Vertex Protocol

Introduced in April 2023, Vertex Protocol is a decentralized exchange (DEX) that combines a traditional order book with an automated market maker (AMM) on the Arbitrum layer 2 network. This platform offers a unified cross-margin system across both spot and perpetual markets, along with a built-in money market spread across more than 23 different markets, all with a low-cost trading fee model. Vertex's high-speed order book enables quick order matching within 15 to 30 milliseconds, rivalling the speeds of many centralized exchanges, all while maintaining the decentralized finance (DeFi) principle of non-custodial trading.

VRTX serves as the token for Vertex Protocol, acting as a tradeable representation of the utility functions specified in the protocol's code. The role of VRTX within the DEX includes several functions:

- Users can stake VRTX to enhance the security of the Vertex ecosystem.
- It rewards different levels of contributions and commitments over time, aiming to encourage users who transact, trade, engage in off-chain marketing, or refer others to the protocol.

Staking VRTX results in a user score called voVRTX, which is crucial for promoting security and long-term engagement within the protocol. This score grows as users hold their VRTX staked for longer periods.

The objectives behind voVRTX boosting are:

- To promote extended VRTX staking.
- To increase active participation among users.
- To benefit contributors to Vertex who have a long-term outlook.

Users who demonstrate long-term dedication through various contributions and active participation in the ecosystem, as reflected by their voVRTX score, can earn rewards. These rewards are sourced from a portion of the protocol's revenue.

At present, there are 160 million VRTX in circulation. The total supply is set at 1 billion VRTX, with the tokens being released according to a schedule that spans over six years, as outlined in Vertex's official documentation.

Vertex Protocol was established by Darius Tabatabai and Alwin Peng. The two met in 2022 during a time of significant market turbulence. Despite their different backgrounds and a roughly 20-year age gap, they connected over a shared passion for solving problems and creating new ventures, introduced to each other by a mutual acquaintance.

During this period, there was a growing demand for decentralized exchanges that could merge the performance and capital efficiency of centralized exchanges with the self-custody values inherent in DeFi, which ultimately led to the creation of Vertex.

Darius brings extensive experience as a trader, having worked in foreign exchange, commodities, and cryptocurrencies. His past positions include Head of Trading at JST Capital and CrossTower, Global Head of Metals Trading at Merrill Lynch, and Global Head of Precious Metals Trading at Credit Suisse. He holds a Bachelor's degree in Government & Economics from the London School of Economics and a Master's degree in Computer Science from the University of York.

Alwin, the youngest hire at Jump Trading, entered the DeFi space right after high school. He quickly made his mark as a developer by creating RandomEarth, a well-known NFT marketplace on Terra in 2022, before partnering with Darius to co-found Vertex later that summer. Today, the two are inseparable.

VRTX can be traded on several centralized exchanges, mainly in spot markets with stablecoin pairs. You can find it on Huobi (https://www.huobi.com/exchange/htx/) and Vertex (https://app.vertexprotocol.com/vrtx).