[ANN] HNS/USDT Eligible for MM as Mining and 3X Rewards for One Week

Dear Users,

Trading pair HNS/USDT will soon be enabled with MM as mining starting at 15:00 (UTC+8) on AUG 27.

A week of special event to receive 3X market-making as mining rewards for trading pair HNS/USDT will also start from 15:00 (UTC+8) Aug 27 and last through 15:00 (UTC+8) on Sep 3.

Mining Range

 

Trading Pair	Operator	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
HNS/USDT	Vite Labs	8%	10	8%	10

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 USDT market has only HNS/USDT 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:

 

	Trading Pair	Total Eligible Buy Order	Total Eligible Sell Order	Ratio of VX for Buy Order : VX for Sell Order	Mined VX
Scenario 1	HNS/USDT	1000 USDT	10000 USDT	1:10	Buy Order: 22.73 Sell Order: 227.27
Scenario 2	HNS/USDT	1000 USDT	15000 USDT	1:10	Buy Order: 22.73 Sell Order: 227.27
Scenario 3	HNS/USDT	2000 USDT	5000 USDT	2:5	Buy Order: 71.43 Sell Order: 187.57
Scenario 4	HNS/USDT	10000 USDT	1000 USDT	10:1	Buy Order: 227.27 Sell Order: 22.73
Scenario 5	HNS/USDT	20000 USDT	1000 USDT	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

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Team ViteX

Aug 26, 2020