After the LBA: Claim, Pool, Trade & Stake
In our last blog, we covered Stage 1 of the VRTX Token Launch and how to participate in the Vertex Liquidity Bootstrapping Auction (LBA).
In today’s post, we’ll cover what happens once the LBA finishes and the VRTX token officially goes live.
- Overview: What can I do after the LBA?
- Claiming VRTX Rewards
- Pool Formation & Providing New Liquidity
- Staking VRTX
VRTX Token Launch – What Can You Do?
During the Liquidity Bootstrapping Auction (LBA), participants can supply pre-claimed VRTX trading rewards and anyone can supply USDC.e.
Once the LBA has finished, the two asset pools will merge into one pool:
- VRTX-USDC.e Pool (Vertex AMM)
The AMM pool provides a base of liquidity for the token upon launch after determining a fair price. By this point, the VRTX token will have officially launched.
Users will subsequently be able to:
- Claim Rewards: If you earned trading rewards during epochs 1 → 7 of the Trade & Earn program, you can now claim those rewards directly to your wallet. This applies only to pending VRTX rewards that were NOT pre-claimed and supplied during the LBA.
- Provide Liquidity: You can provide liquidity to the VRTX-USDC.e pool as an LP. Liquidity provided after the LBA has no lock-up – same as any conventional x * y = k AMM pool.
- Swap & Trade: Access the VRTX-USDC.e market via a new quick swap feature, or utilize the same powerful trading interface you’ve come to love.
- Stake: Stake your VRTX tokens to generate a voVRTX. Analogous to a “user score,” the amount of voVRTX produced increases proportionally to the longer duration a trading account consistently stakes VRTX and contributes to the protocol – displaying long-term participation and commitment.
Claiming VRTX Rewards
When: After the LBA
If you’ve traded on Vertex before, then you’re aware that the Trade & Earn program provides trading rewards in VRTX.
The Initial Token Phase of the rewards program commenced immediately following the Vertex mainnet launch on Arbitrum in April 2023. The Initial Token Phase concludes after the current Epoch 7 ends on November 8th.
The Trade & Earn program will continue after the LBA too! We’ll provide more details on the Ongoing Emissions Phase soon.
Users with VRTX rewards from Epochs 1 → 7 have two options during the LBA and Token Launch:
- Pre-Claim & Supply VRTX to the auction (with a vesting lock-up).
- Immediately Claim any VRTX that was NOT pre-claimed and supplied to the LBA.
Any liquid claimable VRTX that was NOT contributed to the LBA will be available to claim in your wallet on November 20th, 2023.
***Note: Users will have 30 days after the LBA finishes to liquid claim any available VRTX trading rewards. Any unclaimed rewards will be diverted to the protocol treasury.
How to Claim VRTX Rewards
To claim your available VRTX trading rewards, simply click on [Claim] on either:
- VRTX Token Page Claim Banner
- Rewards Dashboard
Both of these pages can be found by clicking on the ‘VRTX Token Page’ in the navigation bar.
After clicking [Claim], sign the transaction in your wallet.
You will receive the VRTX directly in your wallet.
Once claimed, you will need to add the VRTX token to the list of supported tokens in your wallet manually. The official contract address will be shared from our socials.
Note on Using VRTX & When You’ll Need to Deposit
→ To Pool and Swap VRTX on Vertex, you’ll need to deposit VRTX into your Vertex trading account.
→ Staking is performed directly via your wallet. If you wish to stake, do not deposit the VRTX or you will have to withdraw it.
Provide Liquidity – The VRTX-USDC.e Pool
The LBA is designed to determine the fair launch price for the VRTX token and provide the initial base of liquidity for the VRTX-USDC.e pool with the capital contributed (e.g., VRTX and/or USDC.e) to the auction.
After the LBA ends on November 20th, the VRTX token will officially launch! One of the actions available to users at this point is the ability to provide liquidity to the new VRTX-USDC.e pool on Vertex.
As an LP, users can freely provide and withdraw new liquidity to the VRTX-USDC.e pool.
The “new” liquidity specifically refers to USDC.e or VRTX that was NOT contributed to the LBA during the 7-day auction. As a reminder, participating LBA liquidity is locked and vested over 120 days while earning dual rewards in both pool fees and VRTX.
