Vitex token is native token for vitex decentralized exchange and it is solely traded and used on the exchange. The token was created when the exchange was launched on 30 July 2019.
It can be described as dividend sharing token or be regarded as 'Profit of Equity'. The value of vx is largely depends on the volume of transactions on vitex exchange and also on the number of users which will increase the demand for the token.
How To Get VX Token
At the onset, the team has said that they are not going to do ICO nor conduct any private sales, instead they will be giving out the vx to users who does certain things on the exchange as a reward. The following are the five major things you can do to have it;
(1) Stake vite coin to get vx as reward daily, the minimum you can stake to get VX is 134 vite, and can be unlock anytime but your vite coin will not be release to you until the 7th day and you will not be getting any reward during this waiting period.
(2) Make at least a trade in a day and you will be giving VX as reward for that trade, if you are trading daily you will be getting the reward daily.
(3) In some certain trading pairs, if you make order either to buy or sell withing the given range, you will be rewarded with VX token, they call this 'Market Making'. To know which trading pair can give you VX, you will see the sign of a digger in front of the pair.
(4) Refer a user to the exchange with your persornal invitation code, and whenever such a user make a trade or participated in Market Making the user who invited such person will be rewarded with VX token, while the person referred will also be rewarded so it is win win for the two sides.
(5) It can be purchase on the vitex exchange.
Usefulness of VX Token
Presently, the token has two major usages which are:
1. Stake minimum of 10 vx and be getting BTC, USDT, and ETH daily as dividend. Each day 100 percent of the daily trading fees are being put into a pool and 1 percent of it is distribited daily to all those who stake Vx on vitex exchange. The user can decide to unstake anytime but the token will not be released until the 7th day and no dividend for such person during the waiting period.
2. API: If a user decided to use API to manage his wallet such person will need to pay VX as fee for that service.
Distribution and Supply of Vx
Maximum supply is 29,328,807.8 which is to be distributed over the period of 8 years since 2019. And the sharing is as follow: Trade as mining 60 percent, staking as mining 20 percent, market making as mining 10percent and Team reserve 10 percent. 90 percent of all the the number of VX already distributed are staked while only 10 percent is in circulation.
After the distribution of the maximum supply must have finished with the exchange still generating dividend for it's users, surely the token will become a token that people will be looking for, and this will make the price to increase.