[ANN] VITC/VITE will be Eligible for MM as Mining

Dear ViteX Users,

ViteX will enable Market-making as mining for trading pairs VITC/VITE, listed and operated by Operator Vitamin Coin, at 15:00 (GMT+8) on Nov 03.

There will be a special event to receive 2X market-making as mining rewards for trading pair VITC/VITE, which will expire at 15:00 (GMT+8) Nov 10, 2021.

About VITC：

Vitamin Coin aka VITC is the first meme token on the Vite Blockchain. 

Mining Range

 

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
VITC/VITE	15%	10	15%	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 VITC/VITE 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	VITC/VITE	1000VITE	10000VITE	1:10	Buy Order: 22.73 Sell Order: 227.27
Scenario 2	VITC/VITE	1000VITE	15000VITE	1:10	Buy Order: 22.73 Sell Order: 227.27
Scenario 3	VITC/VITE	2000VITE	5000VITE	2:5	Buy Order: 71.43 Sell Order: 187.57
Scenario 4	VITC/VITE	10000VITE	1000VITE	10:1	Buy Order: 227.27 Sell Order: 22.73
Scenario 5	VITC/VITE	20000VITE	1000VITE	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

Links:

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Nov 02, 2021

Team ViteX