Linea has announced the launch of Etherex, a new fully on-chain decentralized exchange (DEX) created in collaboration with ConsenSys and NILE.
The platform is designed to provide scalable infrastructure, strong liquidity incentives, and decentralized governance, and is scheduled to go live on July 28.
A New Direction for On-Chain Trading
Etherex represents a continuation of Ethereum’s original 2014 vision for a permissionless and transparent financial system. Built on Linea’s Ethereum Layer 2 network, the DEX is powered by NILE, Linea’s core liquidity hub, and makes use of Ramses v3 technology and a new reward system known as REX33.
The REX33 model ensures that all native emissions go to liquidity providers via the REX token, while all trading fees are distributed to xREX voters. This structure allows users to guide emissions toward specific pools without locking their tokens, giving them more flexibility and control. There is also no vesting schedule, meaning rewards are immediately available.
Technical Features and Token Design
The REX token serves as a liquid reward for liquidity providers. It can be converted into xREX, allowing users to vote on where emissions should be allocated. The system is designed to encourage long-term sustainability by directing incentives to pools that show consistent performance.
Etherex aims to prevent short-term exploitation through integrated safety features that guard against flash farming. It also avoids the delays caused by token vesting, offering instant access to rewards. Launch allocation details will be announced soon.
Proven Engine and Strong Security
Etherex runs on the Ramses v3 engine, the same system that has powered projects like Shadow on Sonic and Pharaoh on Avalanche. These platforms have collectively processed over $40 billion in trading volume, showing the scalability and efficiency of the technology behind Etherex.
Security has been a major focus. The platform underwent more than $1 million in audits by Spearbit and ConsenSys Diligence. A bug bounty program is also in place to identify and fix potential vulnerabilities before launch.
What’s Coming Next
After launch, Etherex plans to integrate MetaMask Points, activate Surge 2 features, and explore cross-chain trading options. Strategic partnerships are also being developed to strengthen the platform’s role in the broader DeFi space. The launch coincides with Ethereum’s Mainnet anniversary on July 30, tying Etherex’s debut to a symbolic moment for the ecosystem.