ViteX Gateway Incentive Plan
The purpose of this revision is to help Gateways operate from first principles and realize the inherent benefits of running a Gateway and being an Operator. These inherent benefits are 1. Collecting trading fees as the Operator that lists the trading pair; 2. Collecting cross-chain withdrawal fees; 3. Charging a listing fee for some rare coins, if applicable. The SBP sponsorship and voting rewards will be applied as extra incentive for achieving certain liquidity milestones.
Summary
To make the operation of ViteX more decentralized, we want to incentivize more Vuilders to create and maintain gateways. As such, we have designed this incentive mechanism to increase traffic and make ViteX a more robust trading platform for the entire crypto community.
Eligibility
On ViteX, any person or project can, in a permissionless manner, run a gateway to bring cross-chain tokens onto the Vite chain and list them for trading.
It’s important to distinguish the two roles of a Gateway and an Operator.
A Gateway is solely responsible for bringing cross-chain tokens onto the Vite chain and to ensure smooth deposit and withdrawal of all these tokens.
An Operator is the entity that lists tokens for trade on the ViteX exchange. These tokens could be Vite native tokens or cross-chain tokens that have been bridged over to the Vite chain by a Gateway.
An entity can be both a Gateway and an Operator. In this case, we call them a Gateway Operator.
To qualify for this ViteX Gateway Incentive Plan, a Gateway needs to meet the following requirements:
- The Gateway has updated their Gateway information per the Gateway Information Update Policy.
- Either the Gateway has partnered with an Operator who has updated their Operator information per the Operator Information Update Policy, or the Gateway itself is an Operator (aka, a Gateway Operator) that has updated their Operator information per the Operator Information Update Policy.
What Makes a Good Gateway Operator
- Frequency of listing coins and integration with new chains
- Swiftness in fulfilling deposits and withdraws
- Timeliness in response to customer requests
Gateway Incentive Mechanism
Being a Gateway Operator on the ViteX exchange has its own inherent benefits. Each Gateway Operator is akin to an exchange itself, as a result they can charge listing fees and trading fees. In many cases, they can also charge a cross-chain withdrawal fee. It is a profitable business in and of itself. The biggest driver of this profitability is to create deep liquidity and increase organic market participation. The ViteX Gateway Incentive Plan is the cherry on top for achieving such liquidity milestones.
SBP Sponsorship
Snapshot Block Producers, aka SBPs, are the super nodes in the Vite network. The eligible Gateway Operators may be sponsored an SBP for achieving the following milestones:
- Listing more than 2 cross-chain tokens for trading on ViteX
- Both of the cross-chain tokens trading pairs achieve the following Liquidity Standards (all 4 at the same time) daily for 1 month
- Buy side and sell side orders each exceed 20 different price points.
- (Best Offer — Best Bid) / Best Offer< 5%.
- The slippage stays within 5% when transacting 500 USDT. (Liquidity between 5% above Best Offer and Best Offer has to be more than 500USDT; Liquidity between Best Bid and 5% below Best Bid has to be more than 500USDT)
- 24 hours trading volume equals or exceeds 1,000 USDT
SBP Voting
For existing ViteX Gateway Incentive Plan beneficiaries with SBP sponsorship, Vite Labs will provide SBP voting of 1 million for 1 month if a cross-chain token trading pair achieves the above mentioned Liquidity Standards daily for 1 month.
The SBP voting will be slashed to zero if the trading pair for which voting is rewarded fails to maintain the liquidity standards the following month. Maintaining the liquidity standards for an extra month will keep the voting (1 million) for an extra month.
The SBP voting will be assessed on the basis of trading pairs. For example, if the Gateway Operator lists XYZ/VITE and XYZ/BTC pairs and both achieves the liquidity standards, the voting will be 2 million for 1 month.
All Rights Reserved by Vite Labs
Official: https://www.vite.org/
ViteX Official: https://vitex.net/
Twitter: https://twitter.com/vitelabs
Vite Forum: https://forum.vite.net
Telegram:
- English: https://t.me/vite_en
- Chinese: https://t.me/vite_zh
- Russian: https://t.me/vite_russian
- Japanese: https://t.me/vite_japanese
- Vietnamese: https://t.me/vite_vietnamese
- Arabic: https://t.me/vite_arabic
- German: https://t.me/vite_german
- Turkish: https://t.me/vite_turkish
- Filipino: https://t.me/vite_filipino
- Spanish: https://t.me/vitespanish
- Indian: https://t.me/Vite_India
Korean Kakao Community: https://open.kakao.com/o/gWp9av5c
Reddit: https://www.reddit.com/r/vitelabs/
Discord: https://discordapp.com/invite/CsVY76q
Facebook: https://www.facebook.com/vitelabs/
Instagram: https://www.instagram.com/vite.labs/?hl=en
