VRTX price slides 40% as Vertex Protocol phases out native token, abandons Arbitrum
2025-07-08 16:28:48
Main Idea
Vertex Protocol is migrating from Arbitrum to Ink, phasing out its native VRTX token, which has led to a 40% price drop, and will compensate holders with an INK airdrop.
Key Points
1. Vertex Protocol is moving from Arbitrum to Ink, a Kraken-backed Layer-2 solution, to enhance growth and efficiency.
2. The native VRTX token dropped 40% in price following the announcement of its phase-out and the migration plan.
3. VRTX holders will receive an INK airdrop as compensation, with eligibility determined by a snapshot taken on July 8, 2025.
4. Vertex Protocol initially launched on Arbitrum in 2023 but struggled to gain traction in the competitive DeFi market.
5. The migration aims to leverage Ink's capabilities for speed, capital efficiency, and on-chain composability.
Description
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 Kraken-backed L2 Ink. Vertex @vertex_protocol · Follow A New Chapter – Vertex Joins the Ink Foundation!We’re thrilled to...
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