A New Chapter – Vertex Joins the Ink Foundation

Vertex

08 Jul 2025 • 8 min read

We’re thrilled to announce that Vertex has entered an agreement to join the Ink Foundation, bringing Vertex’s core infrastructure and team to the Ink L2 ecosystem!

The move marks a major milestone for both Vertex and Ink as we enter the next chapter of our journey in DeFi, bringing our synchronous orderbook engine, perpetuals, and money market stack to power the Ink L2 ecosystem.

Over the past 2+ years, our mission with Vertex has been to set a new standard for on-chain trading - uniting performance, transparency, and synchronous orderbook liquidity. From our launch on Arbitrum in 2023, Vertex grew swiftly, spanning nine chains with the dedication of a small team and the support of a remarkable community of users and partners.

Vertex proved that a DEX can achieve high performance, transparency, and deep liquidity - without compromising on the ethos of DeFi.

Not long ago, we were among the few Terra ecosystem projects to weather the collapse of May 2022, narrowly escaping a fate that unfortunately befell many of our peers. The subsequent FTX implosion and enduring bear market cast further uncertainty over our future.

Yet, rather than dissolve from adversity, it brought us closer together. We chose to pivot, charting a new course with an orderbook DEX on Arbitrum. This shift from on-chain forex to the highly competitive exchange sector was a bold move, but one that ultimately proved worthwhile - culminating in $224 billion in cumulative trading volume over two years.

Today, as Vertex joins the Ink Foundation, we're thrilled to embark on a new chapter. Looking ahead, Vertex will re-brand and launch a dynamic, new version of the DEX purpose-built for the Ink ecosystem as part of the foundation team.

What This Means for Our Community

This transition brings important changes for both Vertex users and VRTX token holders as we welcome them along for the next generation of Vertex and on-chain trading. Importantly, the agreement includes two primary aspects that require your attention:

The VRTX <> INK Token Migration & Airdrop
Vertex Edge Shutdown Sequence

Details encompassing both can be found in the sections below.

All Vertex users and VRTX token holders are strongly encouraged to read this post in full, as it contains relevant and timely details on both the token migration and shutdown sequence.

The VRTX <> INK Token Migration & Airdrop

As part of the transition, the VRTX token will be sunset, and VRTX holders will be eligible for an airdrop of INK tokens at the token’s launch, with 1% of the total INK supply allocated to VRTX holders.

All treasury and non-vested VRTX tokens will be excluded and burned, and VRTX holders will also receive boosted participation in an upcoming INK incentives program.

Airdrop plans and distribution mechanics will be shared at a later date, and eligible users will be able to verify their INK token allocations via their wallets in the coming weeks.

VRTX <> INK Token Migration Details:

Snapshot Date: The INK token airdrop for VRTX holders is based on a snapshot time of VRTX holdings on Tuesday, July 8th @ 14:00 UTC.
Token Conversion Rate: The approximate VRTX <> INK conversion rate is:
1 VRTX = 0.018 INK tokens.
Exclusions & Burning: All Vertex treasury holdings and non-vested VRTX tokens are excluded from the airdrop and will be burned.
Vesting and Liquidity: INK tokens will become fully vested and liquid at launch.
Snapshot and Unstaking: The historical snapshot ensures that both staked and unstaked VRTX are included in the INK allocation. As a result, the VRTX unstaking period and the immediate unstaking penalty are no longer applicable.
Airdrop Claim Period: After the INK token launches, Vertex users will have 90 days to claim their airdrop. Unclaimed INK will be redistributed.
Post-Acquisition Status of VRTX: Following the acquisition, VRTX tokens will remain visible in user wallets but will no longer have any utility, including staking rewards or buybacks. There are no plans for further use of the VRTX token beyond the migration and INK airdrop.
Distribution to CEX Users: INK allocations for VRTX held on centralized exchanges will be sent directly to those exchanges by the Ink Foundation team. Participating exchanges can then distribute INK tokens to eligible VRTX holders at launch and listing of the INK token on the corresponding exchange.
INK Allocations Verification: VRTX holders will be able to verify their INK token allocations in the coming weeks via their eligible wallets that will be communicated publicly soon.
Vertex Subaccounts: The snapshot renders multiple or single addresses linked to a Vertex subaccount irrelevant. Users will receive their full INK token allocations from the airdrop regardless if they have multiple addresses linked to a single Vertex subaccount or not.
User Actions: Users do not have to manually initiate any actions with their VRTX tokens to receive their INK airdrops since the snapshot has already been taken. More details concerning the ability to verify INK airdrop allocations and the timing of the airdrop will be communicated publicly in coordination with the Ink Foundation team.

Please stay tuned to official Vertex communication channels for regular and ongoing updates on the VRTX <> INK token migration and airdrop details.

Sunsetting Vertex Edge – The Shutdown Sequence

As a result of the agreement, Vertex will soon cease trading activity across all 9 of its EVM chain deployments and halt previously planned deployments of Vertex Edge on new chains.

The shutdown sequence consists of a structured, 4-phase process for users to close their positions and withdraw their assets in an orderly manner.

Phase 1 of the shutdown sequence begins today - Tuesday, July 8th 2025 @ 14:00 UTC.

