What is Vite (VITE)?
Vite is a Layer 1 blockchain that powers lightning-fast and cost-free transactions. The chain emulates the speed of transactions on Web2 and brings it to crypto while keeping transactions free. Specifically, Layer 1 blockchains are notorious for high gas fees. However, Vite is changing that by offering zero-fee transactions on its network.
Vite chain’s key infrastructure is the Snapshot Chain which is exactly the technology that allows facilitating fast and cost-free transactions. This functionality is complemented by blockchain’s first-ever smart contract platform based on the Directed Acyclic Graph (DAG) that Vite developed.
To further secure the network, Vite uses the Hierarchical Delegated Proof of Stake (HDPoS) for achieving consensus. Compared to other resource-intensive chains, this mechanism is eco-friendlier.
Since Vite is a Layer 1 blockchain, developers can build dApps on the chain. The platform is EVM-compatible, meaning that apps on the chain can operate seamlessly across Ethereum and Vite to leverage the best of both blockchains.
Beyond EVM compatibility, Vite runs ViteBridge, a cross-chain protocol that eases digital asset transfers between any two chains.
The network has a native token that goes by the same name – VITE. All transactions on the network run with the help of this token. You can track the VITE price performance live on the Vite price chart above.
Vite’s primary dApps include ViteX, Vite App, and VitePay. ViteX is a trustless decentralized exchange (DEX) that allows users to swap tokens across multiple chains incurring zero gas fees. Vite App is a crypto wallet, and VitePay is a payment protocol.
Zero-fee transactions on Vite are facilitated by Quota. In essence, users have to lock their VITE tokens to get Quota, and then they can transact on the chain at no cost.
Use Cases of VITE Tokens
Firstly, VITE enables free transactions on and across the chain by generating transaction Quotas for users who stake their tokens. Consequently, users holding more VITE coins have a higher transaction Quota. Plus, you can lease your Quotas to earn profit. Users can redeem their Quota at no loss or cost to earn VITE tokens back.
Secondly, VITE is a governance token, thus, its holders can vote on various decisions like electing nodes, and so on. Users’ voting power is proportional to the number of VITE crypto assets they hold.
Finally, users on ViteX can mine the exchange’s native token VX, by staking VITE. After locking VITE for seven days, each user will receive rewards to their account. You may retrieve staked VITE coins in three days.
Tokenomics of VITE
VITE is premined. During its launch in 2018, the protocol issued 1 billion tokens. 40% of the tokens were set for private sale, and 20% were locked up for the team. 25% was allocated to the Vite ecosystem, 10% to marketing, and 5% to the airdrop.
The token offsets inflation by sustaining the diminishing liquidity of tokens through burning. The chain burns tokens when settling cross-chain fees or when temporarily increasing quotas. These burning mechanisms keep the VITE price from fastly decreasing. Check the VITE price history on the chart above to review the token's performance over time.
