Schwarzenbach, Switzerland, April 27, 2023, Chainwire
vickers laboratory has officially launched its advanced decentralized exchange (DEX) on mainnet. Built on the NEAR protocol, the platform is designed to seamlessly bridge functionality commonly found in traditional finance (TradFi) with those of the decentralized finance (DeFi) market. With the launch of the platform’s mainnet, it launched the Veax Liquidity Provider (LP) Incentive Program, a unique opportunity to reward community members who provide liquidity to the platform, further accelerating its development.
Building on a successful testnet
Since the platform’s public testnet launched in late January, more than 12,230 users have accessed the platform, created more than 120,000 liquidity positions, and generated nearly 2 million native NEAR testnet transactions. Following the success of the platform’s public testnet, the team developed a unique trading experience for the NEAR ecosystem based on feedback received and implemented during the testnet phase.
“We have set out to develop a platform that will greatly enhance the NEAR trading experience. While some of our more advanced features are still in development, we believe the NEAR community will enjoy some of the features that will be available post-launch. Users will be able to try One of the key features of Veax Labs is our flexible fee levels, which will optimize the trading experience for regular traders and liquidity providers,” said James Davies, Chief Product Officer at Veax Labs.
“Our public testnet has proven to be very successful and we have received a lot of positive feedback from users and partners. We look forward to seeing the same reception on mainnet. We have many exciting developments planned, including the launch of LP Incentive Program, the continuation of our Veax Points program, and the launch of our native $VEAX token in the near future,” said Marie Tatibouet, Veax Labs Chief Marketing Officer.
“We’ve been impressed with the activity generated by the Veax testnet, and we look forward to launching on Consensus Live” – Kendall Cole, Proximity Labs
Introducing the Veax LP Incentive Program
The Veax LP Incentive Program will allocate 25% of all $VEAX tokens, for a total of 2,500,000 tokens, to reward early liquidity providers in the Veax ecosystem. This long-term 7-month program will run from the mainnet launch to the Token Generation Event (TGE) until the end of the year. TGE is expected to occur two months after the mainnet launch, and rewards will be accumulated and paid out one month after TGE occurs. To incentivize continued support, earned tokens will be locked for two months after they are earned. Incentive pools are designed to triple or even quadruple the yield generated by exchange pools.
Vickers Developer Tarkans Laboratoriesthe arm of DeFi builders Tarkans AG, a Switzerland-based Web3 venture capitalist and investor. In November 2022, Veax Labs raised $1.2 million in pre-seed funding from Circle Ventures, Proximity Labs and Outlier Ventures, as well as a series of high-profile investors including Tacans Labs, Qredo, Skynet Trading, Seier Capital and Widjaja Family.