summary: Decentralized exchange (DEX) platform ViteX was created by Vite Labs and is based on the public blockchain Vite.
content: ViteX (launched in July 2019) is a decentralized exchange (DEX) platform built on a public blockchain, Vite, and developed by Vite Labs. They've called themselves world's first decentralized exchange built on directed acyclic graph (DAG) technology. It has its native coin ViteX Coin (VX) that allows holders to earn a share from transaction fees. Company Vite Labs is a technology company focused on building decentralized system innovations. They provide protocols, open-source software, and solutions for decentralized applications (DApps) developers. It was founded by Charles Liu and Leo Zhang on April 3, 2018. Charles is the CEO of the company and other notable people include Richard Yan (COO), Luke Kim (CMO), and Chris Li (CSO). The company is registered in the British Virgin Islands but has headquarters in Beijing, China. The Vite team is also developing New Vite Block Explorer , VITE Wallet Browser Extension along with the Automated Market Maker platform, and Viswap for swapping digital assets on ViteX exchange. They have also introduced 3 bounties with up to 650,000 $VITE in rewards for developers. | Name | Designation | | ---- | ----------- | | Charles Liu | Co-Founder and CEO | | Leo Zhang | Co-Founder | | Richard Yan | COO | | Luke Kim | CMO | | Chris Li | CSO | Fundraising Vite Labs raised a total of 30 million USD in Ethereum via an Initial Coin Offering (ICO) round in mid-2018. The VITE token was priced at $0.0198 USD (0.00001639 ETH ). The token sale ended on July 31 July 2018. Overview ViteX is a decentralized exchange (DEX) developed on the Vite public blockchain with its own native token, ViteX Coin (VX). The exchange was launched in July 2019 and currently allows trading of more than 60 cryptocurrencies and tokens including majors like Bitcoin (BTC), Ethereum (ETH), Monero (XMR), Ripple (XMR), Chainlink (LINK), Dai (DAI), Waves (Waves), EOS (EOS), Beam (BEAM), Grin (GRIN) and many others. These digital assets are paired with either BTC, ETH, USDT, or VITE to create markets. Features ViteX exchange is for the community and by the community and it has made changes in the model with community feedback and voting results. Speed The Vitex DEX utilizes Vite's directed acyclic graph (DAG) ledger and asynchronous architecture that helps to achieve faster transaction confirmation and order book matching despite operating on a decentralized platform as compared to the efficiency of centralized cryptocurrency exchanges. Open and Transparent Model The ViteX exchange allows both asset management and order book modules to run entirely on-chain as compared to other DEXes that are following a partially decentralized model and allowing asset management modules on-chain and order book matching off-chain. This way Vitex ensures full transparency in all aspects of the trading experience. Fairness The native token of the exchange i.e. Vitex Coin (VX) is mined by the community and used to determine community members’ dividend ratios. It neither had pre-mining nor pre-sales/initial coin offering (ICO). A major portion, i.e. 90% of the total supply will be distributed to the trading community and the remaining 10% will be given to Vite Labs. In addition, all the transaction fees generated on ViteX will be distributed back to traders according to their VX share. Community Driven Vitex is a new generation of DEX and allows the community to play a major role in its management. It has introduced the concept of 'ViteX Operator' which can be any individual or entity from the community. The ViteX operators operate their own mini-DEX (called a “Zone”) on top of ViteX. Within their respective Zones, Operators can set up trading pairs, customize transaction fees and generate profits from users that choose to trade on their Zone. The blockchain projects, centralized exchanges, investment funds, and individual traders are allowed to become Operators. VX Mining ViteX exchange has its native token Vitex Coin and it has the ticker symbol VX. It runs on a proof of equity and is minted through mining. Mining methods include trading, staking, referrals, listing, and also market making on Vitex Exchange. Trading Trading in designated BTC, ETH, VITE, and USDT markets will earn VX rewards for traders. Generally, the trading method mines approximately 60% of daily released VX. Currently, users are able to trade in four markets: BTC, ETH, VITE, and USDT and receive VX rewards accordingly. Each market is allocated 15% of the daily distributed VX. The calculation using which VX will be distributed is based on the proportion of an individual's cumulative trading fee to the total trading fees collected in the associated market. For example, for a given day, if a trader contributed 5% of the total trading fee of BTC market, the trader will receive 5% of the 15% of VX applied to the market. Staking By staking VITE cryptocurrency, users can help ViteX obtain a higher-level operational quota and in return, they will receive VX rewards. 