ViteX FAQs

1. Fees

How do trading fees work?

There are two types of fee charges:

1. ViteX charges a Base Trading Fee of 0.2% paid by all traders who use the ViteX platform.

2. ViteX Operators running their own Zones may charge an additional fee ("Operator Fee") up to 0.2%. In other words, the minimum fees that a trader can pay is 0.2% (Base Trading Fee with no Operator Fee) and the maximum is 0.4% (Base Trading Fee + 0.2% Operator Fee). Operators also reserve the right to adjust their individual Operator Fees.

The above fees are the same for both the makers and the 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 from the Base Trading Fee charge will be re-distributed as rewards to VX holders.

Is there token transfer fee?

There are no transfer fee for sending token between the Vite wallet and ViteX.

How do withdrawal fees work?

ViteX's gateways charge withdrawal fees when redeeming cross-chain coins to outside address. The fees will be mainly used for covering transaction cost that may occur on the other blockchain.

2. What order types does ViteX support?

ViteX currently supports limit orders. Market orders and stop orders will be supported soon.

3. Why release VX? Will it affect VITE? What is the relationship between VX and VITE?

VX can be understood as a “proof-of-equity” on the ViteX platform, which is a standalone application running on the Vite blockchain. ViteX has its own incentive model to encourage user trading. The value of VX is positively related to user and transaction volumes on ViteX. This will not affect the value of VITE. The value of VITE and the Vite chain increases as more dApps are running on it. VITE and VX are connected in many ways. For example, if VITE is staked to obtain certain quotas on ViteX, VX can be earned. The relationship between Vite and ViteX is organic and positively correlative, so are the values.

4. What is the difference between a truly decentralized exchange and other exchanges?

At present, most decentralized exchanges are not truly decentralized as they are limited by the performance of their own public chain. Typically, transactions are performed off-chain and results are shown on-chain.

ViteX is completely decentralized:

1. The transaction matching engine is performed through smart contracts that run on-chain

2. The order combinations are all completed on-chain

3. The order book is stored on-chain

4. The exchange fee redemption is implemented on-chain. Consequently, the results are fully public and reward rules cannot be tampered with.

5. Is it safe to put assets in ViteX?

Absolutely. As a completely decentralized exchange, assets are secured by users' private keys and cannot be misappropriated by others. Tradings take place in smart contracts, which are fully transparent and traceable.

6. The Vite chain has a transaction model without fees. Why does the Vite exchange charge a fee? Is the fee charged by VITE or other tokens?

Transactions on the Vite chain do not consume gas like those on Ethereum, but another resource referred to as “quota.” Low-frequency traders can reach this quota by solving a simple PoW puzzle on the local device. Since PoW takes a while to complete, this mechanism is suitable for low-frequency usage. On the other hand, to accommodate high-frequency usage, traders will need to stake VITE in order to obtain the required quota. As a high frequency application, ViteX will also consume resources, which will be collected in the form of trading fees on ViteX. Users can choose to stake VITE in order to fill quota on ViteX to lower the trading cost. Trading fees will be paid out through “basic currencies“ such as ETH, BTC, and USDT. Trading fees collected in VITE by ViteX will be burned.

7. What is VX?

ViteX Coin, VX, is the coin native to the ViteX platform. It is mined exclusively by the ViteX community and is used to allocate rewards back to the community. VX holders can receive daily ViteX Rewards from a shared reward pool which aggregates all trading fees accumulated by ViteX and redistributes back to VX holders. VX has no pre-sale. The only way to get VX is through mining. The total supply of VX is 29328807.8 which will be completely distributed in eight years with zero inflation.

8. How is VX distributed?

Based on the results of the community voting on the VX release curve, we burned a total amount of 70,671,202.2 VX On December 7, 2019. After the burning event, the total VX supply is 29,328,807.8, which will be fully released in 8 years. The release of VX starts from 10,000 on December 7, 2019, and continued to increase for 90 days, reaching 50,000 on March 6, 2020 (10,000 on December 7, and 50,000 on March 6, 2020). The daily release of VX begins to decline after March 6, 2020.

9. How do I get VX?

You can get VX in five ways:

1. Trading as Mining

2. Staking as Mining

3. Market-making as Mining

4. Referring as Mining

5. Listing as Mining

10. How do I get VX rewards?

You will only receive rewards after staking your VX

1. A minimum 10 VX must be staked in the exchange account to receive rewards.

2. Once a staking request is submitted, the user will receive reward payments starting the same day at 12 pm (UTC+8), or the next day at 12 pm (UTC+8) if the staking request is submitted after 12 pm (UTC+8) on that particular day.

3. Once an unstaking request for VX is submitted, that VX will be released after seven days. No rewards will be distributed during that period.

Users can enable automatic staking. After enabling, the VX obtained from mining will be automatically staked, whereas purchased VX will not be automatically staked.

11. How much is paid out in rewards each day?

The system distributes 1% of the total pool to all VX stakers proportional to the VX they have staked in the exchange. The initial reward pool starts at 0 and will increase with fees collected by ViteX. Rewards are paid out in BTC, ETH, and USDT only.

12. What goes into the reward pool?

All trading fees collected in BTC, ETH and USDT, with the exception of Operator Fees charged by ViteX Operators. The base trading fee collected in VITE will be burned.

13. What are the requirements for listing tokens?

There are two scenarios for listing trading pairs on ViteX:

1. For assets listed on the Vite chain, a fee of 10,000 VITE needs to be paid in order to open a new trading pair.

2. For assets not listed on the Vite chain, a gateway will be required. The asset to be listed is first transferred to the gateway, which then transfers the asset to the appropriate ViteX address in order to open the trading pair.

If you want to list an asset and are not a ViteX operator, you will need to enlist help from an Operator:

a) Contact an Operator to mint your asset. A flat fee of 1,000 VITE is charged each time you want to issue an token.

b) Pay the service or listing fee charged by the Operator to open the cross-chain gateway for the new asset.

c) Pay the 10,000 VITE listing fee to open the new trading pair on ViteX. (10,000 VITE payment will be burned)