Vote for Your Preferred ViteX Economic Model

Published in

Vite Labs

3 min readApr 3, 2019

We are glad to notice that a lot of constructive feedback has been raised from our communities since we released the details of ViteX economic model on March 26th. Vite has received many suggestions on the transaction fees and it may discourage most users from trading on ViteX.

Active feedback shows that a growing number of people are participating in the constructions of the VITE ecosystem and offering their expertise. It is exactly what we would like to see.

Therefore, we have some items revised, mostly regarding transaction fees. After widely consulting with communities and re-discussing, we’ve brought this revised plan for voting. Vite Labs shall adjust the economic model according to the voting result.

Two Levels of Transaction Fees

Users who choose the higher fee level shall be eligible for VX mining. The received VX will eliminate the additional transaction cost and enable holders to enjoy future growth of ViteX.

Users who choose the lower fee level shall be exempted from VX mining, but will be subject to similar or less transaction fee compared to most exchanges.

Switching between two levels is allowed at anytime.

VIP trader

In the meantime, users can also choose to stake a certain amount of VITE. They can lease the quotas acquired to ViteX for exchanging lower transaction fee.

Users will be entitled as ViteX VIP and enjoy an additional 0.1% deduction of transaction fee based on the two above levels. An example of what it would look like is: from 0.5% to 0.4%, or from 0.25% to 0.15%.

Users can withdraw staked VITE at anytime, after the staking period expires. In consequence, the VIP qualification will be cancelled immediately.

Make sure your voice is heard!

Join and vote for your preferred economic model, in terms of transaction fees, ViteX VIP qualification and staking duration:

https://docs.google.com/forms/d/e/1FAIpQLSctDTMY1uijGDYjF9zYj_N6xuwKwMTr77kHlmjeGIAPilxkGg/viewform

ViteX Brief Introduction

What is ViteX?

ViteX is developed on the Vite public chain and features absolute decentralizations, higher security of digital assets and robust economic models for both sending/receiving transactions and confirming transactions.

Transaction Fees

See the above plans. Transaction fees will be denominated in “basic currencies,” such as VITE, ETH, BTC, and a stablecoin.

How to get VX?

You can get VX in three ways. The first way is to trade on ViteX (“Trading is Mining”); the second way is to stake VITE and help ViteX receive quota for its operations (“Staking is Mining”); the third way is listing trading pairs (“Listing is Mining”)

Trading is Mining: 60% of daily released VX will be distributed to traders according to the proportion of their transaction fee on ViteX (token issuers also take a share in this transaction fee pool, as explained below); Currently there will be four markets: BTC market, ETH market, VITE market, and a stablecoin market. Each market will equally share 15% of the daily distribution.

Staking is Mining: 30% of daily released VX will be distributed to users who participate in staking VITE for the benefit of ViteX. That is, to receive VX, these users must stake VITE and set ViteX’s smart contract address as the quota beneficiary. The VX distributed to each staker is in proportion to the amount staked.

Listing is Mining: A user (“token issuer”) that lists a new trading pair will receive VX. As mentioned earlier, the token issuer receives VX by participating in the same pool as traders, with his share calculated as if he executed a trade involving a transaction fee of 1,000 VITE. A listing fee is required for the DEX: For a token issued on Vite chain, the listing fee is 10,000 VITE. Otherwise, a cross-chain gateway will be involved in the listing, and a related fee may be added.