VRTX price slides 40% as Vertex Protocol phases out native token, abandons Arbitrum

Vertex Bids Farewell to Arbitrum and Migrates to Ink in Search of Better Conditions - The Cryptocurrency Post

TL;DR Vertex will shut down its DEX on Arbitrum and migrate its infrastructure to Ink, a Layer 2 network backed by Kraken, eliminating its VRTX token. VRTX holders will receive 1% of Ink’s initial token supply through an airdrop, following a snapshot on July 8. Unvested and treasury tokens will be burned. Ink Foundation will absorb Vertex’s team and technology to strengthen its onchain capital markets strategy, focusing on perpetuals, money mar…

VRTX price slides 40% as Vertex Protocol phases out native token, abandons Arbitrum

The cryptocurrency market remained bullish on Tuesday, with Bitcoin above $108,000 after surging 1.33% in the last 24 hours. While most altcoins targeted rebounds, Vertex Protocol’s native coin exhibited massive bearishness, driven by the ongoing ecosystem developments. The hybrid decentralized exchange has confirmed that it will shut down its platform on Arbitrum and move to […]