Updates for market-making as mining 2nd batch

Dear community,

We have received a significant amount of positive feedback on the updated rules of market-making as mining. To further encourage the mining experience, we will introduce the second batch of trading pairs to be eligible starting 15:00 HKT November 21, and adjustments to the mining range of trading pairs VITE/BTC, VITE/ETH, and VITE/USDT. See details below:

New Eligible Trading Pairs

Starting 15:00 HKT Nov 21, traders will receive VX for both buy orders and sell orders placed within the mining range on the following trading pairs, and the PASC/BTC trading pair is no longer valid for receiving mining rewards with trading.

Trading Pair	Eligible Range for Buy Orders (distance to the best bid)	Max. Ratio between Buy Order VX Rewards and Sell Order VX Rewards	Eligible Range for Sell Orders (distance to the best ask)	Max. Ratio between Sell Order VX Rewards and Buy Order VX Rewards
PASC/ETH	15%	10	15%	10
PASC/USDT	15%	10	15%	10
PASC/VITE	15%	10	15%	10
GRIMM/USDT	15%	10	15%	10
GRIMM/BTC	15%	10	15%	10
ANKR/BTC	15%	10	15%	10
BEAM/BTC	15%	10	15%	10

Adjusted mining range for selected trading pairs

The mining range for trading pairs VITE/BTC, VITE/ETH, VITE/USDT has been increased from 5% to 15%, and mining range for other pairs remains the same.

Trading Pair	Eligible Range for Buy Orders (distance to the best bid)	Max. Ratio between Buy Order VX Rewards and Sell Order VX Rewards	Eligible Range for Sell Orders (distance to the best ask)	Max. Ratio between Sell Order VX Rewards and Buy Order VX Rewards
VITE/BTC	15%	100	15%	0.01
VITE/ETH	15%	100	15%	0.01
VITE/USDT	15%	100	15%	0.01

Note:

The ratio of VX rewards from buys versus sells is capped. When the ratio hits the cap, if one continues to place buy orders, their VX rewards will NOT be increased.

The ratio of VX rewards from sells versus buys is also capped. When the ratio hits the cap, if one continues to place sell orders, their VX rewards will NOT be increased.

Example

Suppose that the BTC market has only GRIMM/BTC trading pair and all orders are placed for 24 hours, a total of 250 VX will be allocated as mining rewards. Consider five scenarios as follows:

Scenario No.	Trading Pair	Total Eligible Buy Order	Total Eligible Sell Order	Ratio of VX for Buy Order : VX for Sell Order	Mined VX
1	GRIMM/BTC	1 BTC	10 BTC	1:10	Buy Order: 22.73 Sell Order: 227.27
2	GRIMM/BTC	1 BTC	15 BTC	1:10	Buy Order: 22.73 Sell Order: 227.27
3	GRIMM/BTC	2 BTC	5 BTC	2:5	Buy Order: 71.43 Sell Order: 187.57
4	GRIMM/BTC	10 BTC	1 BTC	10:1	Buy Order: 227.27 Sell Order: 22.73
5	GRIMM/BTC	20 BTC	1 BTC	10:1	Buy Order: 227.27 Sell Order: 22.73

The mining calculation is conducted as follows:

The Base Number of 1 user on one market in a day = the sum of all Base Numbers of every single order of that market. Here, the Base Number (m) is subject to three factors: the order time (T), the order amount (A), and the mining coefficient (y). That is, m = T * A * y (T ≥ 300 seconds)

The sum of the Base Number on one market in a day = the sum of the Base Numbers of all eligible orders on that day. That is, M = m1+ m2 + m3 + .....mn

Mined VX of 1 user = m / M * 2.5% * VX daily released amount on that day.

Note: Mining ranges may be subject to future adjustment.

Nov 20, 2019