Voyager token (VGX) is a utility token of the Voyager platform. What gave a competitive edge to Voyager among other exchanges is that they provided generous rewards depending on the amounts of tokens a user held without any lock-up or staking action.
Holding VGX gives additional perks for traders on the platform. Users get different tiers based on the number of tokens they hold and get corresponding rewards, boosts, and referral rewards.
Voyager has an app that was set up to be very user-friendly. They issued a debit card that can be used everywhere where Mastercard is accepted with 9% rewards in USDC. The number of use cases and demand for the VGX coin fueled the price growth. Yet, in June 2022, the price collapsed and the platform halted withdrawals and any trading activity, followed by chapter 11 bankruptcy. In August 2022, the project moved from one smart contract to another to launch a new token and drop it to holders of the old-version VGX.