After launching its alpha mainnet on Layer 1 public chain Vega Protocol, the first on-chain futures market has been introduced.

According to BlockBeats news on May 24th, Vega Protocol, a Layer 1 blockchain focused on derivatives trading, launched its first on-chain futures market after going live on alpha mainnet on May 10th. The community also voted in favor of its proposal to enable interoperability with Ethereum through a cross-chain bridge. The network currently only supports cash-settled futures markets and plans to add spot, perpetual, and other types of markets in the future. In addition to trading functions, the core team also plans to launch a browser wallet and integrate software functionality called Wendy, aimed at providing miner extractable value (MEV) protection for on-chain traders. It is reported that the Vega core team released a white paper in 2018 and completed a $5 million seed round of financing led by Pantera Capital in 2019. In 2021, the team conducted a community token sale on CoinList, raising $43 million.