Announcement: Revised VX Release Model
(And an extra bonus)
As you all know, we launched the ViteX trading platform not too long ago. Additionally, many of you are eagerly anticipating the release of the VX mining functions (check out the five mining methods here). Currently, we are on track to launch VX mining abilities and subsequently, begin releasing VX in September of this year.
However, there is one thing that we need to change regarding the VX daily distribution curve (don’t worry, it’s for the good of everyone). Under the current model, early VX miners will get a disproportionately large percentage of VX as the early participants. This fundamentally goes against what we want to achieve with ViteX, which is meant to be a truly decentralized exchange. If the early users are rewarded with a disproportionately large percentage of the VX, when more and more users join later, the VX will still be concentrated in the wallets of the early users. Simply put, this would not be good for the long-term development of ViteX.
In light of this, we plan to add a buffer phase after we launch our VX mining features to allow for more time to attract VX miners.
Introducing the two-phase release model
After the official launch, there will be two phases. During the first phase (“buffer phase”), 10,000 VX will be released per day. This will last for 1–2 months. Once we feel that enough users have joined in, the second phase will start. During this phase, the release schedule will be identical to what we have previously mentioned:
- During the first year, the number of VX released will decrease by 0.5% every day. 477,032 VX will be released on day 1. According to this formula, 80.13% of total supply will be released in the first year.
- During the second year, the number of VX released will decrease by 0.2% every day. 37,051 VX will be released on the last day of the second year.It decays by 0.5% every day in the first, and decays by 0.2% every day in the second year.
The new release graph will look something like this:
An Extra Bonus
Users who participate in VX mining on the first day of the VX mining launch will get 30x on the first VX dividend payout!
**Note: you must hold more than 10 VX in your ViteX account in order to be eligible to receive dividends.
Additionally, as a little extra incentive: since the launch of ViteX, trading fees have been accumulating in the dividend pool. Currently, the dividend pool contains about: 21300 VITE, 74.9 USDT, 0.0075 BTC and 0.36 ETH. However, once the VX mining function is launched, the total amount of these collected trading fees will be completely released to VX holders during the first dividend payout (which you also conveniently apply that 30x bonus). So, all the more reason to come and trade on ViteX!
After that, the dividend pool distribution will accumulate according to regularly scheduled programming — that is, dividends will be distributed at a daily rate of 1%.
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