Derivatives-focused, layer-one blockchain Vega Protocol launched its first markets after mainnet activation 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
The start of on-chain trading became possible after a community vote. Other user-approved governance proposals have enabled the use of Tether’s USD Coin (USDC) and USDT stablecoins for deposits and withdrawals through an interoperability solution with Ethereum.
Users of the protocol gained the ability to create decentralized markets. Initially, the network will only support 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 introduce a software option called Wendy to protect traders from MEV.
Project published white paper in 2018, the main network went live on May 10, 2023. The blockchain uses the Proof-of-Stake consensus mechanism from the Tendermint protocol.
Recall that in 2021, Vega Protocol raised $5 million in a funding round involving Arrington Capital and Coinbase Ventures.
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