Vertex Protocol announced its transition to the Ink Layer-2 network supported by Kraken, marking the end for its VRTX token. This transition will begin on July 8, 2025.
Vertex Protocol's Migration to Ink
Vertex Protocol, co-founded by Darius Tabai, is moving its decentralized exchange from Arbitrum to Ink, a Kraken-supported Layer-2 network. The migration involves retiring the VRTX token and integrating the engineering team into the Ink Foundation.
Retirement of the VRTX Token
Darius Tabai's decision highlights the competitive landscape in perpetual trading, prompting Vertex to join the Ink ecosystem. As part of the migration, VRTX holders will receive an INK airdrop.
Market Impact and Future
The migration has caused a 40% drop in VRTX's value. This has impacted the Arbitrum network, losing a top decentralized exchange. Potential financial implications include burning VRTX tokens and hopes for an increase in INK's value post-distribution.
Vertex Protocol's shift to the Ink network reflects a strategic realignment in the face of rising competition in decentralized finance. Future developments could significantly influence both the platform and the broader sector.
