VeChain’s DEX To Launch Governance Token And Yield Farming Program

Reynaldo Marquez

3 years ago

3 mins read

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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 9^th, 13:00 UTC.

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!

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 9^th, 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.

As of press time, VeChain (VET) trades at $0,13 trending to the downside with the rest of the crypto market.

VeChain VET VETUSDT — VET trending to the downside in the daily chart. Source: **VETUSDT Tradingview**

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

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