Announcing New ERC-20 VITE Token
An initial step of our Vite 2.0 gameplan
We are pleased to announce the release of a new VITE ERC-20 token, as outlined in initial steps of our Vite 2.0 gameplan. This move will expand the liquidity of the VITE asset. This is also in line with our general strategy of giving assets on the Vite chain greater access to the broader blockchain ecosystem, such as that for Ethereum.
For the sake of convenience, we will call this new token V2E in this document. Here is V2E’s token contract on Ethereum. As you know, there is another VITE ERC-20 token circulating in the market. We will call it V1E. V1E will be replaced by V2E, because the latter will be the new official VITE asset issued on Ethereum.
Note that the total supply of VITE will not increase. The mapping between V1E and V2E is 1:1, and the mapping between V2E and native VITE is also 1:1. If V2E increases in circulating supply, the native VITE will decrease in circulating supply (via lockups).
Below you will see instructions for how to do two-way swap between V2E and native VITE, and how to convert from V1E to V2E.
Swap between V2E and native VITE
We will upgrade our Web App to allow this swap at March 30, 2021, 12:00 (UTC+8). Again, note that the total supply of all VITE assets remains the same.
Here are the instructions for swapping between V2E and native VITE, via the Web App:
Convert V1E to V2E, and Convert from V1E to VITE
V1E is currently traded on Bittrex, Bilaxy and Hotbit. All these exchanges have committed to sunset V1E. Bittrex and Bilaxy will allow users to convert to native VITE, and Hotbit will allow users to convert to V2E. Here are details with respect to each exchange:
Bittrex already made a related announcement here.
Please follow Hotbit and Bilaxy for similar announcements before March 30.
If your V1E is not custodied at any of the above exchanges, here is how to convert to V2E or VITE:
V1E → V2E
V1E → Native VITE
As stated earlier, the mapping between V1E and V2E is 1:1, and the mapping between V2E and native VITE is also 1:1. The total supply of VITE will not increase as a result.
Frequently Asked Questions
Q1. What’s the point of the new ERC20 (aka “V2E”)?
In 2.0, we want to make it super easy to transfer a digital asset from one chain to another. For example, move VITE from its native chain to ETH, to BSC, to Solana, to OkexChain, etc.
To do this, there needs to be a VITE token on ETH and on Solana and on OkexChain etc. Hence the new ERC20, or “V2E.” It addresses the first use case (VITE on ETH chain) mentioned here.
Think of USDT as an analogy. It’s on Omni, ETH, Tron. But there’s no trustless bridge to convert between them. Vite 2.0 will be that bridge.
Q2. If I have VITE on Binance/ViteX/Okex/Upbit, do I need to do anything?
Not really. You’ll continue to hold native VITE on that exchange. You only need to swap to V2E if you want to trade it on Bittrex, Bilaxy, Huobi because V2E will be listed on there. Once V2E is on Uniswap, you may also want to convert to V2E to trade it on Uniswap.
Q3. If I have VITE on Bittrex/Hotbit/Bilaxy, do I need to do anything?
Nothing. The VITE there is the original ERC20 (this is a legacy token we initially raised funds with). Bittrex will auto-swap your balance to V2E next week. After that, you can choose to swap to native VITE to trade on Binance, ViteX, Upbit, Okex and other exchanges that support native Vite.
If you have any other questions, contact us in one of our Telegram groups below.
Q4. If I have the old VITE ERC20 in my wallet, how can I swap to V2E or native VITE?
See “Swap between V2E and native VITE” and “Convert V1E to V2E, and Convert from V1E to VITE” sections above.
If you have any other questions, contact us in one of our Telegram groups below.
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