Vega Protocol, a Layer 1 blockchain project specializing in derivatives trading, has announced the launch of its first on-chain markets. This milestone comes shortly after the release of the project's alpha mainnet earlier this month.
The introduction of on-chain markets was made possible through an on-chain governance vote, in which community members gave their approval. The vote also authorized the utilization of popular stablecoins, USDC and USDT, for deposit and withdrawal operations via an interoperability bridge with Ethereum.
Starting today, Vega Protocol enables users to create decentralized and permissionless markets. Initially, the network will support cash-settled futures markets, with plans to expand to include spot, perpetual, and other market types in future stages.
In addition to its trading capabilities, the Vega Protocol core team has outlined several upcoming developments. They plan to introduce a browser wallet, providing users with direct in-browser access to the complete Vega ecosystem. Furthermore, a software feature called Wendy will be integrated, offering Miner Extractable Value (MEV) protection to on-chain traders.
Vega has undergone an extensive research and development phase spanning nearly five years, culminating in the mainnet launch on May 10. The project's whitepaper was published in 2018, outlining its focus on a performance-optimized, application-specific blockchain built on the Tendermint proof-of-stake consensus mechanism.
To support its vision, Vega raised $5 million in a seed funding round led by Pantera Capital in 2019. Subsequently, in 2021, the project conducted a successful community token sale on CoinList, raising an impressive $43 million.
With the launch of on-chain markets and its ongoing development roadmap, Vega Protocol aims to revolutionize derivatives trading by providing a secure, decentralized, and efficient platform for users to engage in a wide range of financial markets.