Veax Labs officially launches advanced NEAR-based DEX on mainnet, introduces LP incentive program

Schwarzenbach, Switzerland, April 27, 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 in traditional finance (TradFi) with those in decentralized finance (DeFi). It has also introduced the Veax Liquidity Provider (LP) Incentive Program, an 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 2m native NEAR testnet transactions.

Following the success of the platform’s public testnet, the team has developed a special trading experience for the NEAR ecosystem, building on feedback received and implemented during the testnet phase.

James Davies, the chief product officer at Veax Labs, said:

“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 will be able to try out is our flexible fee levels which will optimize the trading experience for both regular traders and liquidity providers.”

Marie Tatibouet, the chief marketing officer at Veax Labs, said:

“Our public testnet was successful, and we have received 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 LP Incentive Program, the continuation of our Veax Points program, and the launch of our native VEAX token in the near future.”

“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, added.

Introducing the Veax LP incentive program

The Veax LP Incentive Program will allocate 2,500,000 VEAX or 25% of total supply, to reward early liquidity providers. The 7-month long program will run from the launch of the mainnet through the token generation event (TGE) until the end of the year.

The TGE will be in two months after the mainnet launch. Rewards will start accruing immediately and payable one month after the TGE. 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.

About Veax

Veax was developed by Tacans Labs, the decentralized finance (DeFi) building arm of Tacans AG; a Swiss-based web3 venture builder and investor. In November 2022, Veax Labs raised $1.2m in pre-seed funding from a series of prominent investors including Circle Ventures, Proximity Labs, and Outlier Ventures, Tacans Labs, Qredo, Skynet Trading, Seier Capital, and Widjaja Family.

Contact

PR Manager
Dion Guillaume
Tacans Labs
[email protected]