Dear ViteX community,
The ViteX team is always looking to provide users with a better trading experience and protect the rights and interests of investors. As such, we recently worked with operators to limit the display of certain trading pairs. In general, operators should monitor the activeness of projects after listings. When an operator sees that a project is no longer actively developing, it should suspend the display of relevant trading pairs for such a project.
Note that since ViteX is a decentralized exchange, the trading pairs still live on the Vite chain. The ViteX team is merely making changes to the user interface to disable the display of these trading pairs. Therefore, undisplayed trading pairs are not “delisted.” Users may access them via either a third-party community-built website or by entering URLs on vite.net (example: https://x.vite.net/trade?symbol=XYZ-000_ABC-000). Also, since users custody their own tokens (Vite-wrapped), the security of these assets are not affected.
Separately, we also encourage operators to build their own decentralized exchanges based on the Vite blockchain. This is in line with the philosophy of Open Finance. In the long run, operators will benefit from building their own brand on a platform-independent from ViteX.
There will be a list of trading pairs that might be hidden based on the new rules on Nov 11, 2020.
Details of the Rules
For the sake of transparency, we enumerate below the rules for un-displaying trading pairs:
1. Project and Team
1.1 The project team has demonstrated unethical and fraudulent behaviors: E.g., the information of team founders, co-founders and consultants have been proven fraudulent; or said individuals are suspected of being involved in market manipulation or other major legal issues.
1.2 The project has been determined to have violated laws by national and regional regulators.
2. Volume and Price
2.1 For each trading pair, the average daily trading volume is less than 0.02 BTC for 2 consecutive weeks; or the trading volume is zero for 72 hours.
2.2. The project team concealed major events that may seriously affect the token price;
2.3 The trading platform and users are not notified at least 15 days prior to an increase in total supply, or a hard fork.
3. Operation of the project
3.1 The official website and community have not been maintained for a long time, and the social media or official website has not disclosed any project progress (for example: development progress, version updates, team trends, etc.) for 2 months;
3.2 The project’s information disclosure has major deviations or falsehoods;
3.3 The project team unlocks tokens earlier than the lock-up schedule as promised in the whitepaper or via other forms of communication.
4.1 The mainnet has security risks, such as smart contract security vulnerabilities (e.g., stack overflow);
4.2 The project has been successfully 51%-attacked, or there exists serious possibility of such;
4.3 Software development has not been carried out according to the schedule in the whitepaper, and there is no announcement for related delays;
4.4 The blockchain/protocol layer source code (GitHub) has not been updated for a long time, and the long-term version of the application project product has not been updated.
5.1 The team does not respond to community inquiries;
5.2 Other unethical, fraudulent or illegal acts
As the operator detects any of the above situations, it needs to communicate with the ViteX team. The ViteX team will provide the operator with the necessary technical support to hide the relevant trading pairs. The operator will subsequently announce to the community about the oncoming hide of trading pairs. Usually, the operator will make such an announcement one week in advance, but in the event of serious potential security problems, this lead time may be reduced.