What is ViteX？
ViteX is an #OpenFinance platform built on the Vite blockchain with smart contracts. It enables multilateral transactions and equity distribution among tokens and realizes the functions of the decentralized trading platform without asset custody and fund freezing.
The platform adopts both the matching engine and economic model in the built-in contract, satisfying both design simplicity and system robustness. It could provide a zero-risk token exchange model, and allows anyone to arbitrarily list any project tokens in the 4 base markets.
As a truly decentralized exchange, ViteX fulfills all on-chain features:
The transaction matching engine is performed through smart contracts that run on-chain;
The order combinations are all completed on-chain;
The order book is stored on-chain;
The exchange fee redemption is implemented on-chain. Consequently, the results are fully public and reward rules cannot be tampered with.
There are four base markets: BTC, ETH, VITE and USDT are the quote assets, and they will be collected as Trading fees in each market. There are two types of trading fee:
ViteX charges a Base Trading Fee of 0.2% paid by all traders who use the ViteX platform.
ViteX Operators may charge an additional fee ("Operator Fee") up to 0.2%. Operators reserve the right to adjust Operator Fees from 0 to 0.2%.
In other words, the minimum fees that a trader will pay are 0.2% (Base Trading Fee with zero Operator Fee) and the maximum is 0.4% (Base Trading Fee + 0.2% Operator Fee). Base Trading Fee and Operator Fee are applicable for both makers and takers.
A trader can choose to stake 10,000 (or 1,000,000) VITE to lower the Base Trading Fee from 0.2% to 0.1% (or 0%). However, any additional Operator fees will remain the same.
All the fees collected as the Base Trading Fee will be re-distributed as rewards to VX holders.
100% Base Trading Fee(BTC, ETH, VITE and USDT) will be stored into a Reward Pool managed by the ViteX contract.
This contract will distribute 1% of BTC, ETH and USDT to VX holders every day and burn all VITE in the pool.
There is a key role called Operator in the ViteX ecosystem, who is charging in listing projects. Anyone could become an operator without the authorization from the so-called official team. An operator could list any trading pair on ViteX and manage the trading fee at his will.