PANews reported on August 8 that according to CoinDesk, the Vega network supported by Coinbase Ventures has also joined the competition in the prediction market and launched its own prediction-focused upgraded version. Vega is a blockchain and decentralized exchange (DEX) that uses the Cosmos network infrastructure and is one of many crypto platforms that focus on perpetual futures (a tool for speculating on future asset prices).

Vega’s new update expands its DEX application to accommodate prediction markets, allowing users to bet on the outcomes of future events, just as they can currently bet on future token prices. At least initially, Vega’s prediction market will differ from Polymarket in that it will be more of an open framework than a fully functional betting application. Vega will continue to look like a traditional decentralized cryptocurrency exchange: users will be able to trade assets like normal, the only difference being that some of those assets will now serve as proxies for prediction betting.