Schwarzenbach, Switzerland, April 27th, 2023, Chainwire
Veax Labs has officially launched its advanced decentralized exchange (DEX) on mainnet. Built on NEAR Protocol, the platform aims to seamlessly bridge features commonly found in the traditional finance (TradFi) with that of the decentralized finance (DeFi) market. Launching the platform's mainnet introduced the Veax Liquidity Provider (LP) Incentive Program, a unique opportunity to reward community members who commit liquidity to the platform, further accelerating its growth.
Building On A Successful Testnet
Since the platform's public testnet launched in late January, over 12,230 users accessed the platform, creating over 120,000 liquidity positions and generating nearly 2 million native NEAR testnet transactions. Following the success of the platform's public testnet, the team has developed a unique trading experience for the NEAR ecosystem, building on feedback received and implemented during the testnet phase.
"We have set out to develop a platform that will greatly 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 can try out is our flexible fee levels which will optimize the trading experience for both regular traders and liquidity providers," said James Davies, Chief Product Officer at Veax Labs.
"Our public testnet has proven to be highly successful, and we have received a lot of positive feedback from our users and partners. 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," said Marie Tatibouet, Chief Marketing Officer at Veax Labs.
"We're very impressed with the activity Veax testnet has generated, and we're looking forward to the release live at Consensus" - Kendall Cole at Proximity Labs.
Introducing The Veax LP Incentive Program
The Veax LP Incentive Program will allocate 25% of all $VEAX tokens, amounting to 2,500,000 tokens, to reward early liquidity providers in the Veax ecosystem. The 7-month program will run from the launch of the mainnet through the token generation event (TGE) until the end of the year. The TGE is expected to occur two months after the mainnet launch, with rewards accruing immediately and payable one month after the TGE takes place. To incentivize continued support, tokens earned will be locked for two months after they are earned. The incentive pool is designed to triple or even quadruple earnings generated from exchange pools.
Tacans Labs, the DeFi builder arm of Tacans AG, a Swiss-based Web3 venture builder, and investor, developed Veax. 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.