20% of the daily released VX is allocated to staking. The minimum amount needed for staking is 134 VITE. There is no maximum limit. The minimum staking period is 3 days, but there is no maximum number of days for staking VITE. There will be a retrieving period of 7 days, and stakes will not be counted towards staking as mining rewards during this period. Mining rewards will be calculated based on the proportion of VITE staked by the user to the total staking amount. Market Making The traders who improve order book depth by placing buy and sell orders will be rewarded VX rewards. It mines 10% of daily released VX coins. Market-making rewards are distributed to each market maker differently. | Market | % of VX | | ------ | ------- | | BTC | 5% | | ETH | 1.5% | | VITE | 1.5% | | USDT | 2% | | Total Allocated to Market Making | 10% | Placing orders on ViteX also earns VX. The amount of VX earned depends on the amount of the order, the duration of time an order remains on the order book, and the amount of deviation from the best bid and best offer in the order book spread. Both buy and sell orders are considered for market-making as mining rewards, but only eligible trading pairs will be considered for market-making as mining and the orders must not deviate from the designated mining range in the order book. Referring The users can generate a referral code and invite friends to join the ViteX platform to receive VX rewards. Inviter will be rewarded with 5% of all invitees’ trading as mining proceeds and 2.5% of their market-making as mining proceeds. Invitees will enjoy 10% off platform trading fees and receive an extra 2.5% of trading rewards and an extra 1.25% of market-making rewards. Minimum 1,000 VITE needed to spend on Vitex to generate a referral code, of which 100% will be burned. | Inviter Benefits | Invitee Benefits | | ---------------- | ---------------- | | 5% of Invitees Trading as mining reward | 10% off on Trading fees | | 2.5% of Marking Making rewards | 2.5% Trading Rewards | | | 1.25% Market-Making rewards | Listing Anyone who becomes a ViteX Operator and lists trading pairs will collect user transaction fees and receive VX rewards. ViteX Operators are allowed to list trading pairs, customize trading fees, and generate profits from users that choose to trade on their Zone. For each trading pair listed, the VX reward is then calculated as if a trade involving a trading fee of 1,000 VITE was executed. For example, if John is a Vitex Operator and listed a pair, his listing rewards will be calculated as: Listing rewards = 1000 x 15 x Daily released VX /Total Trading Fees on ViteX market. VX Dividend Apart from mining, there are also incentives for just holding VX coins in a wallet. To incentivize VX holders, 'VX Holder Dividends' were introduced. All fees incurred by the ViteX platform are collected into a shared dividend pool and distributed at a rate of 1% daily. For any given day, the total fees collected during that day will be fully distributed by the 100th day. To receive the VX dividend, a minimum of 10 VX must be locked up in a ViteX exchange account. A participant is eligible to receive the dividend starting the most recent term once a lock-up request has been submitted . The locked-up amount will be released after a 7-day waiting period and no dividend will be received during that waiting period. Operator fees are excluded from this pool and VITE payments of platform trading fees will be destroyed (excluding payments to operators) that includes 10,000 VITE to list any trading pair and 1,000 VITE to generate an invitation code . Trading Fees Trading fees are applied only on completed orders and for all trades on ViteX and incomplete orders do not incur any trading fee. The Trading Fee is a combination of a Base Trading Fee and Operator Fee. The Base trading fee applies to all trading pairs in ViteX. All base trading fees are put into the dividend pool for further distribution to VX holders. The Operator fees are set by ViteX Operators in Operator Zones, ranging from 0% to 0.2%. | Base Trading Fee | Operator Fee | | ---------------- | ------------ | | 0.2% | 0 to 0.2% | | Set by ViteX | Set by Vitex Operators in their Zone | | It is directed to the dividend pool | It belongs to Operators | Trading Fees can be reduced by becoming ViteX VIP members. VIP members require to stake at least 10,000 VITE tokens to get 50% off in base trading fees while Super VIP members enjoy 100% off in base trading fees for staking at least 1,000,000 VITE coins. The minimum staking period for VIP members is 30 days. The other way to reduce the fee is to use use a Referral Code and re