The whole design, in plain words.

Solid: works today. Dotted: designed, not built.

The fee flow is a team policy carried out from a public treasury, not code: 85% of the fee buys back and burns VEX, 15% funds Ecosystem Growth. CLOUD, staking, copy trading and vaults are designs. None of them is deployed.

• Products → $VEX: 0.25% fee on agent trades, 85% buys back and burns VEX
• $VEX → Staking: stake VEX for lower fees and more missions
• Staking → CLOUD: lock staked VEX to mint CLOUD
• CLOUD → Products: stake 1 CLOUD for $1 of AI a day
• CLOUD → $VEX: burn CLOUD to unlock your VEX
• Copy trading → Vaults: creators publish, followers copy in their own wallets

One user, one agent

• In VEX Cloud each account has one agent. It keeps your recent conversation (the last 40 messages plus a running summary), your memory and your limits. You reach the same agent in the web app and in Telegram. Beta (Telegram In development)
• VEX Mobile, a native app, will talk to that same agent, with the same memory and limits. Planned
• In VEX Desktop the agent lives in the app on your computer, with its memory in a local database. You work with it in sessions. Live

What the model can and cannot do

The model can:

• Read markets and your portfolio.
• Propose a trade: which asset and how much.
• Draft a mission with you in chat (Desktop) or a strategy (Cloud).

The model cannot:

• Choose calldata, contracts, slippage or minimum output. Those come from your settings and VEX policy. (Cloud Beta)
• Set a fee. Fee rates are fixed in code. (Desktop Live)
• Write the approval card. It shows the exact signed arguments, the VEX fee and a safety verdict from VEX's own check, never model text. (Desktop Live)
• Start a mission. Only your click starts a run. (Desktop Live)
• Hold a key, or unlock anything through memory. (both)

Missions

• Desktop Live: A mission is a contract you fill in through chat: goal, capital, wallets, chains, protocols, risk profile, success criteria and stop conditions. Your acceptance is tied to those exact terms, and only your click starts the run. Desktop runs missions only while the app is open. Close it, or let the computer sleep, and the mission stops making progress.
• Cloud Planned: In VEX Cloud a mission will be a plain-language instruction on a schedule, with its own budget, and its results will land in your chat. Missions are not built yet. Today Cloud runs strategies instead: pick a template, backtest it, run it on paper, then live, and VEX's workers check it while you are away. (strategies Beta)

How many missions you can run at once depends on your staking tier (PROPOSED, see (07)).

Approvals and limits

• Desktop approvals show exactly what will be signed and expire after 1 hour. Even in Full Autonomous, a price-and-safety check no older than 15 minutes from the same venue is required, and every send goes through prepare, then confirm. Slippage is 1% by default, with a hard cap of 10%.
• Full Autonomous Agent sessions have no mission contract. The wallets you attach are the only limit.

The pause switch

• Cloud Beta: Pause all, in the header, stops every new action from your agent at once. VEX also has global, venue and deployment pauses. Every pause is checked before an order is created and again right before it is signed. Pausing closes open futures positions with reduce-only orders. The global pause starts switched on.
• Desktop Live: Every mission carries its own stop conditions, and nothing runs while the app is closed. Agent Scan keeps a permanent history of everything the agent did.

AI makes mistakes. Approvals, limits and pauses reduce losses from a wrong decision. They do not remove them.

VEX Desktop Live

Your keys are created and encrypted on your own computer and never leave it. By default, every action that moves money waits for your approval, and the approval shows exactly what will be signed. If you choose Full Autonomous, the agent acts without asking, limited only by the wallets you attach.

• EVM and Solana keys, generated and stored in a local encrypted vault (AES-256-GCM, scrypt N=2^17, r=8, p=1).
• Your master password is held only in memory. VEX asks for it again after every restart.
• A backup archive is written automatically. You can export and restore.
• VEX servers never hold your keys.
• No hardware wallet support.

VEX Cloud Beta

VEX Cloud trades from a wallet you own. When you turn trading on, you give VEX's execution service a limited right to sign for that wallet: only listed chains, apps and amounts, and you can take that right back at any time. Inside your limits it can act without asking you each time. The AI never holds a key. It can only propose. Every order is checked against your limits and pauses before it is signed, and again just before it goes out.

