Vite Labs Leadership AMA (Oct 13, 2020) Review



  • Vite Labs Leadership AMA (Oct 13, 2020)
    White and Red Channel News & Politics Youtube Video Outro (1).jpg
    Review

    Richard Yan (Vite Co-founder & COO)
    Hey folks, I'm here
    Good day to you all

    Richard Yan (Vite Co-founder & COO)
    Let me look at questions from the forum
    This set of questions is from Vishant Kumar:
    when vx listing
    why team always lag in following roadmap
    why no separate roadmap for vitex
    why not operators interested in listing coins , why not increasing operators.

    Richard Yan (Vite Co-founder & COO)
    1 On VX listing - we already have a Chinese exchange committing to list, and we are in the process of getting a non-China based exchange. It looks like some of the bigger exchanges are ready to soften their terms.
    I know this process is taking a while, and getting VX listed is a priority. But the team is seeking the biggest bang for our buck
    2. In terms of roadmap, I'm not sure I agree. In the latest CEO's letter, we clearly laid out that we hit most of our goals for Q3. And we delivered items not originally on the roadmap.
    3Deliverables for ViteX are incorporated in the Vite roadmap. Examples include ViteX features and integration with open source trading strategy projects
    4 We have previously recruited new operators, such as chain hedge. Note that the work to keep an operator running is nontrivial. We are hoping that more operators will join with stronger awareness of ViteX over time

    MD : Kawsar Chowdhury
    What are your future plans or roadmaps with Vite And VX?
    Richard Yan (Vite Co-founder & COO)
    Vite 2.0 is a big deal. The whitepaper for this is due to be out by end of Q4.
    With ViteX - more order types are included in Q4's roadmap. We are adding more coins (I'm a fan of the new listing PRV). And integration with open-source algo trading projects will also be done in Q4.

    UBC_ro
    Ween it wil be listed in that chinese exchange?
    Richard Yan (Vite Co-founder & COO)
    We are hoping to simultaneously list on a Chinese exchange and a non-Chinese exchange. But in principle, we can list any time on that Chinese exchange

    Richard Yan (Vite Co-founder & COO)
    More questions from forum:
    When will ViteX be listed on major exchange 2020 or 2021?
    Will there be more future benefits for VX holders and Stakeholders?
    When VX is listed on a Major exchange will the PR release be widely spread and announced so that VX exchange can get the attention it deserves?
    What is there for us to look forward in defi for ViteX

    Richard Yan (Vite Co-founder & COO)
    VITE and VX holders can expect other benefits such as airdrops from strategic partners, such as Banano
    The act of listing VX on an exchange will be a powerful PR move. This is why it's important to get on a sufficiently big trading platform
    In terms of DeFi for ViteX - our original vision for Vite is to be the backbone of an Open Finance platform. Our recent zero-fee stablecoin swap is one important feature towards that end goal.
    Separately, some members have recently proposed ideas for AMMs on ViteX - and we're exploring this option

    Donald Ogbolu
    Please can you give a specific date for vx listing?
    Are you not worried that the community has reduced from 12k+ to 8k+?
    Are you not also worried that most people have lost excitement in the community, including when their is an ama coming up?
    Please you people should try and meet up with your promises

    Richard Yan (Vite Co-founder & COO)
    Unfortunately, I can't give a date for VX listing. Our goal is to get this done by end of the year, but there are too many moving parts to make a hard guarantee.

    Donald Ogbolu
    Lastly, without vx listing I don't think vite will progress.
    My own opinion.

    Richard Yan (Vite Co-founder & COO)
    About the community drop, I believe this has to do with Telegram clearing up bot accounts. Many accounts flock to random telegram channels to get airdrops, and inactive ones get auto-deleted

    Maxi Info
    "It looks like some of the bigger exchanges are ready to soften their terms." Uniswap change the game complitely. The big exchanges should get with feet on the ground now. We have been "hostages" by them for long time. Crypto really needs dex,

    Richard Yan (Vite Co-founder & COO)
    We have delivered almost everything per our roadmap laid out for Q3. See the latest letter from the CEO
    It's true that the AMAs are a bit less active than before. We do still get lots of questions on the forum though. I still have questions from six other forum posts to answer at this point
    I don't disagree here. With the recent DeFi hype, the fees for listing on exchanges seemed to have gone up again. And there are many projects out there that pay big fees at exchanges as an entrance fee for pumping-and-dumping on retail. We don't want to do that.
    Thanks, again, the listing is a goal, not a promise. The biggest factor blocking a listing is the fees. If we aren't able to get a good bargain, then we won't list.

