Veax Labs Launches Advanced NEAR-Based DEX on Mainnet, Introduces Major LP Incentive Program

(Press release – Schwarzenbach, Switzerland, April 27, 2023)

Veax Labs has officially launched an advanced decentralized exchange (DEX) on the mainnet. The platform, built on the NEAR protocol, aims to seamlessly connect features popular in traditional finance (TradFi) with those in the decentralized finance (DeFi) market. Along with the platform’s mainnet launch, it introduced the Veax Liquidity Provider (LP) incentive program, a unique opportunity to reward community members who commit liquidity to the platform, accelerating its growth.

Based on Testnet is successful

Since the platform’s public testnet launch in late January, more than 12,230 users have accessed the platform, creating over 120,000 liquidity positions and generating nearly two million original 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 set out to develop a platform that will greatly enhance the trading experience on NEAR. Although some of our more advanced features are still in development, we are confident that the NEAR community will enjoy some of the features that will be available at launch. James Davies said, Chief Product Officer at Veax Labs, “One of the key features that users will be able to experience is the flexible fee levels that will improve the trading experience for both regular traders and liquidity providers.”

“Our public test network has proven to be very successful, and we have received a lot of positive feedback from users and partners alike. We look forward to seeing the same reception on the mainnet. We have a lot of exciting developments in store for us,” said Marie Tatiboet, Head of Marketing at Veax Labs. These include the launch of the LP Incentive Program, the continuation of the Veax Points Program and the launch of the VEAX USD token in the near future.

“We are very impressed with the activity generated by the Veax Test Network and look forward to the live release at Consensus” – Kendall Cole of Proximity Labs.

Introducing the Veax LP incentive programme

The Veax LP Incentive Program will allocate 25% of all VEAX dollar tokens, totaling a total of 2,500,000 tokens, to reward early liquidity providers in the Veax ecosystem. The 7-month program from mainnet launch to token generation event (TGE) will run until the end of the year. The TGE is expected to occur two months after the mainnet launch, with rewards due immediately and paid one month after the TGE occurs. To incentivize continued support, earned tokens will be locked for two months after they are earned. The incentive pool is designed to triple or even quadruple the profits generated by the exchange pools.

About Veax

Fix Developed by Takans Laboratories, the DeFi builder arm of Tacans AG, a Switzerland-based Web3 venture builder and investor. In November 2022, Veax Labs raised $1.2M in seed funding from a series of high-profile investors including Circle Ventures, Proximity Labs, and Outlier Ventures, along with Tacans Labs, Qredo, Skynet Trading, Seier Capital, and Widjaja. Family.