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

On July 8th, according to The Block, Vertex Protocol, a decentralized exchange platform based on Arbitrum (which focuses on perpetual contracts and money markets), will gradually cease its existing EVM deployment and exclusively reconstruct its DEX on the L2 network, Ink, which was hatched on Kraken. The Ink Foundation will acquire 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 indicated that this move will expedite 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 in participating in subsequent incentive programs. Meanwhile, unreleased VRTX tokens and tokens in the project treasury will be burned.