[ANN] EPIC/USDT will be Eligible for MM as Mining and 2X Rewards Campaign

Dear ViteX Users,

ViteX will enable Market-making as mining for EPIC/USDT at 15:00 (GMT+8) on Jul 14, 2022.

There will be a special event to receive 2X market-making as mining rewards for EPIC/USDT, which will expire at 15:00 (GMT+8) on Jul 21, 2022.

About EPIC：

EPIC is designed to be a currency for everyone and combines the privacy-protecting MimbleWimble protocol with sound economics and fair distribution.

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
EPIC/USDT	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 EPIC/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	EPIC/USDT	1000USDT	10000USDT	1:10	Buy Order: 22.73 Sell Order: 227.27
Scenario 2	EPIC/USDT	1000USDT	15000USDT	1:10	Buy Order: 22.73 Sell Order: 227.27
Scenario 3	EPIC/USDT	2000USDT	5000USDT	2:5	Buy Order: 71.43 Sell Order: 187.57
Scenario 4	EPIC/USDT	10000USDT	1000USDT	10:1	Buy Order: 227.27 Sell Order: 22.73
Scenario 5	EPIC/USDT	20000USDT	1000USDT	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 market order. 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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ViteX Team

Jul 12, 2022