[Ann]:Trading Pair XGM/BTC Enabled with Market-making as Mining



  • Dear ViteX users:

    Trading Pair XGM/BTC, listed by Operator VGATE, will be enabled with market-making as mining starting 15:00 HKT (UTC+8), June 23.

    About XGM

    DEFIS(XGM) is a next generation decentralized financial system, built on top of the cryptographic primitives. Owners of different cryptocurrencies can earn interest, borrow, exchange, and create custom cryptocurrencies on DEFIS all in a completely decentralized and anonymous manner.

    Mining range for trading pair

    Screenshot 2020-06-22 at 6.17.31 PM.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.

    Example›
    Suppose that the BTC market has only XGM/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:

    Screenshot 2020-06-22 at 6.17.19 PM.png

    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

    June 22, 2020
    Team ViteX


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