Overview
Vertex Protocol is a decentralized exchange (DEX) on Arbitrum featuring spot, perpetual, and integrated money markets with unified cross-margin. It combined centralized exchange speed with on-chain transparency. In 2025 it began shutting down, migrating to the Ink L2 ecosystem with a VRTX to INK token airdrop.
Background and design philosophy
Vertex Protocol launched in April 2023 as a high-performance DEX on Arbitrum. It merged a hybrid order book with AMM architecture, offering low latency, deep liquidity, and a unified margin account across spot, perpetuals, and money markets. This design aimed to bridge the usability of centralized trading with the safety of DeFi.
Technology and features
Vertex’s core strength lay in its Vertex Edge system - a synchronous multichain order book that shared liquidity across multiple chains including Arbitrum, Base, Sei, Blast, Mantle, Sonic, Abstract, and Berachain. Trading was very fast, with a sequencer doing off-chain matching and on-chain settlement via AMM and risk engines.
Tokenomics and governance
The protocol’s token, VRTX, served multiple roles: staking for security, governance scoring, revenue-sharing, and trading fee discounts. Total supply was close to 1 billion tokens, with around 528 million circulating.
Migration and shutdown
In July 2025, Vertex announced a migration to the Ink Foundation, initiating a phased shutdown across its deployments. All VRTX tokens are being phased out and replaced: holders will receive INK airdrops, with treasury and unvested VRTX set for burning. Users were advised to close positions and withdraw assets before mid-July.
Market and usage snapshot
Despite its advanced design, Vertex’s exchange volume is listed as untracked, suggesting limited live usage or reporting. Market data shows a capitalization of about 4 million dollars, token price around 0.008 dollars, and daily trading volume barely exceeding 1,000 dollars - indicating steep decline.
Strengths and risks
| Strengths | Risks |
|---|---|
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Summary table
| Component | Details |
|---|---|
| Platform Type | Hybrid order book - AMM DEX on Arbitrum |
| Launch | April 2023 |
| Key Features | Spot, perpetuals, money markets, unified cross-margin, multichain edge |
| Token | VRTX - governance, staking, fee rewards |
| Market Snapshot | Market cap ~4M dollars, very low trading volume, untracked on listings |
| Transition Status | Migrating to Ink Foundation, VRTX sunset and INK airdrop |
| Strengths | Speed, liquidity, capital efficiency, governance |
| Risks | Shutdown, adoption uncertainty, token concentration |
Final word
Vertex Protocol marked a bold step in DeFi - offering centralized-grade performance with decentralized control and liquidity. Its hybrid architecture and cross-margin design positioned it uniquely in the DEX landscape. Now, with its migration to Ink and token sunset, its legacy depends on how well the INK ecosystem captures Vertex’s user base. The future is uncertain, but the technology remains noteworthy.