Vertex, a decentralized exchange protocol operating on Arbitrum, has recently announced an exclusive project. As per the platform, it is unveiling the “Buyback & Stake Program” in which it will deploy a part of reserved protocol revenue through the Protocol Treasury. On its X account, the platform disclosed the launch of this new project.
Vertex Unveils the Buyback & Stake Program to Offer Extra Reserves
Additionally, the platform mentioned in a post that it will use VRTX (the native token of Vertex) for the project. The portion of the above-mentioned revenue takes into account trading fees and other such things, according to the company. It added that the program comprehensively leverages the present Protocol Treasury disclosures. Apart from that, the firm will conduct its employment in line with a forward-looking approach.
Vertex will reportedly lock the VRTX tokens, that users purchase, into staking. In addition to this, the platform will spend the staking rewards in the form of USDC to further VRTX staking. While providing details of the project, the company revealed that it has allocated up to 2M VRTX tokens for start. After buying the respective tokens from the Protocol Treasury, Vertex has also staked them to run the project smoothly.
The Project Contributes to the Firm’s Commitment to Promote Community-Led Development
The Protocol Treasury, it asserted, operates as the token pool that consists of VRTX coins. Here, the company facilitates the distributions via the Foundation. It functions as a systematic reserve that is deployed across diverse uses. Vertex also clarified that the firm will use the USDC rewards coming from the staked position of VRTX to buy back.
It ensured the community that the platform would keep on providing periodic updates concerning the project’s strategic endeavors. Moreover, it claimed that the program targets the generation of extra Protocol Treasury reserves. This will reportedly enable Vertex to fulfill its determination to promote community-led development.
