Vite AMA (Feb 3, 2022) Recap

3 min readFeb 24, 2022

Here’s a recap on the key points our COO Richard Yan discussed during the most recent Vite AMA.

You can also check out the full video below:

EVM Compatibility

Is Vite becoming EVM compatible? A lot of chains that do EVM compatibility essentially have adopted the Ethereum infrastructure. For Vite, that’s not what we’re doing. Instead we are compiling the Solidity code so that it can run on the Vite virtual machine. This will happen in version 0.8.1. Right now we already have a test version (0.8) of Solidity++. Soon that will be moved to mainnet and version 0.8.1 which is the next version will be released afterwards. When that happens, apps written in Solidity can be easily ported to run on Vite. These include Compound, Sushi Swap, MakerDAO, etc. And we will also be able to tap into more developers familiar with Solidity that don’t want to take the risk of learning a new language so in our hackathons and bounties on Gitcoin and elsewhere we’ll be able to tap into a vast network of developers to join our ecosystem.

Meme Coins & Vite

What is the point to have meme coins on Vite? I understand there is a lot of sentiment around the community that these are a lot of memes coins in our ecosystem and just like Dogecoin and Shiba out there they serve no real utility and some people are concerned that they might even be rug pulls and so forth. I look at it differently. These meme coins are more of a cultural phenomenon and essentially a new paradigm for people to form communities. So I understand the sharp differences of opinions with these types of things. They become fodder for criticism outside of the blockchain space. People say they don’t serve real purpose and all these coins do absolutely nothing. But it’s not entirely true. For example, the Vitamin Coin team has actually developed a couple useful applications, these include Vitamin Coin Tipbot on Twitter and another tip bot on Discord. They also have been working on an NFT platform and a wallet. Great things do come out of the meme coin communities. We just need to look beyond the label that they are meme coins.

Vite’s Quota System

What did the ViCat presale event teach us about Vite’s Quota system? This incident taught us one thing — The importance of getting Quota always. During the presale event, Dynamic Quota mode was activated and people could no longer do POW to perform transactions so they have to lock VITE for Quota. But at that point, it’s kind of a catch 22 situation because you have to run POW to lock for Quota but you can’t run POW anymore, which means the only way to deal with the situation is to lock for Quota in advance. This elevates the importance to educate our users about the benefits and the necessity of getting Quota.

ViteX

What measures are we taking to increase the trading volume at ViteX? 3 approaches we are taking right now: 1. Get more coins listed on ViteX. We need to democratize the operations of gateways on the exchange so that anyone can run a gateway and can become an operator. We now have three community-run gateways — XGate, ViNo and ExperimentDAO. Meanwhile, we are also providing these gateways with a list of gem coins for potential listing to generate more traffic to the ViteX platform; 2. Incentivize trading directly through more mining campaigns; 3. Integrate with Hummingbot.

Official: https://www.vite.org/

ViteX Official: https://vitex.net/

Twitter: https://twitter.com/vitelabs

Vite Forum: https://forum.vite.net

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