Vega Protocol, a Layer 1 blockchain focused on derivatives trading, launched its first on-chain markets after releasing its alpha mainnet earlier this month.
The project’s community members agreed to an on-chain governance vote to boost trade and get the markets up and running. This community vote also gave the green light to use the USDC and USDT stablecoins for deposits and withdrawals via an interoperability bridge with Ethereum.
Starting today, the Vega protocol offers users the ability to create decentralized and permissionless markets. Initially, the network will only support cash-settled futures markets, but there are plans to add spot, perpetual, and other types of markets in future phases.
Beyond its trading capabilities, the core team plans to launch a browser wallet that will give users direct in-browser access to the entire Vega ecosystem. Additionally, the team plans to integrate a software feature called Wendy, which aims to provide on-chain traders with protection against miner extractable value (MEV).
After an extensive research and development phase that spanned almost five years, Vega launched on May 10th on mainnet. The core team published the white paper for Vega in 2018, outlining a performance-optimized, application-specific blockchain based on Tendermint’s proof-of-stake consensus mechanism.
In 2019, the team raised a $5 million seed round led by Pantera Capital. Then, in 2021, the team ran a community token sale on CoinList, raising $43 million.
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