Hi FreeTon community,
This is Isda from Vite Labs. We have built a DEX, called ViteX on our Vite blockchain.
Our community members suggest that ViteX should list FreeTon since it’s community-powered.
I’m here, as the representative of Vite Labs, to offer a free listing of FreeTon.
Yet, we hope to get some support from the community, a few coins for testing and market-making.
Donation is accepted here 0:c2083ad29f7ae9f043baec99f0bec9c4c17ab63b02ca52078d6481390f349046
What is ViteX
ViteX is an open and cross-chain trading platform. Everyone could participate in the operation of it and list any projects he/she wants. It’s a high-performance OpenFinance platform built on the Vite blockchain with smart-contract. It enables multilateral transactions and equity distribution among tokens and realizes the functions of the decentralized trading platform without asset custody and fund freezing.
The platform adopts both the matching engine and economic model in the built-in contract, satisfying both design simplicity and system robustness. It could provide a zero-risk token exchange model, and allows anyone to arbitrarily list any project tokens in the 4 base markets.
As a truly decentralized exchange, ViteX fulfills all on-chain features:
- The transaction matching engine is performed through smart contracts that run on-chain;
- The order combinations are all completed on-chain;
- The order book is stored on-chain;
- The exchange fee redemption is implemented on-chain. Consequently, the results are fully public and dividend rules cannot be tampered with.
There are four base markets: BTC, ETH, VITE and USDT are the quote assets, and they will be collected as Trading fees in each market. There are two types of trading fee:
- ViteX charges a Base Trading Fee of 0.2% paid by all traders who use the ViteX platform.
- ViteX Operators may charge an additional fee (“Operator Fee”) up to 0.2%. Operators reserve the right to adjust Operator Fees from 0 to 0.2%.
In other words, the minimum fees that a trader will pay are 0.2% (Base Trading Fee with zero Operator Fee) and the maximum is 0.4% (Base Trading Fee + 0.2% Operator Fee). Base Trading Fee and Operator Fee are applicable for both makers and takers.
A trader can choose to stake 10,000 (or 1,000,000) VITE to lower the Base Trading Fee from 0.2% to 0.1% (or 0%). However, any additional Operator fees will remain the same.
All the fees collected as the Base Trading Fee will be re-distributed as dividends to VX holders.
There are two best features of ViteX in my opinion. This is the first one.
100% Base Trading Fee will be stored into a Dividend Pool managed by the ViteX contract. This contract will distribute 1% of BTC, ETH and USDT accumulated to VX holders.
This is the second-best feature of ViteX.
There is a key role called Operator in the ViteX ecosystem, who is charging in listing projects. Anyone could become an operator without the authorization from the so-called official team. An operator could list any trading pair on ViteX and manage the trading fee at his will.
About VX token
The VX token is the platform token of ViteX. VX is the incentive of ViteX to encourage performance. It can be treated as a “proof-of-equity” on the ViteX platform. Holding VX can share 100% profits of ViteX. The value of VX is positively related to the users and transaction volumes on ViteX.
User scenarios of VX
- Get Daily Dividend：Stake at least 10 VX could share the daily dividend.
- API Usage: Users who would like to use API to manage his wallet need to pay VX as the service fee.
How to get VX?
- Purchase: VX is listed in all 4 base markets on ViteX.
- Mining: There are 5 ways for a normal user to participate in mining VX.
- Trading as Mining: Base Trading Fee of each trading will be treated as the only factor when counting how VX should be distributed. For example, there is 60 VX allocated for the BTC market one day. User A traded several times and paid 1BTC as Base Trading Fee. There was a total of 10BTC collected on this day. User A would be rewarded with 6 VX(1/10*60) for Trading as Mining.
- Staking as Mining: Users could stake VITE for ViteX to get VX as a reward. For example, there is 20 VX allocated for Staking as Mining someday. User B staked 1000 VITE and the total staking amount is 10000 VITE. User B would be rewarded with 2 VX(1000/10000*20) for Staking as Mining.
- Market-making as Mining: Users could place buying or selling orders at a certain price range to get VX as a reward. Price, time and value of the order are the factors when counting how VX should be distributed. Closer order price to buy 1st or sell 1st, longer order time and bigger order value will get more rewards.
- Referral as Mining: Users invite others to use ViteX could be rewarded with VX. For example, user B was invited by user A. As long as user B participates in Trading as Mining or Market-making as Mining, both of them could get extra rewards.
- Listing as Mining: As long as any user lists a new trading pair, that user will be rewarded as participating in Trading as Mining. The listing fee(10000 VITE) is treated as Base Trading Fee.
Distribution and Supply
There are 29328807.8 VX. Based on the results of the community voting on the VX release curve, the daily releasing amount is fixed and the allocation is like this:
- Trading as Mining token comprises 60% of the total supply. When users trade on ViteX, their trading fees will be paid back as VX.
- Staking as Mining token comprises 20% of the total supply. When users stake VITE for ViteX to get more computing resources from the Vite network, they will be rewarded with VX.
- Liquidity as Mining token comprises 10% of the total supply. To encourage users to provide liquidity for trading pairs, they will be rewarded for placing orders at a certain price range.
- Team - reserve token comprises 10% of the total supply. These tokens are locked and will be released to the team when users are mining. 1 VX will be distributed to the team when 9 VX are mined.