Update: VITE Coin Burning Events

Published in

Vite Labs

2 min readOct 1, 2019

As you may know, the Vite Mainnet went live on September 25. During the transitional period (i.e. after the Pre-Mainnet was launched but before the Mainnet launch), we made sure that the SBP rewards mechanism were accurately simulated in the Vite Pre-Mainnet.

As outlined in our Pre-Mainnet Launch article, after the Vite Mainnet launch, 3% of the annual VITE inflation will go towards SBP rewards.

However, in order to ensure that the total VITE circulation remains unchanged at 1 billion going into the Mainnet launch, the Vite labs team have been manually burning the corresponding amount of VITE rewarded to SBPs. Since the launch of the Pre-Mainnet, there have been 3 coin burning events:

The first burn event was for SBP rewards generated during the period from May 21 to July 10, where 3,800,873.45 VITE was burned.
The second burn event covered the period from July 10 to August 10, where 2489352.55 VITE was burned (please see transaction request here and response here).
For this last event covering the period from August 10 to the launch of the Mainnet, 3532768.91 VITE was burned.

This marks the end of the manual burning process. Now, the Vite Mainnet will operate per the details as promised in our Pre-Mainnet Launch article. 30,000,000 VITE (3% of the annual VITE inflation) will be sent into circulation to be distributed as SBP rewards.