Vertex will gradually phase out the native token VRTX and will migrate its DEX to the L2 network Ink supported by Kraken

BlockBeats News, July 8th, according to The Block, Vertex Protocol, a decentralized exchange platform based on Arbitrum (focused on perpetual contracts and money markets), will gradually shut down its existing EVM deployment and exclusively rebuild its DEX on the L2 network, Ink, hatched on Kraken.

The Ink Foundation will receive Vertex's engineering team and its trading technology architecture, including a synchronous 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 its native token, VRTX. An official snapshot is scheduled for July 8th (Tuesday) to determine which VRTX holders are eligible for the Ink airdrop — they will receive 1% of the initial supply of Ink and will have priority participation in subsequent incentive programs. Meanwhile, unreleased VRTX tokens and tokens in the project treasury will be burned.