Vega Protocol’s token VEGA has gained over 20% over the last seven days, with the protocol itself ready to go live as soon as Monday
Vega is a decentralized finance (DeFi) platform for creating and trading derivatives. It was deployed on alpha mainnet earlier in May.
The associated token, VEGA soared to a monthly high of $1.62 on Wednesday but has since consolidated to levels around $1.33, still higher by 21% over the last seven days, according to data from CoinGeko.
Over the past week, the community behind Vega proposed to begin trading, and approved USDT, USDC and ERC20 tokens for deposits and withdrawals on the Vega Ethereum bridge, according to Barney Mannerings, co-founder of Vega.
“If these proposals are successful, markets may automatically be launched by the protocol as soon as May 22nd,” said Mannerings in a conversation with CoinDesk.
Mannerings said Vega is seeing strong excitement ahead of the launch, as well as interest in the protocol being added to total value locked aggregator platform DeFiLlama recently.
Edited by Stephen Alpher.
The cryptocurrency markets have been in a state of frenzy in the past week as prices surged, prompting a flurry of excitement among traders. One of the most notable price increases has been that of the Vega Protocol Token, which has rallied ahead of the launch of the protocol.
The Vega Protocol is a decentralized derivatives protocol built on the Ethereum blockchain. It has been in development for some time, and now investors are anticipating its launch. The Vega Protocol Token (VGT) was initially released in late 2019, and has since been trending steadily upwards.
These recent surges in value of the Vega Token have been attributed to rumors that the protocol may become live by Monday. The protocol aims to provide greater liquidity for real-time derivatives trading and has become a popular option among traders who are looking to leverage their investments in volatile tokens and cryptocurrency assets. With a high level of flexibility, prime integration capabilities and no deposit or withdrawal requirements, the protocol has generated significant interest from investors.
Importantly, the implementation of the Vega Protocol will provide enhanced security for derivatives traders in the form of a permissionless settlement system. This will enable users to execute trades on the protocol without the risk of custodial custody or counterparty risk. Additionally, the Vega Protocol will offer high performance exchange protocols and systems for providing liquidity to decentralized derivative contracts.
Analysts believe that the recent rally of the Vega Token is due to the increasing anticipation of the protocol going live. Even though it appears the protocol might launch as early as Monday, traders have been advised to exercise caution when investing.
In a nutshell, the Vega Protocol promises to revolutionize the derivatives trading market, and its launch has traders buzzing. With the possibility of a launch as early as Monday, numerous traders are investing in the Vega Token in anticipation of what the protocol can offer.