- Arbitrum’s decentralized exchange (DEX), Vertex Protocol (VRTX), is experiencing increasing spot and perpetual trading volume.
- VRTX price rose 33% in 24 hours, up $0.44, or 89%, from $0.22 on November 22.
- Total value locked (TVL) reached $32 million.
Most altcoins are trading at nearly year-long highs after reflecting Bitcoin’s rise to over $38,000, its highest price in 18 months.
While the overall market outlook is optimistic, analysts are pointing to a potential upside for BTC.
Here’s what you need to know about Vertex Protocol (VRTX) next week.
Vertex (VRTX)
Vertex Protocol is Arbitrum’s decentralized exchange (DEX) offering spot, perpetual, and money markets. The Moneymaker DEX, automated with a hybrid order book, has seen an increase in trading volume over the past few days, with 24-hour volume surpassing dYdX, making it the highest volume DEX for perpetual trading.
Another 24-hour volume ATH @vertex_protocol!
It has surpassed dYdX in volume 1 perp dex. https://t.co/QqGiOSkacW pic.twitter.com/FQdZQfl7OD
— Lavitas (@laevitas1) November 26, 2023
Vertex Protocol TVL and Pricing
Recently, incentives have been provided to users. Released Arbitrum (ARB) incentive program is expected to continue to see a surge in trading volume. In week 2 of the ARB incentive, over 210,000 ARB tokens were distributed to traders last week.
Claiming tokens is real-time and adds an incentive for traders to earn VRTX through Vertex Protocol’s Trade & Earn program. Therefore, users can receive compensation for trading fees up to 75% of the taker fee. VRTX liquid staking allows holders to stake VRTX to generate voVRTX and earn rewards.
According to DeFiLlamaA total of $32 million was staked on the Vertex chain, with derivatives trading volume reaching $566 million in the last 24 hours.
VRTX is currently listed on cryptocurrency exchanges such as Bybit, Bitget, and Gate.io. According to data from CoinGecko, VRTX price rose 34% in the last 24 hours and reached a high of $0.44. VRTX/USD is currently trading at $0.42, up 89% from its November 22 low of $0.22.