About Vektes

What Is Vektes (VEK)?

Vektes is an Ethereum-based payment and settlement protocol designed to eliminate chargebacks, duplicate payment errors, and settlement latency in commercial transactions. Deployed on Ethereum, the protocol introduces a standardized framework for final, scheduled, and deduplicated digital payments across multiple crypto assets.

Traditional payment rails often expose merchants and enterprise businesses to chargeback risks, error rates from duplicate invoice processing, and multi-day settlement delays. Vektes addresses these issues by enforcing settlement rules directly on-chain through smart contracts, ensuring that once a transfer is initiated, it carries immediate finality for the recipient while allowing customizable execution schedules.

What Makes Vektes Unique?

Vektes operates through six core protocol primitives integrated directly into its smart contract architecture:
1. Deduplication: Every transfer carries a unique, per-recipient transaction code (such as an invoice identifier). The smart contract automatically rejects any subsequent transaction attempt using a previously spent code, preventing duplicate payments.
2. Scheduled Settlement: Senders can lock funds on-chain while setting a designated future release date (such as Net-30, payroll schedules, or milestone releases) without requiring third-party escrow intermediaries.
3. Sender Irrevocability: Once a payment is transmitted, the sender cannot cancel, reverse, or redirect the funds, eliminating payment chargebacks and providing recipient settlement certainty.
4. Recipient Rejection: While senders cannot revoke transfers, recipients retain the option to decline pending payments prior to settlement, automatically refunding the locked assets to the sender.
5. Multi-Asset Support: The protocol supports payments across ETH, USDC, USDT, and other curated ERC-20 assets.
6. Separated Fee Structure: Protocol fees are paid exclusively in $VEK tokens separately from the principal payment amount, ensuring recipients receive 100% of the transferred funds.

How Many VEK Tokens Are in Circulation?

The $VEK token has a fixed total supply of 1,000,000,000 (1 billion) tokens with no secondary minting functionality. The total supply distribution is structured as follows:
* Community & Ecosystem: 40% (400,000,000 VEK)
* Treasury / DAO: 25% (250,000,000 VEK)
* Founding Team: 15% (150,000,000 VEK)
* Liquidity: 10% (100,000,000 VEK)
* Early Supporters: 7% (70,000,000 VEK)
* Advisors: 3% (30,000,000 VEK)

$VEK serves as the primary utility token within the Vektes ecosystem, used for paying protocol volume fees and participating in protocol governance. Half (50%) of all collected protocol fees in $VEK are permanently burned (when protocol fees are enabled), with the remaining 50% directed to the protocol treasury.

How Is the Vektes Network Secured?

Vektes smart contracts are built on Ethereum using the ERC-20 standard with EIP-2612 permit functionality. Contract permissions and governance controls are managed via multi-signature wallet architecture prior to full DAO governance transition.