According to The Block, Vertex Protocol, a decentralized trading platform based on Arbitrum (focusing on perpetual contracts and money markets), will gradually shut down its existing EVM deployment and rebuild its DEX on Ink, an L2 network incubated by Kraken.
The Ink Foundation will receive Vertex's engineering team and its trading technology architecture, including synchronized order books, perpetual contract engine, and money market code. The foundation's board stated that this move will accelerate their goal of building "open on-chain capital markets".
As part of this migration, Vertex developers will also gradually phase out their native token VRTX. The official snapshot is scheduled for July 8 (Tuesday) to determine which VRTX holders are eligible for the Ink airdrop - they will receive 1% of Ink's initial supply and priority in subsequent incentive programs. Meanwhile, unvested VRTX tokens and tokens in the project treasury will be burned.