• Your wallet is a Privy embedded wallet: one EVM address and one Solana address. VEX stores only its id, address and policy id, never a private key.
• It is created when you choose to enable trading, not when you sign in.
• VEX's signer works under a deny-by-default policy: listed chains, protocols, routers and bridges only, with caps on transfers.
• Revoke server signing removes that signer at once.
• The key that authorizes VEX's signer lives only in the execution service. The web app and the AI model never hold it.
• Exchange accounts use your own trade-only keys (Binance mainnet keys must have withdrawals off and be IP-restricted), sealed so only the execution service can open them.
• Hyperliquid: VEX creates an agent key that can trade but cannot withdraw. Lighter: VEX creates an API key that can request withdrawals, only to your own address, and signs them only when you ask.

This is not the same as Desktop. Inside your policy, VEX's server can sign without a separate signature from you for each trade.

Three checks, made twice.

Beta

Every Cloud order is checked when it is created and again right before it is signed or sent. On-chain trades are simulated first.

1. Your pauses: Pause all, plus global, venue and deployment pauses.
2. Your limits.
3. VEX policy: which chains, apps and amounts are allowed.

After every fill VEX reconciles the result. An unknown or mismatched outcome pauses that strategy until a person looks at it, and nothing is sent twice. A transfer to a new address always waits for you.

Desktop: a fresh price-and-safety check from the same venue (15 minutes at most) before any trade, prepare then confirm for every send, slippage capped at 10%. Live

Mainnet is off

Beta

VEX Cloud's execution service refuses mainnet unless someone switches it on on purpose. Today Cloud trades only on test networks.

Desktop's code is published as source-available, so anyone can check what it does with keys. VEX Cloud's code is private.

Read the Desktop source ↗ (opens in a new tab)How Cloud signing works

VEX Desktop Live

• Where it lives: Memory, chat history, the database, wallet files and keys are stored only on your computer, in a local Postgres database with pgvector and a local EmbeddingGemma model.
• How lessons are kept: The agent can only propose a lesson. Secrets and live state are refused. A judge decides what is kept. Nothing is deleted: lessons that fade are benched. Trade lessons are not re-scored against results.
• What memory never does: Memory is advice. Sizing, approval and signing never read it.

What leaves your computer

• Model calls through OpenRouter with your key, so your conversation goes to your model provider.
• Requests to chains, venues and market-data services.
• The $VEX price ticker.
• A version check.
• Setup downloads.
• Crash reports, if you opt in.
• An activity report to agentscan.projectvex.ai (Agent Scan), on by default.
• pools.fun launch attestation, on by default.

VEX Cloud Beta

Your agent remembers what you tell it: your preferences, facts you state, summaries of long chats and the documents you add. It learns only from your own messages, never from tool results, and it never stores keys, passwords, contact details or live balances. Memory is context, not permission: nothing in it can unlock an action. You can review, export or delete everything, or turn memory off. Chats and memories are stored as plain text in VEX's database and are kept until you delete them. Deleting a single chat or fact hides it but does not erase it.

What it remembers

• How memories are made: A background job reads only your own messages, never tool results or the agent's replies. What you state clearly is saved as confirmed. What it infers is saved as a suggestion that expires: after 14 days for profile values, 30 days for facts. A new fact supersedes the old one instead of overwriting it.

Never stored

• Private keys, seed phrases, passwords and one-time codes.
• Email addresses and phone numbers.
• Live balances, prices and positions.

Prompt rules and a hard filter both enforce this.

• How memory is used: Each message gets your confirmed profile and at most 8 confirmed facts, 2,000 characters in total. The tool router, VEX policy and the execution service never read memory, so no memory can unlock an action. Telegram group chats read no personal memory.

Your controls

• Review suggestions, each linked to the message it came from.
• Delete all memory at once. This erases the memory text.
• Turn memory off. Messages you send while it is off are never read for memory.
• Export everything as JSON.

Background memory work is charged to your daily AI budget.