Vertex users are strongly encouraged to read the details of the shutdown sequence below so that they may close any open perpetual positions, repay open borrows, and withdraw assets / collateral from the DEX as soon as possible to avoid any potential delays.

Shutdown Sequence Timeline & What to Expect

Phase 1: Manually Close Positions, Repay Borrows & Withdraw Assets

Dates: July 8th 2025 @ 14:00 UTC → July 10th 2025 @ 14:00 UTC

App Functionality: All DEX features remain operational. Users are strongly encouraged to:

Manually close open perpetual positions.
Repay outstanding borrows from the money markets.
Withdraw assets and collateral from the exchange.

Deposits and withdrawals will remain fully operational throughout Phase 1. Prompt user actions are encouraged during Phase 1 to avoid potential delays or complications in subsequent phases.

Phase 2: Perpetual Reduce-Only Mode & Oracle Price Freeze

Dates: July 10th, 2025 @ 14:00 UTC → July 14th, 2025 @14:00 UTC

App Functionality: Limited DEX functionality for perpetuals. Money markets and spot markets remain fully operational.

Oracle price feeds for all perpetual markets are frozen at final values at 14:00 UTC on Thursday, July 10th 2025.
Perpetual trading enters reduce-only mode (positions can only be decreased or closed).
Last opportunity for manual position management.
Spot markets and money market borrows remain functional.

Deposits and withdrawals continue to be operational throughout Phase 2.

Note: Users are strongly encouraged to close their positions before Phase 3 to avoid automatic settlement of their position. Any user funds resulting from forced settlement of an open position will be distributed directly to their wallets, but will not occur until Phase 4.

Phase 3: Forced Settlement of Perpetual Positions & Money Market Repay-Only Enabled

Dates: July 14th, 2025 @ 14:00 UTC → July 16th, 2025 @ 14:00 UTC

App Functionality: Limited DEX functionality for perpetuals and money markets. Spot markets remain fully operational.

All open perpetual positions remaining are force-closed at the frozen oracle prices from Phase 2.
Money markets switch to repay-only mode (e.g., no new borrows).
Spot market price feeds remain active.
Final opportunity for trading via the web app.
Remaining borrow positions auto-closed via collateral swap after Phase 3 ends are subject to a 5% penalty.

Deposits and withdrawals continue to be operational throughout Phase 3.

Phase 4: Final Closure – Force Close Money Market & Settlement Funds Return

Dates: July 16th, 2025 @ 14:00 UTC → August 14th 2025 @ 14:00 UTC

App Functionality: All DEX trading activity ceases. Users can no longer engage with trading or borrowing activity on the exchange.

All spot market price feeds are frozen.
Outstanding borrows are force-closed via collateral swaps; funds are sent to user wallets.
Remaining borrow positions auto-closed via collateral swap after Phase 3 ends are subject to a 5% penalty.
Perpetual settlements from forced closure in Phase 3 are distributed to user wallets.
Web application trading pages are deprecated.
User trade history will remain accessible for approximately four more weeks so that users may retrieve their trading records.

Deposits and withdrawals will be disabled throughout Phase 4.

Regular updates and reminders on the shutdown sequence timeline will be published from the official Vertex X Account and Discord Server throughout the duration of the shutdown sequence.

Key Points for Users & Partners

Prompt User Action: Users are strongly advised to close positions, repay borrows, and withdraw assets as soon as possible to ensure a smooth experience.
Transparency: All settlements are based on oracle prices at the time of the oracle price freeze. User funds will be returned automatically after forced closures directly to their wallets in Phase 4 – including both perpetual and money market positions.
Access & Record-Keeping: Trade history will be available for about 4 weeks post-shutdown for user reference and trading record retrieval.
Support: Vertex will maintain open communication and dedicated support throughout the shutdown sequence process to assist both users and partners.

If you have any questions, complications, or other inquiries related to the Vertex Shutdown Sequence, please don’t hesitate to reach out in the dedicated Vertex support channels.

Looking Ahead – A Better Future for On-Chain Trading

The transition into the Ink Foundation marks a pivotal moment in the Vertex journey, where the combination of Vertex's proven trading technology and the Ink L2's emerging ecosystem creates a platform uniquely positioned to serve the next generation of on-chain traders.

The INK token ecosystem offers VRTX holders an entry point into a more dynamic ecosystem and vibrant user base. And the new DEX will deliver the high-performance trading experience our community expects, enhanced by new features and the support of the Ink Foundation.

As we transition through the shutdown phases, our commitment remains unchanged: ensuring every user can safely exit their positions and participate in the INK ecosystem.

To all who have accompanied Vertex on this odyssey – steadfast from the beginning or newly arrived, through adversity and triumph, solemn moments and shared laughter – our gratitude is profound. The tapestry of our journey is richer for your presence, and as we turn the page to this next chapter, we do so buoyed by your enduring support and camaraderie.

We’re excited to welcome you to a new platform where we can better shape the future of on-chain trading. The journey continues, and we're excited to build it together with you.

Cheers,

~ The Vertex Team

For more updates and relevant communications on the Vertex transition to the Ink Foundation, make sure to stay tuned to the Official Vertex X Account and Discord server for further communications.