Vega Protocol

Description sourced from DeFiLlama's protocol metadata; teams submit their own copy when listing.

Vega Protocol's governance or utility token carries a market capitalisation of $94.1K based on circulating supply at the latest DeFiLlama snapshot. The market is pricing the token ($94.1K) above the protocol's on-chain TVL ($127.4) — a mcap/TVL multiple of 738.09× implies investors are paying for expected future fee flows rather than current deposits alone. A further $659.4 sits in the protocol's native staking modules — these deposits are typically locked, vote-bonded, or earning a share of fees, and they reduce the freely circulating float that can hit the market.

Market cap and supply figures are sourced from DeFiLlama's price feed (which reconciles CoinGecko, CoinMarketCap, and on-chain DEX prices). Treasury and staking values reflect on-chain balances controlled by the protocol at last sync.

Major events flagged by the DeFiLlama community — protocol launches, exploits, governance changes, and incentive programs.

1. May 16, 2023
   Listed on DeFiLlama

Vega Protocol is a Derivatives protocol where traders open leveraged, perpetual, or option positions priced off oracle feeds and settled in collateral held by the contract. It is deployed across 2 chains, including Ethereum, Arbitrum.

Vega Protocol operates on 2 networks (Ethereum, Arbitrum), keeping its surface area narrower than chain-agnostic peers. Roughly 100% of its on-chain value sits on just three networks (Ethereum-staking, staking, Ethereum), so a fault on any one of them would affect a large slice of users. Price feeds come from a single oracle provider (Pyth); an outage or manipulation of that feed would propagate into every market the protocol prices. Its token market cap ($94.1K) currently exceeds total value locked ($127.4) — a mcap/TVL ratio of 738.09 suggests the market is pricing in more growth than current deposits support.

Verified external resources for Vega Protocol — use these to read the source code, follow governance discussions, or cross-check on-chain data against the original team's channels.

Vega Protocol is one of 7 Derivatives protocols Mantapex tracks in this category. Direct peers ranked by total value locked include Jupiter Perpetual Exchange, Hyperliquid HLP, Drift Trade, and 3 more. These peer protocols collectively secure $2.3B in deposits, giving you a frame of reference for whether Vega Protocol's own TVL is at the top, middle, or tail of the category.

Jupiter Perpetual Exchange

TVL $910.6M · 24h -0.27%

Hyperliquid HLP

TVL $431.7M · 24h +0.11%

Drift Trade

TVL $334.4M · 24h +0.22%

GMX V2 Perps

TVL $267.5M · 24h -0.08%

Extended

TVL $196.4M · 24h +0.06%

dYdX V4

TVL $125.3M · 24h +0.58%