How it works today, plainly

• Chats, memories, profile values and documents are stored as plain text in VEX's database. Users are separated by application code and share the same services.
• Deleting one fact or one chat hides it but keeps its text. Delete all memory erases memory text.
• There is no time limit on keeping chats or memories.
• Use my chats to improve tool choice is on by default. That text is kept for 30 days and the records for 90 days. You can turn it off.
• People with access to the production database can read chats, memories and documents. They cannot read model keys, exchange keys or wallet keys without separate secrets.
• If you add your own model keys, they are encrypted with AES-256-GCM. VEX's worker can decrypt them to run AI-directed strategies.

Where your data goes

The AI model that answers you (the platform model or your own provider), the tool router for platform runs, the embedding provider when it is switched on, Tavily (web search), Telegram, Resend (email), Privy (sign-in and wallets), Pinata (launch images), Goldsky, Blockscout and Helius (wallet addresses), and DexScreener through VEX's gateway.

Token facts

Live

Supply and locks

Live

Measured by the team on-chain on 6 October 2026. Only the founders' lock has been confirmed independently so far.

Lock contract named by the team: TokenTable 0x1B0d0843578dEdb0f3aF84a0C29Aaf3d0D30A6d0.

The fee rule

0.25% per agent trade. 85% buys back and burns VEX. 15% funds Ecosystem Growth.

VEX charges a 0.25% platform fee on agent trades. The team's policy is that 85% of that fee buys back and burns VEX, and 15% funds Ecosystem Growth. Fees go to a public treasury address, and every buyback is on-chain and listed in the burn ledger below.

Live as a team policy. It is not enforced in code: in code, 100% of each fee goes to the treasury, and the team carries out buybacks from the treasury. An automated buyback on a schedule is Planned.

Fee rates in code

Fee rates are fixed in code and never taken from the model. Desktop's Lighter fees go to a separate collector wallet, 0x10Ce97Cf3142BE2a1a28aC83A55b21fDCE493C03, which the code never describes as funding buybacks.

Burn ledger

Every VEX burned or sent to the dead address, from the chain.

Two different things get called a burn. Calling burn() destroys VEX and lowers total supply. Sending VEX to the dead address 0x000000000000000000000000000000000000dEaD puts it where nobody is known to hold a key, but total supply stays the same. This ledger shows both, separately, read from Robinhood Chain.

The Virtuals tax

Live

Separate from the VEX fee, Virtuals charges a 1% tax on buys and sells of VEX in the V2 pool. The tax is sold for USDG: 70% goes to the VEX treasury and 30% to Virtuals. Virtuals sets this tax. VEX cannot change it.

The treasury's share of this tax is one of the two sources planned to pay for CLOUD compute (see (06)).

View the contract ↗ (opens in a new tab)View the treasury ↗ (opens in a new tab)

Status today

CLOUD is the token held for inference credits on VEX Cloud. In the code it is minted only by handing in VEX at the open tranche's price (never lower than the last tranche's; 50,000 CLOUD at most), one-way. Its minter is on Robinhood testnet only. Mainnet is not deployed yet (audit pending).

Stake 1 CLOUD and your agent can spend $1 of AI usage inside VEX each day. The allowance resets at 00:00 UTC and does not roll over. You mint CLOUD by locking staked VEX, and you get that VEX back when you burn the CLOUD.

On testnet The minter is on Robinhood testnet only. Mainnet is not deployed yet (audit pending). The staking design below is Planned.

CLOUD is the token held for inference credits on VEX Cloud. VEX Cloud is the app. They are different things.

STAKE 1 CLOUD · $1 OF AI A DAY · RESETS AT 00:00 UTC

How it works

Planned

1. Stake VEX. You stake VEX and hold staked VEX. Unstaking VEX takes 7 days.
2. Mint CLOUD. You lock staked VEX at the current Mint Rate to mint CLOUD. The Mint Rate is how much staked VEX one CLOUD needs. It rises as CLOUD supply gets close to the Target Supply.
3. Stake CLOUD. Each staked CLOUD gives you $1 of AI compute inside VEX per day. The allowance resets at 00:00 UTC. Unused allowance does not roll over. Unstaking CLOUD takes 1 day.
4. Hold, send or sell. CLOUD is a transferable token. Only staked CLOUD gives the allowance.
5. Exit. Burning CLOUD unlocks the same amount of staked VEX that minted it. Your VEX was locked, never spent or burned.
6. Supply. The Target Supply starts at 1,000 CLOUD. The team raises it in steps, by its own decision, and announces every change. CLOUD can never exceed 50,000.

