TechFlow news, August 8 — According to Coindesk, the Vega network, backed by Coinbase Ventures, has entered the prediction market race through a major upgrade. The update to the Vega blockchain and decentralized perpetual exchange will allow users to bet on the outcomes of future events, similar to current token price speculation. Built using Cosmos network infrastructure, Vega is one of the crypto platforms focused on perpetual futures.
Vega's new functionality expands its DEX application into a prediction market with an open framework. Users can trade assets as usual, with some assets serving as prediction wagers. In contrast, Polymarket is a standalone app built on the Polygon blockchain offering a casino-style betting interface. Barney Mannerings, founder of Vega, said the protocol's development and primitive building enable users to launch custom products, potentially including sports and news content. Despite critics, Vega's upgrade reflects growing enthusiasm for blockchain-based prediction markets and could become a breakthrough use case for the technology.
