Veax Labs has launched a new decentralised exchange (DEX) on NEAR Protocol that aims to bridge together decentralised finance and traditional finance markets. With its public testnet launching in late January, the DEX has over 12,230 users accessing the platform and creating over 120,000 liquidity positions by generating nearly 2 million native NEAR testnet transactions. To reward early liquidity providers in the Veax ecosystem, the firm has introduced its Veax Liquidity Provider (LP) Incentive Program, allocating 25% of all $VEAX tokens, amounting to 2,500,000 tokens. The 7-month long program will run from the platform’s mainnet launch through the token generation event (TGE) until the end of the year. Veax was developed by Tacans Labs, the DeFi builder arm of Tacans AG, a Swiss-based Web3 venture builder and investor. The platform’s incentives could triple or even quadruple earnings generated from exchange pools. Tokens earned will be locked for two months after they are earned to incentivize continued support.
James Davies, Chief Product Officer at Veax Labs, said, “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,”. The launch of LP Incentive Program will further accelerate the platform’s growth two months after the mainnet launch.
Veax Labs raised $1.2 million in pre-seed funding in November 2022 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. Readers are advised to verify information independently and consult with a professional before making decisions based on this press release content.