Vertex beta testing began on March 8th with a select group of clients testing the order book and other components of the DEX.
Crypto trading protocol Vertex announced the deployment of contracts on the Arbitrum mainnet to attract institutional traders. The protocol began beta testing on March 8th with a select group of institutional traders for spot and derivatives trading.
1/ Vertex launches pure API beta on mainnet โก
Vertex’s contracts are now hosted on the @arbitrum mainnet! The API-only beta marks the first phase of the rollout sequence and allows automated traders to trade on Vertex.
It will run several weeks before the mainnet launch.
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โ Vertex ๐ (@vertex_protocol) March 8, 2023
Participants can test the order book and other components of the DEX before releasing a front-end dApp later this year.
Vertex is the newest player in Arbitrum’s decentralized finance (DeFi) ecosystem. Arbitrum has a Total Value Locked (TVL) of $3.2 billion, ranking fourth among other chains. Since the beginning of 2023, the TVL has doubled in DeFi applications on Arbitrum.
As the largest DApp on Aribitrum, GMX represents 32.04% of the network’s total TVL. This is where traders and liquidity providers compete against each other on the perpetual swap trading platform. Additionally, the GMX platform offers returns to token holders without diluting the token supply, with players earning 30% of the protocol’s fees.
Vertex aims to compete with GMX, which relies on user-provided liquidity via automated market makers (AMMs) to facilitate trading. On the other hand, Vertex uses an order book, a traditional facility found on centralized exchanges.
As per the protocol, Vertex provides users with optimal price matching, trade execution and access to opportunities.
“GMX may struggle to keep up with future growth because it relies on a liquidity pool that may not scale,” said Darius Tabatabai, co-founder of Vertex.
Vertex’s second phase private beta begins in a few weeks. The public launch begins in phase three after the API-only and private beta testing phases.
Arbitrum’s growth over the past few months
Arbitrum challenges other blockchain networks for market share. In addition to growth at TVL, the Layer 2 blockchain surpassed Ethereum in daily transactions for the first time on Feb. 21.
Additionally, Arbitrum has seen a significant spike in stablecoin inflows over the past few days, with the highest inflow across all blockchains. The influx of stablecoins indicates growing confidence in the Arbitrum ecosystem.
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What is Vertex:
Vertex Protocol is an Arbitrum-based decentralized exchange developing a Vertically Integrated Exchange (VERT-EX) with an order book and an advanced risk engine to facilitate cross-margin trading of spot and derivatives, and a cash market to facilitate leverage and produce products. The team aims to improve the user experience by providing integrated solutions such as ramps, efficient bridging, Web2-style login integrations with self-custody, and multiple user interfaces to cater to different traders with different needs.
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Learn more about Vertex:
Website | Twitter | discord | telegram
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What is arbitration:
Arbitrum is an Ethereum Layer 2 network that allows developers to create and deploy highly scalable smart contracts at low cost. You can use Arbitrum chains to do all the things you do on Ethereum – use Web3 apps, deploy smart contracts, etc., but your transactions will be cheaper and faster. The team’s flagship product, Arbitrum Rollup, is an optimistic rollup protocol that inherits Ethereum-level security.
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Learn more about Arbitrum:
Website | Documents | Twitter | Blog |
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