Over the last 24 hours, the price of $VITE went up as much as 54% to $0.0362, alongside a flurry of updates regarding the cryptocurrency exploding on Twitter. In this article, let's dive into what the recent updates are and why we think Vite is such an underrated project.

Vite's Private Funding Round and Multiple Exchange Listings

The main catalyst for the price movement appears to be linked to the announcement that Vite Labs is opening a private funding round following the interest by investors and VCs. Following the FTX collapse, many DeFi projects are receiving significant attention from investors and the crypto community. Recall just last week, $TWT soared 80% to record $2.30 after Binance CEO's tweet on self-custody as a fundamental human right. In comparison, not only does the Vite wallet app allows self-custody of one's funds, it also boasts of the world's first high performance order-book multi-chain DEX and is a zero-gas Layer 1. The increased funding will most likely propel and accelerate the project's development.   

In addition, $VITE is listing on 4 exchanges within just 1 week. The most notable being the $VITE / $BUSD trading pair on Binance. $VITE is already listed on Binance, but the additional trading pair along with the other exchanges' listings (YIBI, Tokocrypto and ZT) will facilitate greater adoption and awareness for the project. 

A Budding Ecosystem

At the time of writing, Vite has a Total Value Locked (TVL) of close to US$5M or 213M $VITE. This has fallen from a height of 368M $VITE since May 2022 due to bearish market conditions.  

The bearish market has seen massive declines in TVL on major chains. In contrast, Vite's TVL has held up quite well. While there are significantly fewer protocols on Vite compared to other ecosystems, the Vite ecosystem continues to see new community projects emerging, taking advantage of the feeless and instant nature of transactions. With greater adoption and awareness, it is also expected that interests to develop on Vite will follow. In the next section, let's take a look at the community projects thriving on Vite ecosystem.   

DeFi Staking Pools

Vite's Directed Acyclic Graph (DAG)-based smart contract blockchain provides zero-fee and lightning speed transactions which has enabled developers to create feeless DeFi staking platforms. There are 2 existing platforms on Vite where one can stake to earn rewards.

The first is Viva Staking Pools, which has a total of 25 staking pools running at the time of this writing, allowing users to earn a wide range of popular cryptocurrencies such as $ETH, $BNB, $USDT, $SHIB, $DOGE and many others. 

The second is VITC Stake, which has a total 8 staking pools running at the time of this writing, allowing users to earn $VITC, $KNOB, $VT and others.

DeFi No-Loss Prize Pools

Another dapp built on Vite is the ViteTogether project. By depositing the native $VITE token in the smart contract, users stand a chance to win attractive weekly and 3-day prize pools. Similar to PoolTogether in concept, only difference is ViteTogether has zero fees.

Automated Market Maker DEX

Another amazing product developed by the VITC team is VITC Swap, an AMM DEX which allows users to swap tokens seamlessly and instantly, avoiding order-book spreads. A key advantage of VITC Swap is that it enables users to swap small amounts of tokens at low fees instantly. 

Memecoin Communities

Memecoin communities are arguably the voice and heartbeat of any ecosystem. On Vite, the 2 largest memecoin communities are Vita Inu and ViCat, with 20,781 and 19,940 holders respectively. Both communities are active on social media and organize regular giveaways and events to engage with their communities (check out the links to join their socials and participate).

The feeless and instant nature of transactions has also facilitated the spread of the memecoin tokens through tipping on various social media platforms such as Twitter, Telegram and Discord, using the popular VitaBot tipbot created by VITC team. Clearly, the communities on Vite are supporting one another with the common goal of promoting greater adoption on an underrated chain.  

Non-Custodial Wallet with Amazing UI

In addition to the Vite app, users also have the option to maintain self-custody of their own funds using the Viterium wallet, a open-sourced community project on the Vite Blockchain. The Viterium wallet also has a DeFi Center that is integrated with the various DeFi applications such as Viva Staking Pools, VITC Stake and VITC Swap. The project is also working with various popular community projects to integrate more applications. Stay tuned! 

Check out the Beginner's guide on the basic wallet features, and also the following video from a community user on how easy it is to stake and earn using the Viterium wallet. Another great example of how community projects are building and collaborating together! 

Web3 News & Education Platform

Many new users may find themselves struggling to figure out how to use many of the above dapps built on Vite or they may find the crypto space unfamiliar or overwhelming. Hence, Making Cents was established to help ease the transition for new users through guides and learn-to-earn programs and also encourage more experienced crypto users to exchange knowledge on a wide range of crypto-related topics. The multi-chain vision of Vite will enable Making Cents to become a meeting place for like-minded cryptoenthusiasts or new crypto users.

NFTs

As the new CEO of Vite Labs has shared in a recent AMA on Making Cents, Vite Labs is currently exploring multiple approaches to NFTs on Vite and is a development that is under active discussion. Stay tuned for more updates!

Concluding Remarks

Is Vite the busiest and most popular chain out there? Most definitely not. But is there great potential given the fast and feeless nature of transactions and a thriving community of builders and users who have remained undeterred and unwavered by the bearish market? You bet! In summary, Vite is definitely one of the most underrated ecosystem and people are starting to realize this.

About Making Cents

Making Cents is the leading social, marketing and education platform built on the VITE network. Get weekly news highlights in the cryptocurrency space by following us on our socials!

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