- Veax Labs has launched an advanced decentralized exchange (DEX) on the mainnet.
- The platform aims to bridge features commonly found in traditional finance (TradFi) with those of the decentralized finance (DeFi) market.
- The Veax Liquidity Provider (LP) Incentive Program will allocate 25% of all $VEAX tokens, amounting to a total of 2,500,000 tokens, to reward early liquidity providers in the Veax ecosystem.
Veax Labs has officially launched its advanced decentralized exchange (DEX) on the mainnet.
Built on the NEAR Protocol, the platform aims to seamlessly bridge TradFi (traditional finance) and DeFi (decentralized finance) features.
With the launch of the platform’s mainnet came the introduction of the Veax LP (Liquidity Provider) Incentive Program, a one-of-a-kind opportunity to reward community members who commit liquidity to the forum, thereby accelerating its growth.
Building on a Successful Testnet
Over 12,230 users have accessed the platform since the platform’s public testnet launched in late January 2023, creating over 120,000 liquidity positions and generating nearly two million natives NEAR testnet transactions.
Following the platform’s public testnet’s success, the team has created a one-of-a-kind trading experience for the NEAR ecosystem based on feedback received and implemented during the testnet phase.
James Davies, chief product officer at Veax Labs, stated,
“We have set out to develop a platform that will significantly enhance the trading experience on NEAR. Although some of our more advanced features are still under development, we are confident that the NEAR community will enjoy some of the features that will be available upon launch.
“One of the key features that users will be able to try out is our flexible fee levels, which will optimize the trading experience for both regular traders and liquidity providers.”
According to Marie Tatibouet, chief marketing officer at Veax Labs,
“Our public testnet has proven to be highly successful, and we have received a lot of positive feedback from both our users and partners alike. We look forward to seeing the same reception on the mainnet.
“We have a lot of exciting developments planned, including the launch of [the] LP Incentive Program, the continuation of our Veax Points program, and the launch of our native VEAX token shortly.”
Kendall Cole from Proximity Labs also stated,
“We’re very impressed with the activity Veax testnet has generated, and we’re looking forward to the release live at Consensus.”
Introducing the Veax Lab LP Incentive Program
The Veax LP Incentive Program will reward early liquidity providers in the Veax ecosystem by allocating 25% of all VEAX tokens (a total of 2,500,000 tokens).
The seven-month program will run from the launch of the mainnet through the TGE (token generation event) until the end of the year.
The TGE is expected to take place two months after the mainnet launch, with rewards accruing immediately and becoming payable one month later.
To encourage continued support, tokens will be locked for two months after being earned. The incentive pool is intended to triple or quadruple earnings from exchange pools.
About Veax
Veax was created by Tacans Labs, the DeFi builder arm of Tacans AG, a Swiss-based Web 3.0 venture builder, and investor.
In November 2022, Veax Labs raised $1.2 million in pre-seed funding from a series of prominent investors, including Circle Ventures, Proximity Labs, and Outlier Ventures, together with Tacans Labs, Qredo, Skynet Trading, Seier Capital, and Widjaja Family.
