Vega Token Rallies Ahead of Protocol Possibly Going Live Monday

The platform is awaiting an expected approval from the community, said Vega’s co-founder.

AccessTimeIconMay 19, 2023 at 5:01 p.m. UTC
Updated May 19, 2023 at 5:11 p.m. UTC
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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.

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Lyllah Ledesma

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.


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