(Adnkronos) – GRAND CAYMAN, Cayman Islands, Nov. 14, 2023 /PRNewswire/ — Vertex Protocol, one of the fastest-growing DeFi exchanges, announced today that it will be launching the $VRTX Token and holding a Bootstrapping Liquidity Auction (LBA). The purpose of the LBA is to enable gradual price discovery and also to set a fair market price for the $VRTX Token. The LBA will start on 13 November and last until 20 November until the $VRTX Token is launched, and users will be able to participate by either supplying $VRTX trading rewards and/or USDC.e to the auction up until day five (17 November). "The Vertex LBA is an opportunity to establish a fair market price for $VRTX and base of initial liquidity, while rewarding early Vertex users for their contributions to the protocol," said co-founder Darius Tabatabai. "We want the market to set the price for $VRTX, rather than us arbitrarily setting one, and we believe this will create more opportunity and access for all users rather than a select few." Vertex is using the LBA as a fair token genesis mechanism meant to seed initial liquidity while promoting fairness, less volatility, and avoidance of launching with a set price that may or may not reflect the actual market price for the token. The auction will consist of two pools, one comprised of USDC.e, and another with $VRTX. Both liquidity pools are single-sided, and only accept the designated token meant for that pool. The Vertex LBA will consist of three stages: Anyone can participate in the auction, but only certain users are able to contribute to the $VRTX liquidity pool. Tokens are also subject to post-LBA lockups, in certain situations. To learn more about how each stage will progress, and how to participate, please visit the Vertex Protocol blog, where everything is explained in far greater detail. "The core Vertex product was our primary focus for the first 7 months of the DEX being live on Arbitrum mainnet " said co-founder Alwin Peng. "We believe that we've created among the most inclusive incentive programs for users to buy, hold, and stake our token, and we're excited to bring it to market." Post-LBA, both liquidity pools will merge into one pool, the $VRTX-USDC.e Pool, which will provide base liquidity for the $VRTX Token. Participants in the LBA will then be able to claim trading rewards earned pre-LBA, provide liquidity, swap and trade their $VRTX Tokens, or stake them to earn the benefits of providing further liquidity to the $VRTX Token. $VRTX is the native token for Vertex Protocol, and is meant to reward loyal Vertex users with various benefits. To learn more about $VRTX, please visit the Vertex Protocol blog. About Vertex Vertex Protocol was established by a team of traders and engineers with a track record of business building in both TradFi and DeFi markets. They saw the latent market need for users to interact with DeFi in a more flexible way and decided to leverage the growing ecosystem on the Arbirtrum blockchain to bring a trading protocol to market. Today, they are excited to be at the forefront of smart contract and market innovation for Arbitrum and to help partner with some of the most exciting names in crypto to build a DeFi protocol that works for all users. Vertex Protocol is on a mission to create the fairest exchange in crypto, and is currently one of fastest growing DeFi exchanges in operation. To learn more, please visit www.vertexprotocol.com and/or go to the following: Discord community: https://discord.gg/xRdut3NyG3Twitter: https://twitter.com/vertex_protocolPublic docs: https://vertex-protocol.gitbook.io/vertex-protocol/getting-started/vertex-overview
Media contactRyan GormanPrincipal, Gorman Strategiesryan@gormanstrategies.com
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