Vega creates derivatives market for crypto points, starting with EigenLayer | Headlines | News | CoinMarketCap
03/13/2024 18:50
Derivatives network Vega has created a market for derivatives trading of points, beginning with EigenLayer. The aim is to allow users to hedge the …
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Published on March 13, 2024 11:37 GMT+00:00edited on March 13, 2024 11:39 GMT+00:00
Derivatives network Vega has created a market for derivatives trading of points, beginning with EigenLayer. The aim is to allow users to hedge the value of their points.
Points are a web2 mechanism — think airline miles — that have made their way into the crypto space in relation to airdrops. Often projects are giving out points in exchange for activity on their platforms, with the underlying assumption that these points could help to determine the distribution of a potential airdrop, if one is to take place.
Since these points have a potential to turn into tokens at some point, traders have started speculating on them. This may be to buy more points or to hedge against the potential airdrop. Platforms like Whales Market and Pendle have added points features, with the former …