Beginner's Guide to ViteX Mining



  • Dear ViteX Users:

    ViteX, developed by Vite Labs, is the world's first DAG-based decentralized exchange.
    ViteX Coin, VX, is the coin native to the ViteX platform. It is mined exclusively by the ViteX community and is used to allocate rewards back to the community.

    VX holders can receive daily dividends from a shared dividend pool which aggregates all trading & listing fees accumulated by ViteX and redistributes back to VX holders.

    Access our exchange here: https://vitex.net

    Highlights
    Complete decentralization
    1.On-chain order matching
    2.Smart contract-enabled transaction fee collection and dividend distribution
    3.Listing new trading pairs only requires 10,000 VITE
    Exchange run by the community
    Anyone can become a ViteX Operator
    ViteX Operators have the right to set trading fees, suspend trading activity & list new trading pairs
    All Operator functions are deployed on the smart contract
    Native exchange coin VX can be mined in five different ways

    Overview
    5 mining methods

    Trading as Mining
    Trade in BTC, ETH, VITE and USDT markets and receive VX rewards.
    Market-making as Mining
    Help improve order book depth by placing buy and sell orders and receive VX rewards.
    Staking as Mining
    Stake VITE to help ViteX obtain higher level operational quota and receive VX rewards.
    Referring as Mining
    Generate a referral code to invite friends to join the ViteX platform and receive VX rewards.
    Inviter will be rewarded with 5% of all invitees’ trading as mining proceeds and 2.5% of their market making as mining proceeds.
    Invitees will enjoy 10% off platform trading fees, and receive an extra 2.5% of trading rewards and extra 1.25% of market-making rewards.
    Listing as Mining (Operators Only)
    Become a ViteX operator and list trading pairs to collect user transactions fees and receive VX rewards.

    Mining Details

    • Trading as Mining

    Mines approximately 60% of daily released VX. Currently, users are able to trade in four markets: BTC, ETH, VITE and USDT and receive VX rewards accordingly.
    Allocation: As mentioned above, ViteX is currently divided into four different markets: BTC, ETH, VITE and USDT. By trading in these markets, users are able to receive VX mining rewards. Each market will receive 15% of daily distributed VX.
    How to participate: By executing trades on eligible trading pairs and paying the corresponding trading fees, users mine VX (Trading as Mining).
    Mining reward calculation: VX rewards are calculated based on the proportion of a user's daily accumulated trading fee to the total accumulated fees in each market. For example, for a given day, if a trader accumulates 5% of the total BTC market trading fees, then that trader will receive 5% of the 15% of VX rewards allocated to the BTC market.

    • Staking as Mining

    By staking VITE to help ViteX obtain operational quota, users receive VX rewards.
    Allocation: 20% of daily released VX
    How to participate: stake VITE with the beneficiary set to the ViteX smart contract
    Staking amount: the minimum amount of VITE that users can stake is 134 VITE. There is no maximum cap.
    Staking duration: Stakes can be retrieved after 3 days. There is no maximum number of days for staking VITE. There will be a retrieving period of 7 days, and stakes will not be counted towards staking as mining rewards during this period.
    Mining reward calculation : the amount of VX rewards will be calculated based on the proportion of VITE staked by a user's account to the total amount of VITE staked that day.

    • Market-making as Mining

    Mines 10% of daily released VX; BTC market at 5%, ETH and VITE market equally at 1.5%, USDT market at 2%.
    Placing orders on ViteX will also earn users VX rewards. The amount of VX earned depends on three factors: 1) the amount of order, 2) the amount of time your order remains on the order book, and 3) the amount of deviation from the best bid and best offer in the order book spread.
    Allocation: 10% of daily released VX. BTC market at 5%, ETH and VITE market equally at 1.5%, USDT market at 2%.
    How to participate:
    Only eligible trading pairs will be considered for market-making as mining rewards
    Both buy and sell orders are considered for market-making as mining rewards
    Orders must not deviate from the designated mining range in the order book
    Mining reward calculation:
    The VX mining reward for market-making has a linear relationship with the order amount and order duration (i.e. amount of time the pending order stays on the order book). However, the mining reward has an exponential relationship with the order distance (i.e. the deviation from the best bid offer).

    For example, if Alice and Bob both place two separate orders for the same amount of token X. Both orders remain on the order book for the same amount of time. However, Alice prices her order on level 1 (i.e., extremely close to the best bid offer) and Bob prices his order on level 10 (i.e. further away from the best bid offer), the mining reward for Alice will be 100 times that of Bob's. This system is designed to incentive users to place orders as close to the best bid offer as possible.

    • Referring as Mining

    User can request invitation codes to invite friends to join the ViteX platform.
    Inviter will be rewarded with 5% of all invitees’ trading as mining proceeds and 2.5% of their market making as mining proceeds.
    Invitees will enjoy 10% off platform trading fees, and receive an extra 2.5% of trading rewards and extra 1.25% of market-making rewards.
    How to participate: Spend 1,000 VITE to generate a referral code, of which 100% will be burned
    Note: If you are a ViteX VIP (users who have staked 10,000 VITE to obtain a 50% reduction in trading fees) AND joined ViteX via a referral code, your 10% discount will be applied after the reduction.

    • Listing as Mining (Operators Only)

    For each trading pair listed, the issuer’s VX reward is then calculated as if he/she executed a trade involving a transaction fee of 1,000 VITE.
    Operators can list trading pairs, customize transaction fees, and generate profits from users that choose to trade on their Zone.

    VX Distribution Schedule
    The total supply of VX will be 29328807.8 with no inflation. The total supply of VX will be fully distributed in two phases.

