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.
There are two types of fee charges:
1. Basic Charge: ViteX charges a Base Transaction Fee of 0.2% paid by all traders who use the ViteX platform. (All the fees collected from the Base Transaction Fee charge will be re-distributed as dividends to VX holders.)
2. Operator Charge: ViteX Operators running their own Zones may charge an additional fee ("Operator Fee") up to 0.2%. Operators also reserve the right to adjust their individual Operator Fees.
The above fees are the same for both the makers and the takers.
A trader can choose to stake or use referral to reduce or erase Transaction fee.
There are no fees for deposits and withdrawals between Vite wallet and ViteX; only quota will be consumed in these cases.
When users want to withdraw crypto assets to other network, fees are required. It's determined by related Gateway.