    ( ) Modеrn
    Will there be some kind of application in VX?

    Richard Yan (Vite Co-founder & COO)
    The main application of VX is distribution of income from the ViteX exchange

    Richard Yan (Vite Co-founder & COO)
    Another question from forum:
    When can we expect Open Finance implementation?
    ViteX is an integral part of Open Finance. Free stablecoin swap is a critical feature of ViteX. I also mentioned exploration of AMMs earlier

    UBC_ro
    You said that an chinese exchange are agrread to list vx?
    Richard Yan (Vite Co-founder & COO)
    Correct, but we want to simultaneously list on a Chinese and a non-Chinese exchange to maximize the reach
    UBC_ro
    👍 it will be more efficient

    MD : Kawsar Chowdhury
    How profitable is VX, Vite for short term and long term holders?

    Richard Yan (Vite Co-founder & COO)
    Hard to predict, but you can check distribution of proceeds here in the dividend dashboard: https://vitex.net/

    Richard Yan (Vite Co-founder & COO)
    Another set of questions from Vishant Kumar in the forum:
    1 what are legal obligation making trouble in vx listing?
    2. what is the progress of US city coin on vite ecosystem?
    3. progress fiat gateways implementation to vitex?

    Richard Yan (Vite Co-founder & COO)

    1. To list VX anywhere, the project needs to get the proper legal opinion for the right jurisdiction. That legal opinion can be quite expensive depending on the jurisdiction.
    2. SyraCoin pilot has been successfully completed. We have had a marathon of a conversation with the New York state on getting their applications on Vite chain. The process has obviously been extremely slow, to the frustratiton to my team and me.
    3. Fiat gateway - we found one entity that serves many exchanges and offers very reasonable commercial terms. Our engineering director is discussing implementation details with them

    MD : Kawsar Chowdhury
    At present defi is a very popular and lucrative sector. Does Vite, VX have any plans to involve itself in the defi sector?

    Richard Yan (Vite Co-founder & COO)
    We call it Open Finance. The zero fee stablecoin swap is a feature we implemented for Open Finance

    MD : Kawsar Chowdhury
    Do You Have VX, Vite Buy Back And Coin Burn Any Plan In Future?

    Richard Yan (Vite Co-founder & COO)
    We are already burning VITE. This info is in the dashboard on vitex.net

    Daniel Leedan

    1. What are the criteria for listing by Vitlab?
    2. Have the recent projects paid a listing fee?

    Richard Yan (Vite Co-founder & COO)
    Listing is up to the gateways. In general, the criteria for listing on our gateways are active community, consistent software development and a lack of listing on major exchanges. More details here: https://medium.com/vitelabs/vite-insights-4-what-types-of-coins-are-vitexs-gateways-looking-for-c24e9a52cb48
    On fees, yes, some projects have paid a listing fee.

    Logan
    Why doesn't the Vite team have a greater presence on Reddit? Seems we are missing out on good marketing...

    Richard Yan (Vite Co-founder & COO)
    Which threads do you recommend posting on?

    Logan
    News needs to be cross-posted onto r/CryptoCurrency for better exposure.

    Richard Yan (Vite Co-founder & COO)
    We'd love suggestions
    Yep, noted. We've been mostly focused on twitter/telegram

    MD : Kawsar Chowdhury
    ViteX Exchange Platform Is Safe Any Type Hacking Attacks? Recently Time Many Exchange Hack And He Is Lost Her Portfolio And It's A Many Big Problem In Total Crypto World .Do You Have A Mechanism To Prevent Such Attacks?

    Richard Yan (Vite Co-founder & COO)
    Our exchange is a true DEX. Gateways do custody your coins, but Vite 2.0 will seek to address this with multi-signature gateways

    Richard Yan (Vite Co-founder & COO)
    Another question from karl637:
    I notice the dividend pool has diminished from 33 BTC to 28.4 BTC in the last 30 days. Is this something the team are worried about? It’s quite an alarming rate as an investor, if it continued in 7 months or so Vitex would be bust...

    Richard Yan (Vite Co-founder & COO)
    The dividend pool was reduced in BTC terms partially due to the increase in BTC/USD. Remember, the trading fees are not always remitted as BTC

    Richard Yan (Vite Co-founder & COO)
    From LanceLiu: what's the progress of TRX USDT integration now?.
    Richard are you people trying to operate vitex on a low key?

