Vertex Protocol
VRTX
| Round | Amount | Valuation | Date | Investors |
|---|---|---|---|---|
| Strategic | -- | -- | Jun 22, 2023 | |
| Seed | $9M | -- | Apr 26, 2022 |
Vertex Protocol, denoted by its token VRTX, is a fungible protocol token for a decentralized exchange (DEX) that represents utility functions specified in Vertex’s protocol code.
VRTX is integral to Vertex Protocol, a cross-margined decentralized exchange protocol offering spot and perpetual contract trading on Arbitrum. It serves as a utility token within the Vertex ecosystem, aligning the interests of the community by rewarding contributions and fostering a long-term perspective among users. Its functionality includes staking VRTX to contribute to the safety of the Vertex ecosystem, with a fixed maximum supply of one billion tokens.
Vertex Protocol was launched in April 2023. It was co-founded by Darius Tabatabai and Alwin Peng, who met in 2022 during a period of market volatility. Their shared interests in problem-solving and building new technologies, combined with the growing demand for decentralized exchanges that blend the efficiency of centralized exchanges with DeFi principles, led to the development of Vertex Protocol.
Key historical milestones for Vertex Protocol include:
- The Vertex Liquidity Bootstrapping Auction (LBA), which took place from November 13th to 20th, 2023, to seed initial liquidity for VRTX and establish a fair launch price with community input.
- The official launch of the VRTX token on November 21st, 2023, along with its listing on Vertex and partner exchanges.
- Introduction of new features such as VRTX staking, Take Profit and Stop Loss orders, and a rewards dashboard.
- Achieving over $26 billion in total trading volume, with a record 24-hour volume of $1.57 billion.
- Surpassing 16,000 cumulative users, with significant new user growth in November.
- The introduction of Vertex Fusion Pools powered by Elixir, reaching over $9 million in supplied funds.
Currently, Vertex Protocol is experiencing significant growth and development. Key aspects include:
- High trading volumes, with daily volumes surpassing major competitors.
- The deployment of a hybrid CLOB and AMM system for efficient liquidity management.
- Continuous enhancements, such as staking features and management tools, to enhance user experience and reward system efficiency.
- Ongoing partnerships and expansions, including listings on multiple centralized exchanges (CEXs) and capacity increases in liquidity pools.