Dear ViteX Users:
VX mining has been running smoothly on the ViteX platform for over 2 months now since it was launched back in September. We would like to, first, thank you all for your continuous support, and, second, announce the upcoming major upgrade on December 6. The upgrade will include rule modifications and optimization of ViteX on aspects such as VX dividend distribution, VX release curve, VITE destruction pool, SVIP delegation, staking as mining, referring as mining, etc. Details are as follows:
Update on VX Dividend Reward Rules
* You will only receive dividends after staking your VX
Previously the reward rules stated that a minimum of 10 VX qualifies a VX holder to receive a dividend. With the upcoming upgrade, the following adjustments have been made to the previous reward rules:
1. A minimum of 10 VX must be staked to receive dividends
2. Participant is entitled to receive a dividend starting with the next distribution, after submission of staking request
3. The staked amount will be released after a 7-day waiting period. No dividend will be received during this waiting period
Users can enable automatic staking. After enabling, the VX obtained from mining will be automatically staked, whereas purchased VX will not be automatically staked.
VX Release is Implemented According to the New Curve
Based on the results of the community voting on the VX release curve in October, the new curve will be implemented (https://medium.com/vitelabs/final-decision-of-vx-releasing-curve-9a4f535242d8). We plan to burn a total amount of 70,671,202.2 VX On December 7. After the burning event, the total VX will be 29,328,797.8, which will be released in 8 years. The release of VX will start from 10,000 on December 7, 2019, and continue 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. The specific release is as shown below.
VX release curve:
All VITE in the Dividend Pool will be Burned
About 4 million VITE will be Burned on December 8
ViteX initiated a community vote regarding VITE-burning on October 12th (https://medium.com/vitelabs/announcement-adjustment-of-vx-release-ratio-voting-results-for-vite-burning-36726ca4723c). About 70% of the users supported the burning of VITE accumulated in the dividend pool ("VITE dividend"). On December 8th, all VITE dividend will be burned. After that, we will burn the VITE dividend accumulated from the previous day on a daily basis.
What this means, specifically:
- Trading in VITE market no longer yields VITE dividends. However, BTC/ETH/USDT dividends still apply
- The 1,000 VITE remitted for generating referral codes will be burned
- The 10,000 VITE remitted to open a trading pair will be burned
The Adjustment of Rules for Staking as Mining
Increase Minimum Staking Period for VITE
All previously staked VITE can still mine VX. Users can immediately apply for revocation after staking, and the staked amount will be returned after seven days. These seven days won't count as participation in staking, and therefore won't earn rewards.
New Function - Super VIP Proxy Staking: Make Someone Super VIP (SVIP) by Staking on Their Behalf
After expiration of the staking, staked amount may be retrieved at any time to cancel the proxy staking. SVIP is suitable for high-frequency and large-volume traders. After SVIP is activated, all base trading fees (0.2%) will be waived. 1,000,000 VITE must be staked to open the SVIP status, and the staked amount can be manually retrieved after 30 days. Currently, VIP status does not support proxy staking.
Adjustment Made to Referral as Mining
Higher Benefits for Both Parties in a Referral
A user (User A) can generate an invitation code on ViteX and invite another (User B) to join the ViteX platform.
User A will receive the following benefit:
- User A will get additional VX in the following manner: On each day, 5% of User B's trading fees (from trading mine-able pairs) will be included in User A's trading fees for the purpose of calculating User A's VX allocation.
User B will receive the following benefits:
- User B will also enjoy a permanent 10% discount on total trading fees, which is the sum of operator fee and base fee.
- For purpose of calculating User B's VX allocation, his trading fees will be increased by another 2.5% (that is, the fees will be multiplied by 1.025).
Thank you for your support of ViteX. We are happy to hear any comments or suggestions.
*All rights are reserved by Vite Labs.