me too if you have other ideas you wish to discuss with me!

    On Lily 🙂



  • I also stake, but I stake VITE. What is your start so now you can MINE 38k VX?



  • @felicity I prefer staking VX and make real deal coins lol. 38k is how much I own now, acquired through both mining and purchasing



  • @CryptoLily which Mining methods makes most profit for you out of staking, referral, mm and trading? what are their pros and cons during the last 5 months using those methods?


  • Reward

    Well first off congrats on your successful strategy!

    Could you shed some light on this:

    • i see in the screenshot regarding market making that you mined allot more VX than the number that you have staked. Is this correct?
    • Does this mean that you use part of the mined VX for trading / marketmaking rather than staking?
    • if so - what ratio would you advice? I currently have all VX staked but hardly generate anything from mining, so any advice will be appreciated!

    Cheers!



  • @Michi
    Hi,
    Regarding your questions, I staked most of my VX for dividends but yes I kept some for trading and MM. There are several VX trading pairs that I mm quite often. I can indeed mine a lot more through MM since VX daily release has spiked going into the circle, comparing to how it used to be. But to mine that many VX requires time and effort, I don't devote that much. And you won't be able to mine big if you only have VX, use wise your BTC ETH and other mining eligible altcoins.😏


  • Reward

    @CryptoLily
    Thank you for your reaction!

    I decided to give it a try by creating a new account strictly for mining (while leaving my main for dividends).

    I used 0.09 BTC on that new account for mining. Now 2 days further and > 850 vx mined at hardly any efforts. So far (2 days) profit ~ 0.03 BTC. So thank you for your advise!



  • @Michi

    Congrats! 0.03 return on a 0.09 investment in only 2 days sounds too like a dream to me, maybe you should be teaching me how to profit so quickly now haha.


  • Reward

    @CryptoLily

    Sure! I currently use the assumption that the newly distributed VX are partly used to swap for Vite / USD / BTC / ETH so that people have a countervalue for mining.

    Since the new VX are distributed In the early morning (in my timezone) I expect downward pressure on the prices in the morning.

    Since the number of non staked VX in circulation remains roughly the same , I expect the new VX be absorbed during the day (removing the downward pressure that was generated due to new VX hitting the market.

    So I incorporate this assumption in my strategy:

    • start of the day (with downward pressure on VX) —> buy VX with btc/vite/eth/usd

    • during day:
      —> mine by trading (on the x3 pairs)

    • end of day (without downward pressure on VX price):
      —> sell VX for Vite/ BTC/ETH /USD

    Hope you also find this useful 🙂



  • @Michi

    That's very interesting. I also noticed that price bump but didn't bother so much to test it out. Maybe I should try that as well! Thanks for sharing 🙂



  • Hi there, you said don't get scared off by the announcement that certain areas are not permitted to use this service. My question is I live in the US and my area is definitely one that is included in areas that aren't permitted so am I able to do this?? And if so do I use your referral link? Thank you in advance for any information and help!

    Talk soon,
    CryptoNaire



  • @Crypto_Naire said in ViteX Made Me 1 BTC (70% ROI) in 4 Months!:

    Hi there, you said don't get scared off by the announcement that certain areas are not permitted to use this service. My question is I live in the US and my area is definitely one that is included in areas that aren't permitted so am I able to do this?? And if so do I use your referral link? Thank you in advance for any information and help!

    can use without restrictions
    My Referral Code: 3809022313



  • @Crypto_Naire

    Thats definitely a YES. Like I said, ViteX has no KYC so it won't even know where you opened your account at so how can location become a problem😁 . And of course you can use my referral code, But I would recommend you to get your own and invite yourself. It costs only 1000 VITE, like 10 bucks. Do msg me if you want a referral code tho, id be happy to share it.



  • @CryptoLily

    Hey Lily congrats. I was interested to know how you are able to mine 2,000 VX each day?



  • @Ollie

    Hi. You can check out their rewards calculation details, which is attached in almost any of their announcements... The key is to place you orders as close to the best sell as possible, and increase the spread, total amount, and time of orders. It's not that hard if you are doing it right, but it does require your attention so you don't end up trading when you just wanted to market make. And those pairs that have extra rewards.... 😊



  • @CryptoLily Cool thanks for the information.



  • @CryptoLily and @Michi i have sent you a DM about this as would love to chat about this strategy when you are free.

    Thanks in advance.

    Darren.


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