    • Phase 1: Buffer phase that has ended on December 6, 2019. A fixed amount of 10,000 VX was released daily.

    • Phase 2: Standard Phase. In this phase, all un-mined VX will be released according to below schedule:
      Sub-phase 1: Starting at 10,000 from December 7, 2019, daily release will increase for 90 days at a fixed rate until reaching 50,000 on March 6, 2020
      Sub-phase 2: Starting from March 7, 2020, annual release will decrease by half each year until fully distributed after 8 years.
      vx-release-schedule.7b659913.png

    VX Mining Allocation
    The daily amount of released VX will be allocated according to the breakdown below:

    Trading, Referring and Listing: 60%
    BTC market: 15%
    ETH market: 15%
    VITE market: 15%
    USDT market: 15%
    Staking: 20%
    Market-making: 10%
    Vite team: 10%

    20c505c0-2ea5-4426-a621-f6b449136208-image.png

    VX Holder Dividends
    All fees collected by the ViteX platform will be collected into a shared dividend pool and distributed at a rate of 1% daily. For any given day, the total fees collected during that day will be fully distributed by the 100th day.

    To receive your dividends:
    • A minimum of 10 VX must be staked in the exchange account. Please note that VX held in a wallet or exchange account will not make you eligible for dividends;
    • Participant is entitled to receive dividends starting with the next distribution immediately after submission of staking request;
    • Staked VX will be released after the 7-day waiting period once retrieved. No dividend will be received during this waiting period.
    Users can enable automatic staking. Mined VX will be automatically staked once enabled, purchased VX is not subject to this function.

    ViteX Operator Guide
    Operator Rights
    Token Ownership Rights
    By default, the token ownership rights belong to the Issuer. However, the Issuer can transfer the rights to their token to a third party. Once they do so, the third party has full access to the token and can list trading pairs.
    Listing Trading Pairs
    Only the token owner can list trading pairs involving the token he or she owns. In the case of ViteX, only BTC/ETH/USDT/VITE trading pairs can be listed. Attempting to open trading pairs to other cryptocurrencies will be rejected.
    Note: A cost of 10,000 VITE is required to open a trading pair.
    Transferring Token Ownership
    Token ownership can be transferred. The transfer of token ownership is irreversible.
    Token Trading Rights
    If an Issuer does not want to fully transfer the rights to his or her token, the Issuer can choose to transfer the Token Trading Rights instead. For example, the Issuer can first list a trading pair (i.e. Token A / BTC) and transfer the rights to this specific trading pair to a third party. In this case, the third party now has the right to the Token A / BTC pair — they cannot open additional trading pairs to other cryptocurrencies but can transfer their Token A / BTC right to another party should they wish to.
    Setting Transaction Fee
    Operators have the right to set an additional transaction fee (on top of the Base Transaction Fee) of 0 - 0.2%. Operators also reserve the right to adjust these fees.
    Trade Suspension
    The Operator reserve the right to suspend a trading pair. After they do so, the user cannot place orders involving the given trading pair but can withdraw the order if they already had one in place.
    Transferring Token Trading Right
    Token trading right can be transferred. The new owner will become the Operator of the trading pair. This operation is irreversible.
    Attention

    The token ownership right and token trading right are two independent sets of rights.

    For example, Alice is the Issuer of Token A, so by default, she has the token ownership right to Token A. At the moment, only Alice can open trading pairs involving Token A. Now, Alice decides to open a trading pair: Token A / BTC. Now, she has two"sets" of rights: 1) Ownership of Token A and 2) Token A / BTC Trading.

    If Alice transfer the right of Token A / BTC to Bob, Alice now no longer has the right to list Token A / BTC pair. The transfer of trading rights to Bob is irreversible. However, since Alice still has the token A ownership rights, she decides to open another trading pair of Token A / ETH. Now, if Alice decides to transfer the Token A Ownership right to Charles, she permanently loses that right and can no longer open any additional trading pairs involving Token A. However, Alice still owns the Token A / ETH trading pair despite no longer having the Token A Ownership rights.
    Click and Apply to Become an Operator

    Transaction Fee Formula

    For all transactions on ViteX, incomplete orders do not incur any trading fees.
    Total Transaction Fee = Base Transaction Fee + Operator Zone Fee
    Tips
    Unlike other DEXes, ViteX does not charge fees for pending orders and withdrawals provided that users have the requisite amount of quota. Related documentation: What is quota.
    Base Transaction Fee: 0.2%
    This transaction fee will be applied to all trading pairs in the ViteX ecosystem. All the fees collected from this will be put into the shared dividend pool to be redistributed back to VX holders.
    Operator Zone Fee: 0 - 0.2%
    This is the fee that will be set by ViteX Operators for their respective Zones. Operators may set fees ranging from 0% to 0.2%. Proceeds from this fee belong to the Operators.
    Reducing Transaction Fees

    • Stake 10,000 VITE to become a VIP and receive 50% off basic trading fees
      (Minimum Staking Duration: 30 days)
    • Use a Referral Code and receive 10% off trading fees
      (Refer to Referring as Mining section for details)

    Note: For any VIP user using a referral code, another 10% will be taken off incurred trading fees after the 50% reduction.

    All rights reserved by Vite Labs
    Important Links
    ViteX official website: https://vitex.net/
    Trade on ViteX: https://x.vite.net/
    Referral code application form: https://forms.gle/Bps8oR3q1FyEZG2FA
    Join our Telegram Community: https://t.me/vitexexchange


Log in to reply
 

Suggested Topics