Who pays for the compute

Proposed

The compute behind CLOUD is paid from VEX protocol income: the treasury's share of the 1% VEX trading tax, plus agent trading fees through the 15% Ecosystem Growth share. At most, VEX owes $1 a day for every CLOUD in existence: $1,000 a day at 1,000 CLOUD, $50,000 a day at the 50,000 cap.

Protocol income rises and falls with trading. What happens if it does not cover the compute owed is not decided yet.

Worked example: Ana mints 2 CLOUD

R is the Mint Rate at the moment Ana mints. It is not set yet, so we use a letter. The example needs no price.

From "I want out" to unstaked VEX: 1 day for CLOUD, then 7 days for VEX.

Rules that stay from today's beta build

• In VEX Cloud, minting CLOUD always waits for your approval and is never offered from Telegram.

Where the design comes from: Venice DIEM

CLOUD follows a model that already runs: Venice's DIEM. We compare the mechanics only, not prices.

Venice figures from Venice's documentation, read on 8 October 2026.

Parameters

What the code does today

• A CLOUD minter exists only on Robinhood Chain testnet. It was built for an earlier one-way design and does not do staking, the Mint Rate, the Target Supply or burn-to-unlock. It will be replaced. On testnet
• VEX Cloud's beta build raises a holder's daily AI budget by the token balance held. That rule will switch to staked CLOUD. In development

Know before you mint

• CLOUD's market price can differ from the value of its allowance, in either direction.
• AI model prices change. That changes how far $1 of allowance goes.
• The team, not code or a vote, sets the Target Supply and the Mint Rate curve. Every change will be announced.
• The contracts for this design are not written, audited or deployed.

All risks

Planned No staking contract exists yet.

Tiers

Proposed

"Missions at once" counts VEX Cloud missions, which are planned. "Fee you pay" is the arithmetic of the discount.

Worked example: Ben stakes 500,000 VEX and reaches Silver. On a $1,000 swap he pays a $1.875 fee instead of $2.50.

Rules

Planned Nothing here is built. The Copy button on VEX Cloud's paper leaderboard makes a new strategy draft for you. It is not copy trading.

Roles

Proposed

Phase 1: copy trading

Planned (all rules PROPOSED)

• The creator publishes a strategy with declared limits: markets, maximum leverage, maximum drawdown and maximum position size.
• A follower clicks Follow and sets an amount, a stop level and a maximum daily loss.
• VEX runs the same strategy in the follower's own wallet. Every order passes the same checks as any VEX order.
• Followers see results and declared limits, not the rules.
• A follower can stop at any time and chooses whether open positions close or stay open.

Fees

Proposed

• Creator fee: 10% of the follower's net profit above that follower's high-water mark, settled monthly in USDG. Nothing is charged on losses or while a follower is below their previous high.
• VEX fee: the usual 0.25% on executed volume, discounted by staking tier.
• Worked example (high-water mark): Cara follows a strategy. Month 1 her copy is up $100: the creator gets $10. Month 2 she is down $40: no fee. Month 3 she gains $60 and ends $20 above her previous high: the creator gets $2.

Risk controls

Proposed

• Declared limits are enforced by VEX's policy engine, not by trust: an order outside them is refused before signing.
• If a strategy breaks its declared drawdown, it pauses for every follower at once.
• Each follower's own limits apply on top.
• The global pause stops all copy trading.

Phase 2: vaults

Planned (PROPOSED)

• A creator's agent runs a native Hyperliquid vault. Followers deposit directly on Hyperliquid, so their funds never pass through VEX.
• VEX builds on Hyperliquid's newer HyperEVM vaults, so vault fees can follow the copy-trading rules above.
• No pooled funds held by VEX and no vaults on VEX's own contracts before an audit and a legal review.

