Vertex Protocol, an Arbitrum-based decentralized exchange for perpetual trading and money markets, will wind down its existing EVM deployments and rebuild its DEX exclusively on Ink, the Layer 2 network incubated by Kraken, the protocol told The Block.
Ink’s foundation will absorb Vertex’s engineering team and trading stack, including its synchronous order book, perps engine, and money market code. The foundation’s board said the deal speeds its push toward “open, on-chain capital markets.”
Vertex developers will also sunset the VRTX token as part of the migration. A snapshot scheduled for Tuesday, July 8, will determine eligibility for an INK airdrop that will grant VRTX holders 1% of Ink’s genesis supply and boost access to an upcoming incentives program. Treasury and unvested VRTX will be burned.
Vertex will publish distribution rules later and use Sybil-resistant screens to deter airdrop farming, CEO and co-founder Darius Tabai told The Block. He added that starting afresh on Ink should help the protocol compete in the crowded perp DEX trading space.
“The reason we’re making this move now is that competition in the perp space has ramped up exponentially,” Tabai said. “In this landscape, we are really excited by the Ink vision for their L2 involving a full vertical integration of a set of apps and believe it’s the best move for the protocol to join the Ink ecosystem.”
Web3 M&A platform Acquir.Fi brokered the transaction between Ink and Vertex. However, Financial details were not shared.
Vertex launched in April 2023 and now holds approximately $55 million in TVL, down from a peak of $102 million, according to DefiLlama data. The protocol raised $8.5 million in seed funding from investors, including Hack VC, in 2022. In 2023, Market maker Wintermute also completed a strategic investment in the startup, but the financial terms were undisclosed. Vertex launched its native token later that year.
According to CoinGecko data, VRTX has slumped 98% since its November 2023 debut. The coin has a market capitalization of $5.6 million and a total supply of 1 billion.
Ink went live in December as part of the Optimism “Superchain,” ecosystem, a group of interoperable rollups sharing governance and security. Last month, the Ink Foundation said it would airdrop INK tokens to eligible users, but full details are still pending.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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