How do trading fees work?
There are two categories that traders can choose from: 1. If traders want to be able to mine VX tokens, they will be subject to a fee rate of 4%. 2. If traders do not wish to mine VX tokens, they will be subject to a fee rate of 2.5%.
The above fees are the same for both the makers and the takers.
You can choose to stake 10,000 VITE to lower the trading fees to 3% and 1.5% (from 4% and 2.5%, respectively).
All transaction fees collected will be re-distributed as dividends to VX holders.
How do withdrawal fees work?
There are no fees for deposits and withdrawals between the Vite wallet and ViteX; only quota will be consumed in these cases.
When assets are withdrawn to non-Vite wallets, the partner cross-chain gateway, VGATE, will charge a withdrawal fee of 5%.
VX can be understood as a “proof-of-equity” on the ViteX platform, which is a standalone application running on the Vite blockchain. ViteX has its own incentive model to encourage user trading. The value of VX is positively related to user and transaction volumes on ViteX. This will not affect the value of VITE, which is related to the Vite public chain. The value of VITE and the Vite chain increases as more dApps are run on Vite. VITE and VX are connected in some ways. For example, if VITE is staked to obtain certain quotas, VX can be earned. This means that resources on Vite can be used for transactions on ViteX.
At present, most decentralized exchanges are not truly decentralized as they are limited by the performance of their own public chain. Typically, transactions are performed off-chain and results are shown on-chain.
ViteX is completely decentralized: 1. The transaction matching engine is performed through smart contracts that run on-chain 2. The order combinations are all completed on-chain 3. The order book is stored on-chain 4. The exchange fee redemption is implemented on-chain. Consequently, the results are fully public and dividend rules cannot be tampered with.
Transactions on the Vite chain do not consume gas like those on Ethereum, but another resource referred to as “quota.” Low-frequency traders can reach this quota by running a PoW on the local device. Since PoW takes time to complete, this mechanism is suitable for low-frequency usage. On the other hand, to accommodate high-frequency usage, traders will need to stake VITE in order to obtain the required quota. As a high frequency application, ViteX will also consume resources, which will be collected in the form of transaction fees on ViteX. Users can choose to stake VITE in order to fill quota on ViteX to lower the transaction fees. All collected transaction fees will be re-distributed to VX holders. The transaction fees will be paid out in “basic currencies” such as VITE, ETH, BTC and stablecoins.
VX is the token related to ViteX. Users who hold VX enjoy payouts from a shared dividend pool comprised of transaction and listing fees. There will be no public nor private sale for VX. Users can only get VX through mining. The total supply of VX is 100 million. All VX will be distributed in two years, with zero inflation. The daily average VX distribution is proportionally decreasing.
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.
1. Among all VX issued in one day, 60% is distributed to traders, 30% to VITE stakers for ViteX and 10% to Vite Labs.
2. The number of VX mined decreases 0.5% daily in the first year. 477,210.00 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.
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”); and the third way is to list trading pairs (“Listing is Mining”).
You have cryptocurrency ABC that you wish to list on ViteX. You can choose to:
1. Issue directly on the VITE chain: 1) Pay 10,000 VITE for each trading pair you wish to list.
2. Issue from a third-party chain: 1）Contact your preferred gateway and pay a token minting fee. You can choose to either pay the on-chain cost of 1,000 VITE or stake 100,000 VITE to mint your ABC tokens. 2）Pay the corresponding gateway service fee in order to open ABC's cross-chain gateway from the third-party chain to the VITE chain. This will allow you to transfer your ABC tokens from the third-party chain to the Vite public chain. 3）Pay 10,000 VITE for each trading pair you wish to list.