Vega Protocol, a Layer 1 blockchain tech focused on derivatives trading, has launched its 1st on-chain markets following the release of its alpha mainnet earlier this month.
The project’s community members approved an on-chain governance vote to kickstart trading and take its markets live. This community vote likewise greenlit the use of the USDC and USDT crypto stablecoins for deposit and withdrawal operations through an interoperability bridge with Ethereum.
From today, Vega Protocol will offer users the potential to create decentralized and permissionless markets. To begin with, the network will only support cash-settled futures markets but it has intends to add spot, perpetual, and other types of markets in future stages.
Beyond its trading capabilities, the core team intends to introduce a browser wallet, allowing users direct in-browser access to the full Vega ecological system. In addition, the team intends to incorporate a software feature named Wendy, designed to provide Miner Extractable Value (MEV) protection to on-chain traders.
After an extensive research and development phase spanning nearly 5 years, Vega launched on mainnet on May 10. The core team published the whitepaper for Vega in 2018 outlining a performance-optimized, application-specific blockchain tech built on the Tendermint proof-of-stake consensus mechanism.
In 2019, the team raised a $5 Million seed round led by Pantera Financial resources. Then in 2021, the team conducted a community crypto token sale on CoinList, raising $43 million.