- There is NO lock-up for either VRTX or USDC.e liquidity provided directly to the VRTX-USDC.e pool after the LBA – meaning after 13:00 UTC on November 20th.
- If you deposited VRTX into Vertex after claiming, then providing and withdrawing LP liquidity from the VRTX-USDC.e pool are performed via your Vertex account and NOT directly from your crypto wallet.
Screenshot of the Pool Tab on the VRTX Token Page where the VRTX-USDC.e pool will be available.
- Pool Card (Top-Left): Displays the current pool conditions and your LP position information.
- LBA Card (Bottom-Left): Shows your LBA position if you participated in the auction.
***To manage your LBA position and claim rewards, head to the Rewards dashboard.
Provide Liquidity: The VRTX-USDC.e Pool
To provide VRTX to the VRTX-USDC.e pool, you will first need to deposit VRTX into your Vertex trading account.
→ Navigate to the [Pool] tab on the VRTX Token Page or simply go to the general page.
→ Press [Provide].
→ A pop-up window will appear.
→ Enter the amount of VRTX / USDC.e you wish to supply to the pool.
→ You can enter one asset (e.g., VRTX) and the other (e.g., USDC.e) will populate. Or simply use the % shortcuts of your max.
→ Press [Provide].
→ Sign the transaction in your wallet or if you have One-Click Trading switched to ON, then you won’t need to sign the transaction in your wallet.
→ You’ve successfully provided liquidity to the VRTX-USDC.e pool!
Withdraw Liquidity: The VRTX-USDC.e Pool
→ If you have provided liquidity to the pool, the [Withdraw] button below the [Provide] button will be available.
→ Click on [Withdraw].
→ A pop-up window will appear.
→ Select the amount of your LP position that you wish to withdraw from the pool.
→ Sign the transaction in your wallet (this only applies if you don’t have One-Click Trading switch to ON).
→ You will have successfully withdrawn the liquidity from the pool to your Vertex account.
Swap & Trade: The VRTX-USDC.e Pool
Trading against the VRTX-USDC.e pool will be enabled following the conclusion of the LBA.
On the VRTX Token Page of the Vertex app, you will find a [Swap] tab. A recently updated interface features the ability to swap between VRTX <> USDC.e tokens.
The current market stats for the pool will also be displayed on the right-hand side of the screen.
→ Enter the amount of USDC.e / VRTX you wish to buy or sell.
→ After entering the amount, the [Swap] button will be available – along with a summary of the swap details.
→ Once ready, press the [Swap] button.
→ If you don’t have One-click Trading switched to ON, you will need to sign the transaction in your wallet.
→ You’ve successfully completed a swap!
How Can You Use Vertex’s Other Trading Features?
Limit and trigger orders, charting, and other features are also available for trading VRTX <> USDC.e on the Vertex orderbook.
→ Click on [Advanced Trading] on the Token Page.
→ Select the Trade drop-down menu in the navigation bar.
→ Go to the VRTX-USDC.e market via the drop-down menu or on the trading page.
→ Tap into Vertex’s powerful trading interface just like the other available markets.
Stake VRTX: Generate voVRTX & Earn Rewards
Lastly, staking VRTX will be enabled once the LBA ends!
Staked VRTX is required to participate in the protocol's incentive program as both an indicator of a user’s commitment and assurance of standards.
Beyond this requirement, staking VRTX generates a user score, known as voVRTX, that also plays a significant role in incentivizing security and long-term commitment to the protocol.
A full staking guide will be released in the coming days. In the meantime, here is a screenshot of what to expect.
If you have any questions regarding the VRTX Token Launch after the LBA, please open a ticket in Discord.
As always, follow the Vertex journey on Twitter to be the first to know about updates.
~ The Vertex Team
Vertex provides a decentralized protocol for trading spot digital currencies and perpetual contracts. Vertex is not authorised or regulated by the Financial Conduct Authority (FCA) or any other regulator. Since cryptocurrency markets are decentralised and non-regulated, our cryptocurrencies trading services are unregulated services which are not governed by any specific UK, European or other regulatory framework (including MIFID or MiCA). Therefore, when Vertex customers use our cryptocurrencies trading service, they will not benefit from the protections available to clients receiving regulated investment services.
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