ViteX (launched in July 2019) is a decentralized exchange (DEX) platform built on a public blockchain, Vite, and developed by Vite Labs.[3] 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.[1]


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.[4] 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.[2]
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.[5]

Charles LiuCo-Founder and CEO
Leo ZhangCo-Founder
Richard YanCOO
Luke KimCMO
Chris LiCSO


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.[6]


ViteX is a decentralized exchange (DEX) developed on the Vite public blockchain with its own native token, ViteX Coin (VX).[8] The exchange was launched in July 2019 and currently allows trading of more than 60 and tokens including majors like (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.[7]


ViteX exchange is for the community and by the community and it has made changes in the model with community feedback and voting results.


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. [9]

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.[10]


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 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 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.


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
Total Allocated to Market Making10%

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.


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 BenefitsInvitee Benefits
5% of Invitees Trading as mining reward10% off on Trading fees
2.5% of Marking Making rewards2.5% Trading Rewards
1.25% Market-Making rewards


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 FeeOperator Fee
0.2%0 to 0.2%
Set by ViteXSet by Vitex Operators in their Zone
It is directed to the dividend poolIt 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 receive 10% off trading fees.


The native token Vitex Coin has the ticker symbol VX. It has a total supply of 29,328,807.8 VX. It is available to trade only on the ViteX exchange.
The ViteX team initially proposed community polls with four options to decide the total supply and release schedule for VX tokens. Finally, they selected two options to decide the best option for VX supply and release.

VX Distribution

The total supply of 29,328,807.8 VX coins will be distributed to the community and team. VX had no pre-sale or Initial Coin Offering (ICO) and the only way to get VX is using mining methods. 90% of the supply will go to the community via mining and dividend rewards and 10% is reserved for the Vite Team. The VX will be distributed as follows:

Beneficiary% of Total supply

Mining Allocation

Mining Method% of Total VX
Market Making10%

VX Distribution Schedule

The total supply of VX is 29,328,807.8 with no inflation, which will be fully distributed in two phases over the course of 8 years and 3 months.

  • Phase 1: It is termed as the buffer phase that has ended on December 6, 2019. A fixed amount of 10,000 VX was released daily.
  • Phase 2: It is a standard Phase. In this phase, VX will be released, according to the sub-phases.
  • Sub Phase 1: It started at 10,000 on December 7, 2019, daily release increased for 90 days at a fixed rate of 1.80435%, until reached 50,000 on March 6, 2020.
  • Sub Phase 2: It started on March 7, 2020, at a daily decrease rate of 0.189724%, annual release will decrease by half each year until fully distributed over 8 years.

ViteX Tutorial

To perform any task on Vitex, the user needs to login using Vite multi-token wallet. The desktop version is available for Mac and Windows platforms while the mobile version is available for Android and iOS devices. Users can also use a Ledger hardware wallet. The exchange is available on Android and iOS wallet along with the web version.

How to Trade?

Users can go to the trade section and place either a market order or a limit order on their preferable market once they log in using the above methods. Whenever an order is placed, the order can be eligible for market-making mining if it fulfills the criteria. The eligible orders for market-making mining are marked in gray area on the order book and they are placed above non-eligible orders which are marked in white.

How to Mine?

Mining on ViteX is very easy and doesn't require any ASIC or high-end CPU or GPU. Users just need to go to the Mining section on the Vitex app or web version and use any of the mining methods available. Users can earn VX whenever they execute a trade or place an order to boost liquidity on ViteX. It's important to keep in mind that only particular pairs are eligible for market-making mining. Users can also generate and use a referral code to invite people and when they sign up. Users who refer others will get not only get mining rewards in VX but will also get a discount on trading fees. Users can also mine VX if they become ViteX operators and list trading pairs on their DEX zone. Staking VITE token will also earn VX token for the users, and the minimum amount required is 134 VITE.
There is a Dashboard dedicated to Mining that shows earned VX with detailed information like how much is staked and how much has been earned from a particular mining method.

ViteX Operator

ViteX follows the principles of openness and transparency and allows the community to actively participate to make Vitex better. It has introduced the concept of the ViteX operator in which anyone can operate their own decentralized exchange (DEX), called Zone, on ViteX. Within their respective Zones, operators can list various trading pairs, customize trading fees, and so generate profits from the users that choose to trade on their Zone.

Operator Rights

Operators have many rights apart from creating their own DEX.

  1. Token Ownership Rights: Token issuers have a right to create and issue tokens on the Vite blockchain and transfer the rights to their token to a third party such as an operator. Once they do so, the third party has full access to the token and can list trading pairs.
  2. Listing Trading Pairs: Only the token owner can list trading pairs involving the token they own. At present, only BTC, ETH, USDT, or VITE trading pairs can be listed. Attempting to open trading pairs to other cryptocurrencies will be dismissed. To open a trading pair there is a cost of 10,000 VITE and it will be immediately destroyed.
  3. Transferring Token Ownership: Token ownership can be transferred. The transfer of token ownership is irreversible. If an Issuer does not want to fully transfer the ownership rights to their token, the Issuer can only transfer the operating rights instead.
  4. Setting Trading Fee: The operators have the right to set an additional trading fee ranging from 0 to 0.2% on top of the Base Trading Fee. They also possess the right to adjust these fees.
  5. Trade Suspension: The Operator has the right to suspend any trading pair. After they do so, the user cannot place orders involving the given trading pair but can withdraw the order, if they already had one in place.
  6. Transferring Token Operating Right: Token operating right can be transferred. The new owner will become the operator of the trading pair. This operation is irreversible.

Operator Zones

When an operator lists several trading pairs, it is collectively considered as the Zone. The Zone is run by an operator can be considered as a business operation. The operators are responsible for promoting and marketing their respective Zones to attract more and more users to increase volume.

Security Audit

The ViteX exchange has undergone a security audit from a test engineer Ma Dongchen from KNOWNSEC in October 2019. The results came out satisfactory.


The parent company, Vite Labs, has partnered with some prominent blockchain projects including OKEx (OK Blockchain Capital), MXBank, SecBit, and ACHPay.

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Edited On

September 29, 2022


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