Vega Network Launches XAU/USDT (Gold Token/Tether US Dollar) Trading Pair, Bridging DeFi and Traditional Financial Assets

This development marks the first non-crypto asset market on the Vega network, proposed and voted into existence by its community and $VEGA token holders

Vega Network, a next-generation decentralized exchange protocol, has launched the XAU/USDT (Gold Token/Tether US Dollar) trading pair on its DEX network, marking the first non-crypto asset market on the platform.

This development was initiated by a community proposal and vote among $VEGA token holders, showcasing the decentralized nature of Vega's platform. The addition of this market expands the Möglichkeiten not only for Vega but also bridges the gap between decentralized finance (DeFi) and traditional financial assets, catering to a complete spectrum of financial needs. By including a physical entity like gold, Vega is enlarging the range of DeFi has to offer and strengthening its commitment in serving every requirement that modern traders have.

The XAU/USDT market was introduced through Vega’s robust on-chain governance system, where community proposals are deliberated and voted on by token holders. This system demonstrates Vega’s dedication to decentralized and community-driven development that enables a feature rich, composable trading environment.

This new market with Pyth network-powered price feeds ensures gold prices are reliable and up-to-date for efficient trade settlement, and risk management. This integration represents a significant step forward in Vega’s mission to provide a comprehensive DeFi platform that extends beyond cryptocurrencies and into more traditional asset classes.

The first non-crypto perpetual market is live on Vega 🔥Launched by the community and powered by @PythNetwork data, users can now trade the XAU/USDT gold market on Vega's decentralised network 🏴‍☠️

Empowering Traders with Innovative Market Tools and Governance

Several key features of Vega’s platform enhance the trading experience. The XAU/USDT perpetual market joins other offerings like zero gas fees for on-chain decentralized order book trading and fast & cheap transactions. This setup is crucial for streamlined market operations and encourages community-driven liquidity provision.

Not only does this setup support efficient market operations, but it also promotes liquidity provision driven by the community. Additionally, the market’s infrastructure supports transparent, on-chain settlements, reinforcing the integrity and reliability of trading activities on Vega.

Vega’s governance model plays a crucial role in shaping the network’s offerings. Any $VEGA token holder can propose new markets or modifications to existing markets, with the entire community having the power to vote on these proposals.

This democratic process ensures that the evolution of the Vega network reflects the interests and needs of its users, staying true to the principles of decentralization. The recent introduction of the gold trading pair follows successful launches of other unique markets on Vega, including the first EigenLayer points market and pre-launch market-cap futures for cryptocurrencies.

These initiatives highlight Vega’s flexibility and its capacity to innovate in response to community inputs. Barney Mannerings, co-founder of Vega, expressed enthusiasm about the network’s direction, saying,

“We’re empowering traders with the tools and infrastructure to create the markets they need, enabling open and permissionless innovation through Vega’s permissionless protocol. It’s great to see the community innovate at such a rapid pace using Pyth network for price feeds and Vega for execution. This is the fundamental difference from TradFi, and it’s why I will always champion decentralised and open finance.”