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Vertex, a new crypto trading protocol, is targeting institutional traders on Arbitrum. The protocol today opened beta testing to a select group of institutional traders for spot and derivatives trading, with a wider debut planned for later this year.
Vertex employs an order book, which is a more traditional setup found on centralized exchanges, rather than relying on automated market makers (AMM) like GMX, the current leader in Arbitrum's DeFi ecosystem.
According to Vertex's co-founder, Darius Tabatabai:
GMX may struggle to keep pace with future growth due to its reliance on a liquidity pool, which may not be scalable.
Tabatabai believes that Vertex can never scale the way they are planning to scale if they're just AMM-driven. Arbitrum's DEX has seen significant growth recently, with over $300 million in volume processed in the last 24 hours. Vertex is the latest entrant to this ecosystem, aiming to provide institutional traders with a more scalable platform.
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