The much anticipated Vexchange governance token will materialize in this coming week of November 2021. The token name is Vex, which will launch on the Vexchange portal.
The launch has not yet taken place and you shouldn’t fall prey to anyone who says otherwise. According to its official medium account, you can only rely on contract addresses that will be published on the medium platform and over twitter.
What to Expect With VEX launch
As VEX launches in the 1300 UTC of 9th November 2021, so will the VEX/VET yield farming launch. After which the token governance module will take effect 30 days after the VET/VEX launch.
The VEX token will be distributed to its members in two phases. First, a retroactive airdrop for users who have traded and have liquidity in Vexchange V1.
The second provision is the VEX/VET yield farming. The Vexchange team will control the yield in the first 30 days. After which, governance will then be in charge of the rates and pairs.
The Background of Vexchange
Vexchange began its journey by launching Vexchange V1 in January 2019. Since then, it has grown as a community-based grassroots project. The V1 Vexchange has continued to receive several modifications. The V1 maintenance handled problematic areas such as UI rework and fixing bugs. One of the minor improvements documented is vtho exchange.
The primary refining came with Vexchange V2. In which, V2 became a stepping stone into allowing decentralizing ownership and giving power to community control. The launch of VEX comes in as the second step for fitting into the Vexchange goals. Thereafter, the governance module will transpire after 30 days, which is this plan’s final step.
As the company is rolling out its native modules, we welcome Vechain’s VEX. Whose eligibility criteria include; a snapshot of 9,000 000, participation Allocation, which is 320 VEX per address (2M VEX), and an LP Allocation of 2M VEX.
The retroactive airdrop also provides a Swap Allocation of 1M VEX. Finally, we will weigh the LP & Swap rewards based on your volume/dollar value staked over time.
The VeChain Foundation came up with an idea where the majority of the prime tokens are given to the community members. The members can then assign the tokens as we await the governance module. Vexchange still expects further developments. However, significant results are in the team’s hands and the founders. Despite the team’s position, vast allocations will be left in the hands of community governance to ensure decentralization and a sustained Vexchange.
DAO will distribute 100M to its members in the following ways;
- 50M DAO Treasury (3-month cliff, two years vesting)
- 20M Founders (2 years vesting)
- 20M Future Team Members (2 years vesting)
- 5M Retroactive Airdrop (no vesting)
- 5M Yield Farming (no vesting)
The Vexchange DAO will control the 50% allocation. The DAO is also the owner of VexchangeV2Factory on the mainnet. The ownership allows DAO to adjust swap fees, platform fees and decide how to utilize platform fees.
We anticipate the Vexchange mega launch on 9TH November 2021. Yield farming & VEX retroactive distribution will pave the way for the governance module, effective immediately after the launch.
Conversely, the governance module becomes early December 2021. In January 2022, a development director for the governance module will be voted. Leaving DAO’s VEX tokens to begin vesting three months after its launch in the early February of 2022.