Vite Labs
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Vite Labs

Review: End of Q3 2020 & Mainnet One-year Anniversary

Letter from Vite Labs CEO Charles Liu

Dear Vite Community:

Time has flown by. As 2020 has been a whirlwind of a year for many people around the world, I hope you are in a place of safety and peace. In this letter, I would like to provide an update on Vite’s progress in Q3.

Overall, I am very proud of our team’s achievements. Let me review each item in our Q3 roadmap in turn.

Stablecoins Functionality

ViteX released the first-of-its-kind, zero-fee stablecoin swap feature with Vite’s fifth hardfork. As of now, three stablecoin pairs (USDC/USDT, DAI/USDT, BUSD/USDT) can convert at no cost. The rapid growth of stablecoins this year (standing at north of USD $10Bn) reflects a real need for storing fiat-pegged value in crypto form. In introducing this feature, we heard and answered our users’ needs. This is a big step towards fulfilling our original vision of an Open Finance ecosystem.

Free stablecoin swap brings us closer to our Open Finance vision

Vite Ecosystem Grants

We started the Vite Techie Club, a social group for community members interested in developing apps on Vite’s tech. The purpose is to educate our community on technical matters, brainstorm useful projects to be deployed on Vite, and discover new tech talent to contribute to the ecosystem. Any interesting application created from interactions within the Vite Techie Club will receive support from the Vite Foundation. Our successful kickoff event in September focused on decentralized gateways for ViteX, an important component of our plans for Vite 2.0. To participate in future Vite Techie Club events, join our Discord here.

Vite Techie Club seeks engineering talents to solve interesting problems with our tech

ViteX SDK Improvement

We released ViteX SDK (Java). This enables easy development of trading bots and deployment of trading strategies on ViteX. This is another crucial step towards our Open Finance vision that democratizes access to financial resources and systems. Check out the API in our github here.

Time to write apps that interact with ViteX

Vite App Major Upgrade

The Vite app has undergone a facelift to provide a more smooth experience for ViteX users (iOS). We created a new DEX Assets page that focuses exclusively on Vite-native assets. On this new page, we also separated out the functions of asset management and trading. Experience the new app for yourself here.

Major iOS app upgrade

Continual Coin Listings on ViteX

In Q3, our various gateways continuously added a total of ten new coins. As explained in this article, our gateways tend to look for coins with an active community, few listings on major exchanges, and a consistent pace of software development. We also launched a ViteX ambassador program, where we initially recruited three members. They will be conducting in-depth video interviews with project teams for coins listed on ViteX.

New ViteX ambassadors will both help promote coin listings and scout for worthy projects

Initial Upgrades of DApp Development Tools

Various improvements have been made to an Integrated Development Environment (IDE) for Vite’s solidity++. These changes will make it easier to develop DApps on Vite. See a screenshot of the IDE here.

Environment for building solidity++ apps

New Operator Recruitment

Operators are an important component of the ViteX ecosystem. As such, we continue to onboard and support new operators. As of today, we have seven operators in total. The level of listing and trading activities on all operators varies. We are hopeful that as the awareness of ViteX increases (with more listings of gems, and inductively attraction of traders), more independent entities will apply to become operators.

Other Accomplishments

In Q3, we became more aggressive in raising awareness of our brand via various ways — partnerships (example — Banano), podcasts (example — The Blockchain Debate Podcast), and events (example — Silicon Valley Bitcoin Meetup mining panel). In addition, we continued to educate the public about our tech (see our series of tech articles), published the thoughts of our leadership via Vite Insights articles, ran regular leadership AMAs, and solicited community input for coins to be listed by ViteX gateways.

We just celebrated our one-year anniversary since the launch of Vite Mainnet. As mentioned in our tweet thread here, I would like to enumerate our very worthy accomplishments with statistics:

  • We now have six products, including the multi-chain Vite App that has been downloaded over 300,000 times and is being used in over 180 countries.
  • Our network consists of 900 full nodes. Over 130 Vite-native tokens have been issued. About 109,878 active addresses live on Vite, transacting over 127,810,946 times.
  • 49 supernodes have mined an accumulation of 29,530,000 VITE. Note that more than 23,900,000 VITE have been burned, offsetting the aforementioned increase in circulation.
  • Cumulative trading volume on ViteX has exceeded 50,808 BTC. Over 100 BTC have been distributed to VX holders as dividends (for a comprehensive guide of using ViteX, check here)
Infographic for our achievements as our Mainnet turns one year old

As I have always said, our achievements would not have been possible without you. Vite is not just about the solidity++ smart contracts, its open source golang code, or our white paper. Our ecosystem is only powerful because of activities of our users, developers, investors, and enthusiasts. Thank you all for your support.

#letscreatesomethingcool,

Charles Liu

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Vite is a lightning-fast blockchain where transactions incur zero fees. It is the world’s first DAG-based smart contract platform. Vite’s flagship DApp is ViteX, a truly trustless DEX deployed on the Vite chain.

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