Vertex plans to migrate DEX to the L2 network Ink and gradually phase out the native token VRTX

ChainCatcher news, according to The Block, the decentralized trading platform Vertex Protocol (focused on perpetual contracts and money markets) based on Arbitrum will gradually shut down its existing EVM deployment and rebuild its DEX on the L2 network Ink, incubated by Kraken.

The Ink Foundation will receive Vertex's engineering team and its trading technology architecture, including the synchronized order book, perpetual contract engine, and money market code. The foundation's board stated that this move will accelerate its goal of building an "open on-chain capital market."

As part of this migration, Vertex developers will also gradually phase out their native token VRTX. The official snapshot is scheduled for July 8 (Tuesday) to determine which VRTX holders are eligible for the Ink airdrop------they will receive 1% of the initial supply of Ink and have priority participation in subsequent incentive programs. Meanwhile, the unreleased VRTX tokens and those in the project treasury will be burned.