Vite Bi-weekly Report
By: Christy Li
Tags: Project Updates

Development Achievements

Vite App

The latest version 3.7.4 was released on July 30.

New features and enhancements

Added a “0 Fee” icon to the markets page to highlight trading pairs that support zero-fee stablecoin conversion.

New liquidity mining icon to strengthen the visual effect, more clean and focused.

Improved Ethereum gas price auto-detection, ​to avoid the problem that transactions may not be confirmed in time when Ethereum network is jammed.

Transaction list auto-refresh. The new transaction can be displayed in the record immediately after it is sent successfully.

Bug fixes

Fixed long operator name overlap when switching trading pairs.

Other minor bugs.

ViteX Exchange

A major upgrade of ViteX is being scheduled to support the function of “friction-less stablecoin conversion”.

According to the previous survey in the community, many users have the demand to exchange stable coins. Given that currently there is no exchange supporting free exchange between stable coins, ViteX will be the first DEX to launch the feature, providing a safe, convenient, and low-cost stablecoin conversion solution to users.

Desktop wallet

New desktop wallet version 1.3.25 and 1.3.26 have been released.

New features and enhancements

New “Reload” function added to the main menu to support wallet full refresh.

Enabled right-click menu to facilitate fast copy/paste.

A new entry added to the lower-left corner of the main page for switching themes.

Bug fixes

Fixed a problem that may cause a crash after running for a long time.

Recent Milestones

Vite Chain Upcoming Fifth Hard Fork “Jupiter” for Stablecoin Conversion

The Vite chain is estimated to undergo a fifth hard fork, code name “Jupiter”, in September 2020. After this hard fork, ViteX will support “friction-less stablecoin conversion.” As such, users will be able to convert between stablecoins with zero transaction fees.

This fifth hard fork is yet another step forward for Vite, in our effort to realize our original vision of “Open Finance.”

Read Announcement: https://medium.com/vitelabs/ann-upcoming-vite-fifth-hard-fork-insights-sharing-building-an-open-finance-application-674c40b4fb4a

Vite was Selected as Top 10 Best Performing Altcoins with Market-Cap by CryptoDepartment

Technology Series

On July 28, we published another article of the Tech series which explains why is it a lot more cost-efficient to deploy a smart contract on Vite than on EOS.

Read here: https://medium.com/vitelabs/tech-series-6-the-economics-of-smart-contract-vite-v-s-eos-5481a170af38

ViteX Exchange

In order to improve ViteX user experience, especially with deposits and withdrawals, operator Vite Labs has started a 24/7 rotation shift schedule. Currently, 10 members from the Vite Labs team are involved with the shifts, ensuring that at least 1 person is responsible for handling timely issues with deposits/withdrawals and monitoring smooth operation of the exchange at all times. Since the implementation of the new shifts, we have observed significant improvement in user experience and reduction in tickets submitted. In the future, we will continue to optimize and iterate ViteX’s standard operating procedures to ensure that user experience at our decentralized exchange meets the standards of the mainstream exchanges.

Data on VITE and VX

As of July 30, 20,957,474.5 VITE have been burned through ViteX, accounting for 2.09% of total issuance.

120,908,799.10 VITE are staked on ViteX, accounting for 12.09% of total issuance.

9,516,204.37 VX have been mined, of which 8,428,345.87 VX (about 88.56%) are being staked for dividends.

To-date, 80.91 BTC worth of dividends have been distributed. The pool of undistributed dividends stands at 29.09 BTC.

Events

Vite App

Vite COO Richard held an AMA with the Chainlink community, where he focused on ViteX. Topics included high performance and mining capabilities on ViteX, ambassador selection process, and zero-fee stablecoin conversion as part of ViteX’s plans to implement Open Finance.

Replay available here: https://www.youtube.com/watch?v=IAOVcYnGETc

Vite CPO Blackey Hou held a livestream with the Chinese community, where he discussed ViteX’s future plans, including those targeted at implementation of Open Finance.

Replay available here: https://www.yizhibo.com/l/ET6lRiQU419Tt-au.html

ViteX Ambassador selection process has entered its final phase. We have narrowed to a pool of three candidates. They each have selected one ViteX-listed project to interview. After the release of their videos, the community will vote and make a final determination.

Relevant Twitter announcement：

https://twitter.com/ViteXExchange/status/1288327636788289536?s=20

COO Richard hosted a discussion panel on crypto mining as an event for the well-known Silicon Valley Bitcoin Meetup. The guests included Genesis Mining and Great American Mining Co.

Replay here: https://www.youtube.com/watch?v=tVIhRq6QZRM

COO Richard published a new episode of ”The Blockchain Debate Podcast“ where he invited CEO of Solana, Anatoly Yakovenko as well as Director of Business Development Emre Tekişalp at Coda. The topic was, “Motion: Blockchains of today cannot increase TPS without sacrificing decentralization.”