Vertex to Burn VRTX Token Amid Ink Ecosystem Migration

* Vertex Protocol to burn VRTX token and migrate to Kraken-backed Ink Layer 2 network. * Ink Foundation to integrate Vertex technology and team to build on-chain capital markets. According to a July 8, 2025, announcement, Vertex Protocol, an Arbitrum-based decentralized exchange (DEX) specializing in perpetual trading and money markets, will sunset its VRTX token and transition operations to Ink, a Layer 2 network incubated by Kraken. This strategic migration will allow the Ink Foundation to leverage Vertex's engineering team and proprietary trading technology, including its high-efficiency synchronous order book and perpetuals engine, to advance the creation of open, on-chain capital markets. The July 8 announcement detailed that as part of the transition, Vertex will officially retire the VRTX token and permanently burn all treasury-held and unvested VRTX tokens. A snapshot will determine which VRTX holders qualify for an airdrop of Ink's native token, INK. According to the announcement, these tokenholders will receive 1% of the INK genesis supply and become eligible for upcoming incentives within the INK ecosystem. On July 8, CEO and Co-Founder of Vertex, Darius Tabai, said in the announcement, “This is an incredible moment for the Vertex team and community. Vertex technology will accelerate the Ink Foundation's goals, provide more opportunity for traders, and represent renewed potential for tokenholders.” The July 8 announcement also noted that the Web3 M&A platform Acquir.Fi facilitated the migration process and asset acquisition, although the parties have not disclosed the financial specifics of the deal. The announcement stated that Vertex Protocol's VRTX token ceased active trading at 12:00 UTC on July 8. Meanwhile, according to CoinMarketCap on July 8, Ink's native token (INK) showed bullish momentum, trading at $2.97 with a 6.2% increase in 24-hour volume.