Vertex 2024: Rapid Progress and Innovation

Published on: 06.03.2024

In the dynamic landscape of decentralized finance (DeFi), Vertex has emerged as a beacon of innovation and growth throughout the early months of 2024. This article highlights Vertex’s significant advancements, strategic decisions, and key milestones that underscore its commitment to enhancing user experience and expanding its market footprint.

Migration to Native $USDC

In January, Vertex initiated a pivotal migration from $USDC.e (bridged USDC) to $USDC (native USDC) on the Vertex app, enhancing compatibility with the Arbitrum ecosystem. This transition was designed to ensure a seamless process for users without requiring any manual actions.

VRTX Staking Rewards in Native USDC

Those who stake the VRTX token can earn up to 50% of Vertex’s trading fees, distributed weekly. These fees were paid out in USDC.e. Starting from the 16th of January, Vertex began distributing staking rewards in native USDC, aligning with the migration to native USDC and simplifying the rewards process. 

New Listings and Innovations

Vertex introduced new perpetual (perp) markets, expanding trading possibilities for users. This included listings like $BLUR-PERP, $SEI-PERP, $NEAR-PERP, and more, contributing to a total aggregate volume surpassing $40 billion since its mainnet launch on Arbitrum. At the time of writing, Vertex has 42 perp markets and 5 spot markets. 

Feature Spotlight and Integration

Vertex introduced account pins for enhanced account visibility and user engagement. Additionally, the integration with STFX, a DeFi & SocialFi protocol, leveraged Vertex’s SDK to provide deeper liquidity, reduced trading fees, and faster trade execution.

SDK Releases and Trading Enhancements

Vertex announced the release of its Rust SDK, enhancing its suite of development tools. The platform also introduced features like Take Profit (TP) and Stop Loss (SL) orders for improved trading strategy and risk management.

Introducing Vertex VERTerans

Vertex VERTerans is a new community engagement program offering $VRTX rewards for contributions to Vertex’s growth. It allows members to earn rewards based on their XP, with new tasks introduced regularly to encourage active participation.

Range Protocol Integration

Range Protocol’s integration with Vertex introduces decentralized market making strategies through the Orderbook Liquidity Vault. This partnership unlocks new yield opportunities, deeper liquidity, and tighter spreads on Vertex, offering alpha returns for users in a non-custodial fashion.

Introducing Vertex Edge 

February 2024 saw the introduction of Vertex Edge, a Synchronous Orderbook Liquidity layer aimed at unifying cross-chain liquidity in DeFi. This marked a significant advancement towards a multi-chain future with seamless liquidity integration across blockchain ecosystems.

Welcome to Blitz on Blast, Powered By Vertex Edge  

Blitz, the first cross-chain deployment powered by Vertex Edge, offers traders immediate access to a unified source of cross-chain liquidity, connecting Blitz users to the liquidity of Vertex on Arbitrum and beyond. Blitz is launched on the Blast L2 network and provides a trading experience with access to over 30 perpetual and spot markets, emphasizing speed, efficiency, and competitive trading fees. It represents a significant shift in DEX trading, promoting self-custody and on-chain settlement. 

About Blast: Pioneering Yield on Ethereum L2

Blast distinguishes itself as the sole Ethereum Layer 2 (L2) solution offering native yield for both ETH and stablecoins, setting a new standard for L2 platforms. This innovative approach leverages ETH staking and Real-World Asset (RWA) protocols to automatically funnel yield back to Blast users, providing a baseline interest rate surpassing the default 0% found on other L2s—4% for ETH and 5% for stablecoins.

Unique Features of Blitz

Blitz, powered by Vertex Edge, enables synchronous orderbook liquidity for seamless cross-chain trading. Assets on Blast can be traded against assets on Arbitrum via Edge. Each tradable market shares one unified orderbook that pools the liquidity from all participating chains. Edge also ensures a unified money market where borrowing rates across all chains are equalized. 

The launch of Blitz on Blast will allow the native yield offered by Blast assets to be distributed via Edge to other instances of Vertex on other chains. It also means that Blitz users enjoy the ample liquidity on Arbitrum right out the gate. 

Blitz Community Points with Galxe

Vertex has partnered with Galxe to introduce Community Points for Blitz users, enhancing the community engagement experience. This initiative follows Blitz’s success in the Blast Big Bang Competition, highlighting the project’s community-driven achievements.

The Blitz DEX Launch: A Two-Phase Rollout

The Blitz DEX launch is strategically unfolding in two distinct phases to ensure a smooth transition and optimal user experience:

  1. Deposit-only Phase: The initial phase allows users to deposit $USDB and/or $wETH in preparation for the full launch. This phase is already live, marking the beginning of the Blitz DEX journey.
  2. Full Blitz Launch: The upcoming phase will unveil the comprehensive functionalities of the Blitz DEX, transforming the platform into a fully operational trading hub. Currently, the mainnet Blitz App operates as a Points Page, facilitating deposits of $USDB and $wETH until the launch phase commences. For depositing, access the Blitz App here. Points will be given to early adopters of the Blitz app, which will be counted towards a future Blitz airdrop. These points are distinct from the ones earned from Galxe. 

Conclusion

Vertex’s innovations and expansions throughout 2024, including the migration to native $USDC, the introduction of Vertex Edge, the launch of Blitz, community engagement programs like Vertex VERTerans, and strategic partnerships with Range Protocol and Galxe, demonstrate its leadership in advancing the DeFi ecosystem. Vertex remains committed to redefining DeFi trading, liquidity, and user experience, setting new industry standards.

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FRIENDLY REMINDER:

This news article is a result of comprehensive research. We value your opinion and appreciate your respect for our work. Kindly note that this article is not financial advice, and we always advise investing at your own risk, only what you can afford to lose.

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