[ANN] Market-making as mining 10x reward for VX trading pairs (Round 2)
Dear ViteX users,
In July this year, the VX trading pairs held its first round of ten times mining reward event. Since good feedback was received from the community, ViteX is going to hold the event again from 15:00(UTC+8) on November 16th to 15:00 (UTC+8) on November 23rd.
Note: During the event, you can get 10 times the amount of VX for Market-making as mining in VX/BTC, VX/VITE, VX/ETH, VX/USDT pairs under the same conditions.
VX market-making as mining range:
Eligible Range for Buy Orders (distance to the best bid)
Max. Ratio between Buy Order VX Rewards and Sell Order VX Rewards
Eligible Range for Sell Orders (distance to the best ask)
Max. Ratio between Sell Order VX Rewards and Buy Order VX Rewards
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.
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Nov 13, 2020