Hyperliquid, as of 8 October 2026: legacy vaults pay the leader a 10% profit share and require the leader to keep at least 5%. Depositors have a 1-day lock-up. Newer HyperEVM vaults can be tokenized with custom accounting. Legacy vaults do not support HIP-3 or spot.

Hyperliquid is connected in VEX Cloud (checked on testnet). It was removed from Desktop in v0.2.0.

Before you follow

• Past results do not predict future ones. Followers fill after the creator. Leverage can wipe out a position.

VEX Desktop

• Live Latest: v0.4.0, 13 October 2026.
• Next In development, not released: Lighter perps fee from 0.10% to 0.02%; percentage closes and account-wide cancel on the Lighter desk; a Lock control and shortcut; async scrypt for the vault; mission reasoning effort fixed in the mission contract (default high); read tools that run at the same time.
• Planned Desktop roadmap beyond the next release: OPEN.

VEX Cloud

• Beta 2026-09-28 to 2026-10-08: core agent, chat, paper trading, futures and Hyperliquid on testnet, Lighter, Robinhood Chain, platform fee, memory and knowledge, DexScreener tools.
• In development Telegram on the real bot. Simpler permissions and longer memory, on a branch.
• Next Merge, rebuild production, then a low-cap mainnet release after the release gates.
• Planned Missions. Model choice for the allowance. CLOUD contracts, after an audit.

VEX Mobile

• Planned A native app for your Cloud agent. No milestones yet.

VEX Arena

• In development Built and tested with small real funds: hash-chained log and live feed, agent wallet, swaps and bridges, research tools, sleep and wake, operator console.
• Next Finish the Lighter lane.
• Planned Round lifecycle, settlement, scoring, the public site, a seven-day dry run, then Season 1 Round 01.

Economy

Parameters to be finalized

Risks and disclosures

Tokens

• VEX and CLOUD are utility tokens for using VEX products. Nothing here promises a price, a return or a listing.
• Staking pays no reward. CLOUD gives an allowance of AI compute, not a share of revenue.
• The 85% buyback and burn is a team policy carried out from the treasury, not code. One treasury buyback has happened so far, and its VEX went to the dead address, which does not lower total supply.
• CLOUD parameters (the Target Supply and the Mint Rate curve) are set by the team, not by code or a vote. Each change will be announced.
• The CLOUD contracts for this design are not written, audited or deployed. The only minter on testnet implements an older design.
• Locked VEX is not burned. It comes back to its owner when the CLOUD is burned and the VEX is unstaked.
• CLOUD's market price can differ from the value of its allowance, in either direction.
• AI model prices change. That changes how far $1 of allowance goes.
• CLOUD compute is paid from protocol income, which rises and falls with trading.
• The VEX contract belongs to Virtuals, which controls the trading tax rate, its recipient and which pools are taxed.
• Selling that already exists: the Virtuals tax sells the VEX it collects; Virtuals' Automated Capital Formation sells its allocation in price steps; the founders' allocation unlocks from 3 July 2027 over 6 months.

Products

• AI makes mistakes. Approvals, limits and pauses reduce losses from a wrong decision. They do not remove them.
• Desktop Full Autonomous sessions act without asking. The attached wallets are the only limit.
• Desktop works only while the app is open, needs Docker and your own OpenRouter key, and you pay your model bill.
• VEX Cloud: VEX's server can sign for your wallet inside the policy you allow until you revoke it. Chats and memories are stored as plain text. Cloud is in beta on test networks, and mainnet is switched off.
• VEX Cloud: a Lighter API key created by VEX can request withdrawals, only to your own address.
• Copy trading and vaults: past results do not predict future ones, followers fill after the creator, and leverage can wipe out a position.
• VEX Arena trades real money with no safety limits on purpose. A round can lose everything, and one round proves nothing about which model trades better.

Third parties, code and law

• Third parties can fail: exchanges, bridges, Privy, Hyperliquid, Lighter and model providers.
• VEX Desktop's code is source-available and not licensed for reuse. VEX Cloud's code is private.
• Delegated signing, copy trading, vaults and token features may be regulated in some countries. Some features may be unavailable in some places.