The long-awaited ViteTogether platform is finally here! After several months of consistent development, we are excited to bring to you another quality product and service from Viva. In this guide, we will explain what ViteTogether is all about and how you can get started on the platform!
What is ViteTogether?
ViteTogether (www.vitetogether.com) is a series of protocols for the Vite blockchain that allow for groups of users to collectively optimize their voting rewards. In essence, $VITE holders can combine their deposits together in the prize pools to earn a chance to win attractive rewards for participating in the Vite’s chain consensus mechanism.
How does it work?
By depositing $VITE in the ViteTogether prize pools, a user will earn a chance to win the jackpot prize. The jackpot prize is funded by the proceeds from the ViteTogether SBP voting rewards. All $VITE deposited in the prize pool are used for voting to generate such SBP rewards.
One winner is selected every week. The odds of winning depends on the amount of $VITE a user deposited relative to the total amount deposited in the pool. For example, if there is 1,000 $VITE in the prize pool and the user deposits 1 $VITE, the chance of winning for the user will be 1 in 1,000. If your wallet is connected you can check your odds of winning on the Pool Details page. Basically, the larger the amount your deposit, the higher your chance of winning the jackpot prize is.
How do I participate in the ViteTogether prize pools?
Step 1: Go to www.vitetogether.com and select “Prize Pools”.
Step 2: Click on “Connect Wallet”
Step 3: Screenshot the QR code and use the QR code scanner in Vite app to connect your wallet. Confirm the transaction in your Vite app.
Step 4: Toggle back to the ViteTogether website. Click on “Deposit”.
Step 5: In the window pop-up, input the amount of $VITE you wish to deposit, (minimum deposit of 1000 $VITE). Note that funds deposited will be locked for 1 week. This will be a rolling lock duration starting from the time you deposit the funds.
Step 6: Confirm the transaction in your Vite app. You will see a “Deposit successful” message on the ViteTogether website.
How is participating in ViteTogether fee-less and no-loss?
The $VITE that is deposited in the prize pools is used to collectively vote for the SBP. Participation in the prize pools ensures that the participant’s principal sum is preserved while earning a chance to win the jackpot prize. The Vite chain is a zero gas blockchain built on a Directed Acyclic Graph (DAG) ledger. As a dApp on Vite, ViteTogether benefits from this feeless feature.
What are the synergies between ViteTogether and Viva Staking Pools?
5% of the SBP rewards will be set aside to fund the rewards of staking pools on app.vivafi.org, providing greater value for $VIVA holders. Note that this amount would have been extracted before the jackpot prize is loaded —what you see in the jackpot prize is the total amount the winner gets for that particular week.
Are there plans for new modes of savings pools?
Definitely. This is the first version of ViteTogether and we will be developing more modes of savings pools to provide a greater variety to our users. We encourage developers to join us in developing this amazing product on the Vite ecosystem.
