What is ViteX?
ViteX is a decentralized exchange (DEX) builT by Vitelabs on top of VITE public chain. The release date is planned for the beginning of June.
Is ViteX really decentralized?
Transactions matching engine done on-chain by smart contracts. The whole order book will be stored on-chain as well as their execution, enabling Vitex to be truly decentralized.
Most important features are high throughput, fast confirmation, zero gas cost, multi coins model and cross-chain gateway. It is also an easy way to list your future VITE tokens into a top-class exchange place.
Token exchange economic model?
All transaction fees and other income created by ViteX will be totally distributed to the VX tokens holders. The rules for distributing these proceeds will be written in smart contracts, so they are unchangeable.
3 ways to get VX tokens:
- Trading is mining: By trading on ViteX, you will receive VX tokens.
- By staking quotas delegated to ViteX (with your VITE coins).
- By listing assets on ViteX.
What is the VX token distribution model?
The total supply of VX is 100,000,000 with no inflation. The release of VX will gradually slow down to a mining timeline of two years.
Among all VX issued in one day, 60% will be distributed to traders, 30% to VITE stakers for ViteX, and 10% to Vite Labs.
The number of mined VX will decrease by 0.5% every day in the first year.
477,210 VX will be released on the launch date of ViteX.
76,968.13 VX will be released one year after the launch.
Thus, 80.13% of total supply will be released in the first year.
The number of mined VX will decrease by 0.2% every day in the second year.
76,660.56 VX will be released on the first day of the second year and 36,965.22 VX will be released on the last day of the second year.
The daily release volume of VX is depicted below:
Are there fees for trading activities?
Yes, but fees aren’t defined yet. Discussions are ongoing on the forum. You can also participate! The major part of the fees will go back to VX holders in the form of dividends paid with BTC, ETH or VITE.
Are there fees to deposit and withdraw assets on ViteX?
There are no fees for deposits and withdrawals between Vite wallet and ViteX; only quota will be consumed in these cases. When assets are withdrawn to non-VITE wallets, the cross-chain gateway will charge a certain amount of withdrawing fee.
Which coins will be available for trading?
Initially, ViteX will allow trading for the following coins: VITE, BTC, ETH and USDT. Anyone can list their tokens on ViteX and our community can certainly do so as they build on the Vite public chain.
VITE tokens will be available to trade with pairings of VITE/BTC, VITE/ETH and VITE/USDT as soon as the decentralized exchange is launched in June 2019.
More info here: