Mining VX with ViteX Market Making
Updated: Nov 24, 2021
Vite has just launched market mining on the VITC-000 / VITE pair. This allows you to earn ViteX exchange tokens (VX) for placing orders in the pair for both buy and sell.
Overview of changes in the exchange terminal
This is what the updated terminal looks like in the web (or in the desktop application) when mining is available:
(Label #1, above) the visual boundaries of the range are marked, i.e. all orders that currently are eligible for mining rewards
(Label #2, above) when you select the price field, the exact current limit is displayed below which (for selling) or above which (for buying) the order must be to be included in mining.
It's a little bit different in the mobile app, visual markup of limits is available only on a separate Markets tab:
After choosing a pair (I recommend adding most used ones to your favorites by clicking on the star in the upper right), you can see different background for mining eligible orders:
And the exact value (see label #1, below) is available on the main page when you select the price field:
By pressing the button (see label #2, above), you can go to the page of expected and received rewards (see below).
How do I start mining?
Mining VX is a simple process. In order to start mining, all you need to do is to place a bid within the mining eligible range.
The amount of rewards depends on many parameters (see exact formulas for calculating). However, in general, your rewards are higher when:
you have a large amount of orders;
you hold the orders for a longer period of time (the order reward is calculated every 5 minutes, orders lasting less than 5 minutes are not eligible);
you are closer to the best order (i.e. the higher the chance of your order being filled).
The rewards are in the form of VX tokens, and will go to your exchange (trading) account.
Where can I see the rewards?
This information is available on the "Mining" tab:
On this page click on the rightmost button "Market-Making as Mining". When you select it, the statistics of expected earnings for the next 24 hours are displayed. Below that, there is a table with the actual rewards you have received (which are distributed on daily basis).
In the mobile application, the transition to the statistics of rewards is from the "Trade" page (see above), select the tab (see label #1, below):
Under (label #2, above) there will be the expected amount of the reward per day.
Please note that this is an estimated reward, not a reward you have already mined. This figure can both grow (for example, if you increase the amount of orders) and decrease (for example, if you have canceled orders) during the day.
Unfortunately, there is no way to see the exact accumulated amount to be paid per day at the current moment. This is because the exact amount that is paid depends on external factors available only at the time of calculating payments (for example, the number of VX to be distributed).
When you scroll further down (see label #3, above), you can see your "mining history" - the amounts of VX payments that you have received for mining.
Tips & Tricks
Remember that only you are responsible for what happens to your assets! Mining through market-making always carries the risk of order execution. You must be prepared for the possibility that you will end up buying or selling VITC/VITE.
By placing an order close to the best bid boundary, you reduce the risk of going out of range. This will grant you a larger premium. However, at the same time, it carries a high risk that your orders will be filled!
By placing an order at the mining limit border, you reduce the risk of execution. However, a price change can shift the mining border, such that your bid will no longer bring you rewards.