State of Vertex Q3 2024

Messari · 2024-12-17T14:34:36+00:00

- **Vertex expanded its operations in Q3 with new deployments on Sei and Base,** bringing its multichain strategy into focus. The Sei deployment quickly gained traction, contributing 14% of quarterly trading volume and demonstrating the potential for growth in untapped markets.- **Vertex’s deployment on Mantle experienced significant growth,** with average daily volume increasing 599% QoQ to $54.7 million, accounting for 15% of total trading volume in Q3.- **BTC-PERP achieved the highest daily average open interest in Q3 at $34.7 million,** growing 11% QoQ and surpassing ETH-PERP, which saw a sharp decline to $28.9 million following a market deleveraging event.- **Onchain activity was driven by power users,** with daily average trades increasing 23% to 230,900 while daily active addresses fell 37% to 1,100. This indicates a growing concentration of trading activity among high-volume participants.- **Vertex launched the VRTX Vertical Program in September,** introducing significant changes to tokenomics, such as reducing reward emissions and reallocating rewards to liquidity providers, signaling a focus on sustainable ecosystem development.- **Leaderboard Launch** (July 26) - Vertex launched a leaderboard that tracks the most profitable traders on Vertex.- **New Referral Staking Tiers** (July) - Introduced 5 different commission tiers for VRTX stakers that refer new traders to use Vertex.- **Multiple Accounts Support Added** (August 7) - This feature allows users to manage multiple accounts from the same wallet address on Vertex.- **Social Indicators Added** (August 13) - In collaboration with The Tie, Vertex integrated social indicators such as tweets, newsfeeds, and sentiment tracking directly into the Vertex trading application.- **Fast Withdrawals Introduced** (August 29) - New feature that allows users to withdraw assets quicker.

Messari

Vertex expanded its operations in Q3 with new deployments on Sei and Base, bringing its multichain strategy into focus. The Sei deployment quickly gained traction, contributing 14% of quarterly trading volume and demonstrating the potential for growth in untapped markets.
Vertex’s deployment on Mantle experienced significant growth, with average daily volume increasing 599% QoQ to $54.7 million, accounting for 15% of total trading volume in Q3.
BTC-PERP achieved the highest daily average open interest in Q3 at $34.7 million, growing 11% QoQ and surpassing ETH-PERP, which saw a sharp decline to $28.9 million following a market deleveraging event.
Onchain activity was driven by power users, with daily average trades increasing 23% to 230,900 while daily active addresses fell 37% to 1,100. This indicates a growing concentration of trading activity among high-volume participants.
Vertex launched the VRTX Vertical Program in September, introducing significant changes to tokenomics, such as reducing reward emissions and reallocating rewards to liquidity providers, signaling a focus on sustainable ecosystem development.
Leaderboard Launch (July 26) - Vertex launched a leaderboard that tracks the most profitable traders on Vertex.
New Referral Staking Tiers (July) - Introduced 5 different commission tiers for VRTX stakers that refer new traders to use Vertex.
Multiple Accounts Support Added (August 7) - This feature allows users to manage multiple accounts from the same wallet address on Vertex.
Social Indicators Added (August 13) - In collaboration with The Tie, Vertex integrated social indicators such as tweets, newsfeeds, and sentiment tracking directly into the Vertex trading application.
Fast Withdrawals Introduced (August 29) - New feature that allows users to withdraw assets quicker.

SEI-3.52%

BASE8.82%

MULTI3.18%

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The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.

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