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- 1 The Vega protocol has Launched perpetual futures markets, Know more below.
- 2 The VEGA coin price is trading sideways in the current scenario.
- 3 Vega offers on-chain governance for permissionless markets.
Vega Protocol is a custom-built proof-of-stake blockchain that serves as the derivatives scaling layer for Web3. It enables the creation of a decentralized network where trading derivatives is possible with an experience comparable to using a centralized exchange.
The platform’s journey started with the publication of its whitepaper in 2018, which described a high-performing blockchain that utilized a Tendermint proof-of-stake consensus mechanism. The network’s governance and staking token is VEGA, which is used for crucial activities like voting on new market creation.
These include running validator nodes on the network via staking VEGA tokens, earning fees from traders through staking and delegation, and governing crucial network parameters that ensure the security and fairness of the markets.
The New Launch of Perpetual Futures Markets
Recently, Vega has launched perpetual futures markets on its network. These perpetuals are futures products that do not have expiration dates. They join the array of offerings that Vega introduced since its mainnet release in March 2023, which includes existing cash-settled futures markets.
The Vega platform has introduced perpetual futures that operate on a permissionless basis. This means that community members can propose and vote on specific assets for which perpetual futures will be created.
Vega intends to distinguish its perpetual futures offering by providing the community with the ability to leverage on-chain governance for the introduction of permissionless markets. Unlike other platforms, Vega’s community-led governance will have the option to approve any ERC-20 token for settlements via its governance mechanism.
This initiative puts Vega among other platforms such as dYdX, GMX, Gains, Synthetix, and Perpetual Protocol.
What did the Co- Founder said on the Launch
According to Barney Mannerings, co-founder of Vega Protocol, this release is a substantial step forward for Vega and the next generation of decentralized finance (DeFi). Vega introduced perpetual futures to its open network and has seen over $850 million in trading volumes since its alpha mainnet launch in March.
Technical Analysis and Prediction of the VEGA Coin Price
The current price of the VEGA coin is moving within a consolidation zone that ranges from $1.136 to $1.467. It comes after a rise from the low $0.577 level. If the support level of $1.13 is broken by the bears, the price may fall towards the $0.762 level.
Conversely, if the resistance level of $1.46 is broken and closed above, the price can fill the upper wick of the July 27 candle. Moreover, the indicators are also on a sideways trend.
Conclusion
The price of the VEGA coin is currently moving within a consolidation zone. Vega protocol has recently launched perpetual futures markets on its network. Perpetuals are futures products that do not have expiration dates and are a highly sought-after feature within the community. The co-founder has highlighted the introduction of perpetual futures.
Technical Levels
- Support Levels: $1.13 and $0.761
- Resistance Levels: $1.46 and $1.74
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
