Vite Labs
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Vite Labs

Several Type of Returns from Staking VITE

At present, there are several advantages for users to stake VITE coin: accelerating transactions, gaining node rewards, voting for SBP (supernodes), and mining VX.

Get Quota: Accelerate Transactions

In Vite network, when a user initiates a transaction, including sending a coin/token transfer, deploying a contract, invoking a contract method, issuing a new token, registering a SBP, extracting block rewards, voting, etc, a certain amount of quota needs to be consumed. Staking VITE can obtain quota to accelerate transactions.

More explanation about quota: https://vite.wiki/tutorial/rule/quota.html

FAQ about how to stake: https://forum.vite.net/topic/2339/how-do-i-stake-vite-to-get-quota

Run Nodes (Full Nodes and SBPs)

Vite nodes are divided into full nodes and SBPs. At present, all nodes store the entire ledger, and reach a consensus with the whole network. In order to encourage everyone to join Vite network, Vite has set up an incentive plan: stake 1M VITE to run a SBP. The currently annual return is 16%. If this threshold is too high for some users, staking 10,000 VITE to run a full node can also gain daily rewards.

Details on running a full node: https://vite.wiki/tutorial/node/install.html#install-from-binary

Details on running a SBP: https://vite.wiki/tutorial/node/sbp.html#sbp-configuration

Vote for SBP to Earn Interest

Vite adopts on-chain governance to calculate the reward according to the amount of VITE held by the voters. SBPs receive the voting reward from block production. Some SBPs share rewards to their voters. Users can go to SBP webpage and check different SBP reward sharing rules.

How to vote: https://forum.vite.net/topic/2341/how-do-i-vote-for-a-supernode

Mine VX: Stake VITE on ViteX to Obtain VX

Users can stake VITE to provide quota to ViteX exchange. In return, users can get a certain amount of VX as a reward. At present, the daily distributed amount for staking is about 6,500 VX , which is equivalent to approximately 2,700 USD for sharing.

In addition to making profits, VITE has its own deflation mechanism, aka coin-burning. The following VITE will be burned: VITE remitted from issuance of new assets; VITE collected from opening of new trading pairs, as well as trading fees in VITE markets on ViteX. Currently, the daily amount burned is about 70,000 VITE. To extrapolate, the annual burning amount will be around 30M VITE, which effectively maintains the balance of VITE market supply.

Data on Feb 9, 2020. Real-time information can be checked at: https://vitex.net

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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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