FAQ
Community and user FAQ on the VRTX <> INK token migration, airdrop, and Vertex shutdown sequence.
1. Will VRTX token holders have a vesting schedule for receiving INK tokens?
A: No – INK tokens will vest immediately when the tokens become marketable with liquidity upon launch. For more details on the INK token, please refer to the announcements from Kraken and Ink official comms channels on X.
2. For the token merger, will there be the 3-week unstaking period still or will it be removed to allow immediate unlocking of tokens?
A: A historical snapshot will render both the unstaking period and immediate unstaking penalty obsolete. Users will receive INK tokens based on their VRTX holdings, whether staked or unstaked, as both are included in the INK allocation.
3. How can a decentralized exchange be acquired?
A: The acquisition entails a token migration between VRTX and INK, with the Vertex team joining the Ink Foundation to launch a new DEX brand. Upon the token’s launch, all VRTX holders will receive an airdrop of INK tokens and be eligible for a boost on an upcoming INK rewards program once the new DEX brand launches.
4. Will Vertex Edge sunset its DEX operations on all 9 EVM chains where it’s supported? When will this happen?
A: Yes, the shutdown sequence commences on Tuesday, July 8th @ 14:00 UTC and concludes on Thursday, August 14th @ 14:00 UTC. For more details, please refer to the announcement blog post here.
5. What will happen to my VRTX holdings?
A: As part of the acquisition, VRTX will merge with INK, and VRTX holders will receive an airdrop of INK tokens upon launch. Post-acquisition, VRTX tokens will remain visible in user wallets but will lack utility—no staking rewards or buybacks—causing their value to likely decline toward zero.
6. When do I need to close all my positions on Vertex?
A: Users should close all positions, including perpetuals and open borrows, as soon as possible, starting Tuesday, July 8th 2025, at 14:00 UTC.
Open positions will switch to reduce-only mode on Thursday, July 10th 2025, at 14:00 UTC.
Perpetual positions will be forcibly closed, and money market borrow positions will enter repay-only mode, starting Monday, July 14th 2025 @ 14:00 UTC.
Users are strongly urged to close all perpetual positions before Phase 3 of the Shutdown Sequence begins on Monday, July 14th 2025 @ 14:00 UTC to avoid any potential delays from automatic closure and settlement of their position.
7. What happens if I don’t close my positions?
A: Your positions will be force-closed and settled at the last oracle price from the price feed freeze in Phase 2, with resulting funds automatically distributed to the users’ connected wallet during Phase 4.
8. What will happen to user funds still held in the protocol (e.g., liquidity pools or staked assets)?
A: After Phase 4 begins, any remaining user funds will be automatically transferred to the user’s wallet without requiring manual action. Users are urged to close positions and withdraw assets beforehand to prevent potential delays.
9. Is there a deadline after which withdrawals will no longer be possible?
A: Withdrawals will be disabled starting on July 16th, 2025 @ 14:00 UTC, with the onset of Phase 4. Users are strongly advised to withdraw assets prior to this deadline to avoid potential delays.
10. How long will Vertex retain records and support access after the forced settlement date? Will account data be accessible after the shutdown?
A: Users can access their trading records and account history on a simplified Vertex web app until Phase 4 concludes on Thursday, August 14, 2025 @ 14:00 UTC.
11. What happens to the VRTX in my wallet between the Acquisition Announcement and the launch of the INK token + airdrop?
After the announcement, VRTX will still be there and people can still trade it if they want, but it will have no utility (no staking rewards, no buyback).
In the coming weeks, users will be able to verify their INK allocations directly using their wallet. More public communications will be provided on this subject soon.
12. Will the VRTX to INK swap rate be public and fixed? What will the swap ratio be?
A: The approximate conversion rate between VRTX and INK is 1 VRTX = 0.018 INK tokens.
13. Will I receive INK even if my VRTX is in a CEX?
A: Yes, the Vertex team is in contact with CEXs that currently support the VRTX token, and will allocate INK tokens to CEX users by sending them directly to supported exchanges. These exchanges will then distribute the INK tokens to their users upon the INK token's launch and exchange listing.
14. Can I still claim past rewards or pending incentives from VRTX staking or LPs?
A: Yes, users can claim any pending rewards / incentives they have before Phase 3 of the shutdown sequence ends.
15. What happens to sub-accounts or multiple addresses tied to the same user?
A: The snapshot renders multiple or single addresses linked to a Vertex subaccount irrelevant. Users should promptly close positions and withdraw assets. In rare cases where positions are forcibly closed and settled at the final oracle price, any remaining funds will be automatically transferred to the user’s associated wallet addresses during Phase 4.
16. When will the INK token go live and become liquid?
A: INK tokens for VRTX holders will be airdropped directly to their wallets once the INK token launches. The INK tokens for VRTX holders will be immediately liquid, with no vesting or lock-up period.
17. When will the new DEX brand go live on the Ink L2?
A: The new DEX brand is tentatively planned to launch later this year in 2025. More updates will be provided publicly as progress in the transition continues.
18. Will Vertex community and social channels remain active throughout the transition period between acquisition and new brand launch on the Ink L2?
A: The Vertex X / Twitter account will provide semi-regular updates throughout the transition period – including relevant shutdown sequence details and token migration + airdrop information.
All other official Vertex social and community channels, including the Discord server and Liquidity Lounge on Telegram, will be deprecated closer to the end of the shutdown sequence until the new DEX launches on the Ink L2 network. We will let users know when these developments are scheduled to occur.
19. What kind of INK reward boost will former VRTX holders receive once the new DEX launches on the Ink L2 network?
A: Details on the precise reward boost multiplier for INK tokens in the upcoming incentives program are still TBD, but former VRTX holders will be rewarded for participating. More information will be released on the INK trading rewards at a later date.
20. What will happen to the Vertex Edge contracts deployed on-chain across all 9 EVM instances?
A: The on-chain contracts for Vertex Edge (e.g., clearinghouse, etc) will eventually be deprecated. Users are strongly advised NOT to interact directly with the existing on-chain Vertex Edge contracts (all 9 EVM chains) after the Shutdown Sequence is completed.
21. What will be the valuation of the INK token allocations? For example, how do I know how much my VRTX will be worth in INK at launch?
A: The conversion rate between VRTX and INK is 1 VRTX = 0.018 INK. Users can use the conversion rate to discover how many INK tokens they will receive in the airdrop, which will also be independently verifiable by users in the coming weeks via a wallet interface for INK allocation verification.
22. Will INK tokens be claimable or airdropped directly to my wallet?
A: The INK tokens will be directly airdropped to user wallets. Users will simply need to claim their INK tokens within 90 days via the wallet(s) associated with their airdrop allocation.
23. If I transfer or sell my VRTX after the snapshot but before the INK airdrop, will I still get my INK allocation?
A: Yes, any actions with the VRTX token after the snapshot time do not impact INK allocations, meaning users will receive their INK tokens regardless. Otherwise, the VRTX token will be sunset and no longer have any utility post-acquisition.
24. Will I need to interact with INK L2 or the new DEX to claim INK tokens?
A: No, eligible VRTX token holders from the snapshot will receive their INK token allocations via airdrop – there are no other requirements. The boosted INK incentives that VRTX holders will also receive (independent of INK airdrop allocations), may be subject to interacting with the Ink L2 network, but is still TBD and will be communicated at a later time.
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