New Service From Layer 1 Blockchain Network Vega Protocol

Recently, crypto companies continue to work on new projects. Vega Protocol, a Layer 1 Blockchain network focused on derivatives trading, has announced the launch of its new service. Vega Protocol announced that it is launching its first on-chain markets following the launch of its alpha mainnet earlier this month.

The project’s community members held an on-chain governance vote to kick start trading and get their markets alive. This community vote also approved the use of Circle’s and Tether’s stablecoins USDC and USDT for deposits and withdrawals via the Ethereum interoperability bridge.

As of today, Vega Protocol also offers users the option to create decentralized and permissionless markets. The company initially stated that the blockchain network will only support cash-settled futures markets, but plans to add spot, perpetual and other market types in future stages. Most recently, Vega Protocol held a $5 million seed round led by Pantera Capital in 2019. Then in 2021, the team held a community token sale on CoinList, raising $43 million.