One token.
Two fee engines.
VXA is the native token of Vertex Alpha. Lock it for veVXA and you capture the majority of fees from both the DEX and the vaults, converted to HYPE and streamed to you. Emissions bootstrap the liquidity; real fees keep it. Locking out-earns farming by construction.
Where the supply goes.
The split is set; total supply is still being finalised, so figures below are shares of supply, not token counts.
| Allocation | Vesting | Share |
|---|---|---|
| Community & Ecosystem | Emissions to LPs and veVXA lockers, streamed over ~4 years | 40% |
| Team & Advisors | 2-year cliff, then 2-year linear vest | 20% |
| Investors | 1-year cliff, then 1-year linear vest | 15% |
| Treasury | DAO-controlled multisig | 15% |
| Liquidity Bootstrapping | Genesis CL liquidity + HYPE reward reserve, unlocked at TGE | 10% |
Two fee engines, one reward asset.
Most ve(3,3) tokens have one thin fee line and pay rewards in the emitted token, so yield depends on selling. Vertex Alpha has two revenue lines and pays lockers in HYPE.
Streams A and B convert to HYPE and stream to veVXA lockers, never to emitted VXA. Locker yield is backed by real revenue, so the reward never depends on selling the token, the failure that sinks emission-only ve(3,3) DEXes.
Lock beats LP, by design.
LPs earn emissions plus a minority share of fees. Lockers earn the majority share of fees in HYPE, plus bribes and the rebase. If locking did not out-yield farming, the sink would never form and the token would bleed.
Front-loaded, then they get out of the way.
Emissions exist to bootstrap liquidity, not to be the yield. The curve is front-loaded and decays fast, so dilution shrinks while the two fee lines grow into it. The target is convergence: fee value (in HYPE) meets and exceeds emission value. That crossover is the whole model.
A HYPE reward reserve (from the liquidity-bootstrapping allocation) seeds locker rewards before fees self-sustain, so lock-beats-LP holds from day one rather than only after the DEX matures.
What's set, and what isn't.
Honest status ahead of mainnet. Decided items are firm; provisional items are still being tuned and will be published before launch.
| Parameter | Value | Status |
|---|---|---|
| Native token | VXA (placeholder ticker, pending final mark) | Set |
| Lock token | veVXA, non-transferable veNFT | Set |
| Reward asset | HYPE, converted from real fee revenue | Set |
| Locker fee share | Majority of voted-gauge fees (target ≥70%) + vault-fee cut + bribes | Set |
| Distribution split | 40 / 20 / 15 / 15 / 10 | Set |
| Total supply | To be published pre-mainnet | TBD |
| Emission rate & schedule | Front-loaded, fast decay — exact curve provisional | Provisional |
| Lock max duration | ~6–12 months (provisional) | Provisional |
| Rebase parameters | Anti-dilution rebase — magnitude provisional | Provisional |