Active feedbacks show that a growing number of people are participating in the constructions of VITE ecosystem and offering their expertise, which is exactly what we would like to see.
Therefore, we have some items revised, mostly regarding transaction fee, after widely consulting with communities and re-discussing. Here we bring this revised plan for voting. Vite Labs shall adjust the economic model according to the voting result.
1. Two Levels of Transaction FeeUsers 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.
2. VIP traderIn the meantime, users can also choose to stake a certain amount of VITE and 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. For example, 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 heard!So join and vote for your preferred economic model, in terms of transaction fee, ViteX VIP qualification and staking duration.
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.