This week’s Vitely covers JuanVite’s Q&A, Vite DAO’s new tool, Vinu’s activity, pool updates, and Viterium listing.
Vitely #3: DAO Tools, JuanVite Answers, VINU Everywhere
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- Last updated: May 13, 2023
- 5 minute read
In this weeks Vitely, JuanVite responds to many of the questions put forward by the community. We also get a look at the new Vite DAO tool and learn about using spaces in the tool. As usual, Vinu is on a rampage with new activity and listings. And of course new pools launched and Viterium’s exchange listing.
Vitasensus – Vite DAO
We received the official link to the Vite DAO this week and learnt further details towards how it would work.
Using this tool, a user can create a their own space and list proposals by staking 100,000 Vite which will be locked for 90 days.
One important distinction however, is that this won’t allow you create proposals in the Vite or ViteX spaces. You will be able however be able to vote on proposals that Vite creates into these spaces.
JuanVite Answers
Juan from Vite has responded to many of the questions posed to Vite in the last couple of weeks. There has been some controversy since the announcement of Vite’s CEO leaving and transitioning to a DAO, as well as questions about Vite owned SBP’s and large Vite fund transfers. You can read more about that in our Vitely #1 and Vitely #2.
Some users were disappointed in some of the answers, relating them to a politician’s version of non-answers. However in some aspects we have also learnt of new upcoming changes and gained some clarity on Vite’s current standing and it’s potential future moves.
To see the full list, please visit the above link to the Discord Posts.
Q. Why aren’t the people in the Vite team (employees, core contributors, etc.) disclosed?
A. Many decentralized projects – those who respect web3 ideals of privacy and sovereignty – keep the identities of their core contributors undisclosed. Decentralized leadership is about building a name around a project instead of individual leaders. This ensures that no individual nor group can exert undue influence over the network and technology.
Q. Who is the Vite team?
A. High level, “Vite team” refers to core contributors within Vite DAO and ViteX DAO. Contributors include members of previous Vite teams in including the development group that brought the ecosystem from 0 to 1. Soon, more positions will open in the evolving DAO ecosystem of Vite Labs, through short term bounties and long term opportunities. To start, Vite’s DAO ecosystem needs developers, marketers, and DAO governance enthusiasts to jump on board.
Q. Was Vite Labs sold, and if so, then to whom?
A. Vite is always seeking for strategic fundings and new partners. A natural change in organizational leadership, which is expected for such a longstanding project in web3 is not unique. Vite Labs was not sold.
Q. Why did the previous CEO change?
A. The change in CEO and changes in the rest of the teams working on Vite and ViteX have been due to DAO transition and restructuring. Vite is going through the evolution from centralized/corporate/top-down to decentralized/community/bottom-up. Vite’s founding team, former CEOs, etc. remain supportive of the ecosystem and give guidance as advisors and DAO contributors.
Q. Why are announcements made without due follow-up especially around products and projects (Vite Portal, Team Lock, etc.)?
A. Currently, Vite has big irons in the fire. Building in bear markets is important so that the community has lots of momentum in bull markets. Vite has been working on transferring back-end services and systems into more decentralized modes. It is unwise for Vite’s core contributors to run more heavily centralized services like Vite Portal. There will be votes about features and projects like Vite Portal soon, since the initial developments are already done. Regarding Team Lock, once Vite DAO and ViteX DAO are set up and the DAO SBP(s) are running smoothly through community contribution, Vite will allocate “team funds” to the DAO treasury and announce a pathway to complete unlock by next year. Some questions from the community might be technical or require more thought than a quick social media reply to respond to, which is why questions/concerns are sometimes left partially addressed rather than fully resolved.
Q. Why wasn’t the community given a say in the DAO changes of Vite?
A. The decision to transition to a DAO is typically made by the core team of a project, which becomes the core contributor base rallying people around the cause. After the transition, decision making power is distributed among the community members who hold governance authority. The Vite community has always had great grassroots energy in terms of Vuilders building cool things. There was demand and feedback signaling interest in more decentralization from important members of the Vite community.
Q. How much does vitelabs currently own, and how much did you sold since the start?
A. “Vite team” has 20% allocation from tokens as shown here (https://vite.org/token). You can see this announcement (link) and this one (link) for more details. All team tokens are to be released to the community of DAO contributors in 2024.
Q. Why was the LetsGoVite SBP created?
A. This is not the team SBP, but individual. Vite appreciates support from the community by way of staking and voting in VITE, believing in VITE, and holding tokens outside of centralized exchanges.
Q. Why does Vite Labs use buzz words without having features ready (e.g. DAO. NFT)?
A. Web3 is itself a frontier technology space. New best practices, primitives, protocols, and projects emerge every day. Vite’s ecosystem of cutting-edge web3 use cases is growing and these niches will become more mainstream. Vite posts updates on Twitter (https://twitter.com/vitelabs) and the official website (https://vite.org/) which includes the roadmap.
Q. Did Vite Labs use proxy addresses to sell treasury funds (link) or to hide money? Why was 35 million VITE transferred to this address two days ago (link)?
A. No, and Vite tokens don’t have such functions as proxy addresses. Some funds can be transferred from the team allocation, for example, to cover market making on exchanges, campaigns for community engagement, development costs for maintenance, salaries for critical workers, and server costs. Specific details cannot be disclosed due to protection of personal information and information under non-disclosure.
Q. Who is currently in charge of the direction of the project?
A. Core contributors of Vite DAO and ViteX DAO are leading the charge together into Vite’s future. When more positions open, more bounties are available, and more roles are defined, the DAOs will have more decentralized governance to make this happen.
Q. Why was PancakeSwap’s liquidity removed?
A. Vite plans to open up Uniswap pool instead and run a community engagement campaign to add liquidity.
Q. Who will be responsible for hosting the Vite website and managing the App/Play Store for Vite Wallet?
A. The DAO contributors of Vite will be taking over such matters.
Vite Discord Hack
The same Discord hack that affected Vinu last week, also hit Vite this week. One of the admins clicked and opened a link that was shared as a marketing proposal. Their account was then compromised and the hackers were able to post scam links on Vite Discord Server. The situation was quickly reversed however and the Vite Discord is being restored.
VINU Everywhere
Everywhere we look, we see Vinu. Every week we see impressive moves coming from Vinu, it’s actually difficult to keep up with it all. Launching VinuPay, endless listings and partnerships, announcements for upcoming games, and many more products including VinuChain, VinuPixels NFTs, VinuSwap and VinuFinance…
Each Vitely so far, we’ve posted a large section dedicated to Vinu because there is always so much happening in the space.
Viterium Listing on VITCSwap
Viterium has been listed on VITCSwap allowing easy and fast trading which can be done directly in the Viterium app or VITCSwap website.
There is also currently two VT pools on VITCStake. Vite/VT and AVAX/VT.
Staking Pools
New on Vite Spot
We have a new Faucets page ?. It has links to many faucets across all of Vite not just VS token.
If you use faucets regularly, bookmark the page, not only does it have links to faucets, it also lists all the latest news from Vite Spot, along with token specific news.
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