Basics of Vite / ViteX
Vite is the native coin for the Vite network. Vite is found on Binance and on ViteX with the higher volume on Binance. The team is fairly small but have made some impressive strides building their platform on DAG. What is DAG? Basically it is a way to validate transactions that is more peer-to-peer which makes transactions technically POW but free. Users on the network will help validate transactions for other users every time they make a transaction unless they have vite tokens staked. The team announced a new white paper in February 2021, and made some updates to their website. The main things to come for the vite network is:
ViteDEX where people can easily create and list their own pairings on the vite network.
Vite Bridge — which connects ‘all block chains’ seamlessly and feeless.
Both of these things sound pretty cool and a huge opportunity for the platform.
Stake Vite in order to run a node.
Spend Vite to list a token on the ViteX exchange.
Burn Vite to generate a referral code.
Stake Vite for faster processing times
Stake Vite for free VX daily
The interesting part about the ViteX exchange is that it is like a layer 2 solution. When you deposit your funds into the platform, they essentially wrap your assets with the Vite version and it becomes feeless and instant to transfer. The issue with ViteX exchange is that the volume is fairly small on the exchange and it really lacks popular trust in my opinion. From my experience, I have moved quite a bit of money into the platform and have had no issues ever with the platform. The important thing to note is that with ViteX being decentralized, there is no KYC. With more and more exchanges requiring KYC, some users find this a huge plus for the platform. The interesting part of ViteX, is that you actually get paid by using the platform. By executing trades on ViteX you get free VX. You get VX based on just doing trades but also by leaving unfulfilled orders that take times to execute.
VX is the native token for the ViteX network. There is a very small supply for VX and by staking VX you get paid out the network fees on a daily basis in ETH BTC and USDT. In the time period that I’ve staked VX, I am expecting to breakeven by 12 months. It might be a little less by now. The value of this token will increase or decrease depending on the amount of volume on the network (since more volume = more fees collected which results in more dividends). This is really appealing to me because I feel like I actually own a portion of the network since I get paid on a daily basis.
How to get started?
If you want to use my referral to support the blog:
Or you can simply enter the ViteX referral code on your app/viteX exchange 249169958
By using the referral code, you will get discounts on all your trades! So that’s awesome!
I think Vite and VX is a very safe bet. Vite has a working product and they continue to push out more updates. However, since their team is fairly small, their development process can be fairly slow. Vite does have a patent pending with the DAG concept which is a pretty big deal. But when thinking of VX in particular, I worry that VX will lose its value once Vite DEX is launched. I stopped following them as closely so I am not sure how that is going to work out but last I checked they said that VX wont have any direct benefit from Vite DEX. One risk to the platform is that with so many layer 2 solutions coming out, and ETH 2.0 and 1559 that there might not be as much for a DAG as there currently is.