The VeChain ecosystem is expanding at a fast pace. Their first decentralized exchange (DEX) and automated market maker (AMM) called VEX will launch their governance token with the same ticker next week on November 9th, 13:00 UTC.
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In addition, the team behind the DEX announced that they will rollout a yield farming program. To be deploy at the same time as the governance token, the yield farming program for the VEX/VET pair could offer users a new opportunity to maximize rewards.
Launched in 2019, the VeChain VEX is one of the pioneer protocols in the DeFi sector with a growing community since its inception. Across its history, the team behind the project has try to maintain a focus on the users and has progressively made improvements to the platform.
The launch of their second iteration was a major milestone in modernizing the protocol and giving the community more power to determine its future. The launch of the VEX governance token, as the team behind this VeChain DEX said, is part of the next step to become a fully decentralized platform.
Users will be able to vote to modify the DEX fees, to integrate new trading pairs, change the farming model, and more. VEX’s roadmap toward decentralization will end with the additional launch of a governance module, as an official post claims. The VeChain Foundation commented the following via their Twitter handle:
Vexchange, the first AMM and DEX on VeChainThor is launching their governance token and yield farming modules soon! (…). Congratulations on the imminent launch!
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The New DAO That Will Support VeChain’s DEX
As the team revealed, the VEX governance token will be distributed to all community members that trade or provided liquidity on their first iteration. In addition, users will be able to earn it via the liquidity program for the VEX/VET pair:
(…) the first 30 days will be run by the Vexchange team but after that governance will control the rates and pairs.
The retroactive airdrop’s snapshot will be taken at the height of block 9 million. 2 million VEX will be allocated with 320 VEX send to each address.
The amount of VEX allocated via liquidity mining will stand at 2 million with an additional million VEX for the swap function. Similar to other governance token debuts with a LP program, users will receive VEX depending on their volume/dollar value staked on the platform.
VeChain’s DEX governance token will have a total supply of 100 million to be allocated as follows: 50 million for the DAO treasury with 2 years vesting, 20 million for founders with 2 years vesting, 20 million for future team members also with 2 years vesting, 5 million for the airdrop and 5 million for LP program both without vesting. The team behind the DEX said:
The idea behind the token allocation is to get the majority of the initial tokens in community member’s hands and to let them circulate in preparation for the governance module (…).
After November 9th, with the launch of VEX via airdrop and liquidity mining, the team will focus on rolling out the governance model. Next year, users should be able to vote on decisions and proposal with a voting system.
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As of press time, VeChain (VET) trades at $0,13 trending to the downside with the rest of the crypto market.
This news is republished from another source. You can check the original article here.