Mining

What is ViteX?

ViteX, developed by Vite Labs, is the world's first decentralized exchange built on DAG technology. ViteX Coin, VX, is the coin native to the ViteX platform. It is mined exclusively by the ViteX community and is used to allocate rewards back to the community. ​For more details on the benefits of ViteX and VX, please refer to this article ​​here​.

What can I do with VX?
  1. You can ​trade ​it on ViteX with the following trading pairs: VX/BTC, VX/ETH, VX/USDT, and VX/VITE
  2. Even better, you can ​hodl ​it to receive daily dividends in BTC, ETH, USDT. Trading fees collected by the ViteX platform are put into a shared dividend pool that is distributed ​back​ to traders at a daily rate of 1%. All accounts staking at least 10 VX in the exchange are eligible to receive dividends. More details on dividends can be found here​.

Sound interesting? Sign up for a trading account now at ​https://x.vite.net/​!

How do I mine VX?

Mining on ViteX is easy——no ASICs or complicated server set-ups required.

  1. Trading as Mining. ​Each time you execute a trade (i.e. take an order off the order book), you get some VX. The amount of VX you receive will be calculated based on the proportion of the amount of trading fees that you paid to the total amount of trading fees collected by ViteX that day.
  2. Referring as Mining.​ Every trader will get a referral code that they can share with their friends. When your friends sign up, they get 10% off of all trading fees on ViteX indefinitely, and an additional 2.5% mining rewards on trading as well as 1.25% on market making. You benefit as 5% of your referred friends' trading as mining proceeds, as well as 2.5% of their market making as mining proceeds.
  3. Listing as Mining. ​List new trading pairs to mine VX. A user (“token issuer” or an “operator”) that lists a new trading pair will also receive VX. The token issuer’s reward is calculated as if he/she executed a trade involving a transaction fee of 1,000 VITE.
  4. Staking as Mining. ​The Vite public chain requires quota to properly allocate its computing resources. Quota is obtained by staking VITE. If you stake VITE to help ViteX obtain the quota it requires to run, then you get VX.
  5. Market-making as Mining.​ Place orders to boost liquidity on ViteX and you’ll be rewarded with VX.

You can find each mining method described in more detail here​​.

How is VX distributed?

A total VX supply of 29,328,807.8 will be fully released in 8 years. The release of VX starts from 10,000 on December 7, 2019, and continued to increase for 90 days, reaching 50,000 on March 6, 2020 (10,000 on December 7, and 50,000 on March 6, 2020). The daily release of VX begins to decline after March 6, 2020.

Trading, Referring and Listing
60% of VX released daily will be distributed to traders who mine within this category. There are currently four markets: BTC, ETH, VITE and USDT. Each market will account for 15% of the daily VX distribution.
Staking
20% of VX released daily will be distributed to users who mine within this category.
Market-Making
10% of VX released daily will be distributed to traders who create orders.

The remaining 10% goes towards the ​ViteX Reserve.

VX Release Schedule
Dual Phase VX Release Model
After the official launch of VX mining, there will be two phases of VX release with the total supply set to 29328807.8 VX with no inflation.

Phase 1:​ 10,000 VX daily release for the first 88 days.

Phase 2:​ Daily release increases from 10,000 VX to 50,000 VX in the following 90 days, then starts decrease until being fully released in 8 years.

More questions?

Join our Telegram community: ​https://t.me/vitexexchange

Start trading at: ​https://x.vite.net