    Richard Yan (Vite Co-founder & COO)
    This is not currently on our radar. But we have been adding various kinds of stablecoins over time. So this could make it into our queue

    Richard Yan (Vite Co-founder & COO)
    From LanceLiu: what's the progress of vitex gateway 2.0? What's the plan of it?
    check our roadmap for this. The whitepaper will be done in Q4

    Richard Yan (Vite Co-founder & COO)
    From hassan:
    What's the effictive plan to bring liquidity. The vitex's users flow away day by day.
    Our products have lost much opotunities. Listings of new coins, and planned listing of VX on other exchanges

    Daniel Leedan
    In the current situation, what actually makes Vitex a real DEX if the operators "custody your coins"?

    Richard Yan (Vite Co-founder & COO)
    It is a true DEX in the sense that any Vite-native coins do not need to be custodied. No cross-chain transfer needs to take place.
    But the best tech for cross-chain right now is gateways. And one way to decentralize it is via multi-sig in 2.0

    Logan
    What is being done to attract more developers to build on Vite? It seems Vite has already solved many on the issues the ethereum has, yet there has been little uptake so far

    Richard Yan (Vite Co-founder & COO)
    What we've observed is that the network effect of the Eth system is quite strong. We kickstarted the Vite Techie Club, which is meant to get more devs
    See here for Techie Club: https://medium.com/vitelabs/call-for-vite-techies-c64201090a9c

    Richard Yan (Vite Co-founder & COO)
    Question from RedTrain:
    Hey Team - Thanks for setting up the AMA and making some time for questions. I'll likely have more, but for now:
    Has there been any consideration in lowering the cross-chain withdrawal fees for outflow from the exchange?
    I realize there is some benefit to drive users to convert to vite in order to reduce the cost of outflow. However, with withdraw fees being so high, many people may see that and avoid Vitex altogether. When you have exchanges such as Binance that charge 0.005 to withdraw ETH and Vitex sits at 0.015 it gets a little absurd. I understand gas prices get high, and an increase could be justified. But on a regular basis it's just ridiculously/unnecessarily high.
    Same goes for BTC. And Same for USDT, etc. If I'm an EPIC holder (just a hypothetical) and it only trades in BTC; or if I'm a BAN holder and it only trades in ETH ... and I am considering using Vitex ... I'd definitely FIRST look at the withdraw fees before I move funds into Vitex. And if I didn't look, and then saw that, I'd be shocked at how cost-prohibitive the withdraw would be, and avoid in future.
    My point is, there is little upside (revenue) for high fees and significant downside. Perhaps you see it differently.

    Richard Yan (Vite Co-founder & COO)
    Great question. One diff b/w ViteX and Binance is that trading on ViteX gets you VX, from which you get distributions. This is a big difference with many exchanges out there
    But let me talk this over with the team and see if there's anything we can do. I will follow up on this point, perhaps in the summary of the AMA, to be posted in the forum

    Hakim First
    There are a lot of différence bittwen real price in marketcap and in vitax for for differenta coin
    Our marketing associate will start doing this on Reddit for more exposure. Thanks for the reminder

    Richard Yan (Vite Co-founder & COO)
    This could spell out arbitrage opportunities

    Vishu
    Why vitex vol decreasing

    Richard Yan (Vite Co-founder & COO)
    We need to consistently list new coins. This is one of the few ways to keep volume going.

    Richard Yan (Vite Co-founder & COO)
    Let me summarize a few takeaways so far:

    1. We need to do more marketing work on Reddit. We will assign someone to work on this.
    2. Withdraw fee may be high compared to other major exchanges. We will think this over.
    3. There was also a question about fiat on-ramp. We're negotiating with two providers this matter already. In fact, our engineering director is already discussing onboarding details with them

    Miika Warsell
    Wouldn't it be beneficial to list a lot of popular big projects, even if there might not be a lot of liquidity? Because some people come to Vitex, see how few coins are listed and move on

    Richard Yan (Vite Co-founder & COO)
    We think it's a bigger problem if lots of major names are listed with no liquidity. This won't look good, and there's still cost to maintaining these listings. This is why major exchanges delist coins all the time

    Miika Warsell
    Coingecko Vitex score still 3/10
    Richard Yan (Vite Co-founder & COO)
    Yes we've been engaging with them on this for a while now. We will have to revisit this conversation with them

    Miika Warsell
    like at last AMA. Gecko is getting more popular than CMC, u can't afford to have that trust score

    Richard Yan (Vite Co-founder & COO)
    Takeaway 4. Coingecko rating

    Miika Warsell
    Vitex is an amazing dex with super great incentives: pls market it more

    Richard Yan (Vite Co-founder & COO)
    Thanks for all your questions, everyone. We will post a summary of this soon. Until next time!


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