Derivatives layer Vega Protocol has introduced its pre-launch market cap (MCAP) futures, permitting merchants to invest in the marketplace capitalization of tokens earlier than they’re formally launched. In line with Vega’s announcement, the MCAP was constructed to permit merchants to guard themselves from the volatility that comes with new token releases.
Vega’s market cap futures are designed to be held to maturity with out the necessity for funding charges, lowering value threat for members. The platform makes use of custom-made threat fashions and value monitoring auctions to take care of the integrity of those futures.
The choice comes after Vega provides futures markets for EigenLayer Factors and Hyperliquid factors. The primary merchandise to be launched on the platform is the native token of nftperp, as introduced on the Vega Discussion board. Moreover, the Vega group believes that market cap futures will enhance market effectivity and decentralized value formation by offering a consensus on the worth of an asset earlier than it turns into out there.
In contrast to perpetual contracts that usually evolve into contracts on the token itself after launch, Vega’s market cap futures settle primarily based in the marketplace cap on the time of launch. The announcement states that this focus permits merchants to give attention to launch worth with out having to contemplate subsequent value actions or token launch portions.
Vega makes use of the UMA Optimistic Oracle of their new MCAP. The futures characterize one millionth of the token’s complete market capitalization at launch, offering a transparent benchmark for comparability.