Vega Protocol activates cryptocurrency futures markets

A first-layer blockchain focused on trading derivatives, Vega Protocol launched its first markets after activating its mainnet in early May.

“From today, Vega Protocol will offer users the ability to create decentralized and permissionless markets.” — by @vishal4c via @TheBlock__

Read on for the full article ?#FreeTheMarkets https://t.co/ARvf4GxPz8

— Vega Protocol (@vegaprotocol) May 23, 2023

A first-layer blockchain focused on trading derivatives, Vega Protocol launched its first markets after activating its mainnet in early May.

On-chain trading became possible after a community vote. Other governance proposals approved by users allowed the use of stablecoins USD Coin (USDC) and USDT from Tether for deposits and withdrawals via an interoperability solution with Ethereum.

Protocol users gained the ability to create decentralized markets. Initially, the network will support only cash-settled futures. In the future the team will add spot, perpetual, and other types of contracts.

VMP-001 — CREATE MARKET — BTC/USDT FUTURE — 2023/06/30 ?‍☠️https://t.co/8Npc7II7ZH

VMP-004 — CREATE MARKET — ETH/USDT FUTURE — 2023/06/30 ?‍☠️https://t.co/ZiQ3W03YUy

VMP-007 — CREATE MARKET — LINK/USDT FUTURE — 2023/06/30 ?‍☠️https://t.co/S6wDGJtHkA

— Vega Protocol (@vegaprotocol) May 23, 2023

The developers plan to launch a browser wallet for the Vega ecosystem. They also intend to implement a software option called Wendy to protect traders from MEV.

The project published a white paper in 2018; the mainnet began operating on May 10, 2023. The blockchain uses the Proof-of-Stake consensus mechanism from the Tendermint protocol.

In 2021, Vega Protocol raised $5 million in a funding round led by Arrington Capital and Coinbase Ventures.