Background

Published papers

Research is at the core of Vega.

We share all our published papers and overviews on this page. Some papers focus on technical implementations, while others are explorations of potential future technologies and innovations.

  • Protocol whitepaper

    This whitepaper describes the protocol and explores how traders, market makers, and node operators interact to collectively run high performance, fully decentralised markets in a deterministic way without the need for human intervention.

    Download PDF

  • Technical overview

    This three-page document describes the architecture and trading core components of the Vega framework, from an engineering perspective.

    Download PDF

  • Unbiased deep solvers for parametric PDEs

    This research is co-authored by Dr David Siska and provides several algorithms for how to train appropriate neural networks that can be used to price derivatives and tests to validate them.

    View on Arxiv

  • Incentives for Model Calibration on Decentralized Derivatives Exchanges: Consensus in Continuum

    In this research, Dr David Siska writes on the problem of risk model calibration faced by all decentralized derivative exchanges, and presents empirical results for simple situations that arise when the risk model is assumed to be a linear function of calibration parameters.

    View on SSRN

  • Wendy, the Good Little Fairness Widget

    Current blockchains either provide explicit ways to front run or leave transaction ordering to the full discretion of the miners. In this paper Klaus Kursawe proposes a new definition of fairness in terms of transaction ordering on blockchains using local time.

    View on IACR EPrint

  • Market Based Mechanisms for Incentivising Exchange Liquidity Provision

    A key problem for exchanges is how to attract liquidity providers and retain their support in all market conditions. This paper develops mechanisms for creating open, automated and scalable liquidity markets. It outlines formal methods to quantify liquidity, determine its price and allocate rewards derived from trading fees between market makers.

    View on SSRN

  • Wendy grows up

    Klaus Kursawe has developed his original research for Wendy, the good little fairness widget, to include a framework for implementation across all blockchains and a simulator to calculate latency and throughput implications.

    Download PDF

    Try out the Wendy prototype, running on a simulated network

Talks + events

Events are a great opportunity to catch up with our community members.

If you have any ideas for events you'd like us to host or attend, drop us a DM or tweet on Twitter.

  1. Liquidity 2020: How to create & launch a BTC/USD futures market on Vega
    10.30 PST
    18.11.2020
    Virtual

    On Vega anyone can create permissionless, professional-grade markets, on any underlying. This makes it possible for the world of derivatives markets to run on a global, public blockchain. Tamlyn Rudolph demonstrates this technology for the first time to show how to launch your own BTC / USD futures market on Vega's testnet

    Watch Tamlyn's talk at dystopian labs liquidity 2020.

  2. Deconstructing derivatives
    11.11.2020
    Virtual

    An all-day event featuring demos, hands-on workshops, and panel discussions exploring the world of derivatives. Starting off with fundamental theory, we then dive into community-led finance, crypto native products and liquidity mechanisms before addressing the future with the leaders that are shaping it.

    The content progresses in complexity throughout the day and is geared towards all levels, from complete beginners to hardcore DeFi enthusiasts.

    Organised by Vega, London Blockchain Labs and Outlier Ventures.

    Speakers include:
    Abel Tedros, Andrey Belyakov, Anjan Vinod, Anton Golub, Barney Mannerings, Ben Gagnon, Carlo Las Marias, Dan Danay, David Nuelle, David Siska, Ethan Vera, Freddie Farmer, Juliana Passos, Leo Zhang, MonaEl Isa, Rafaella Baraldo, Stani Kulechov, Tamlyn Rudolph and Timothy Kelly.

    Watch the full day on YouTube

  3. Coinscrum Markets: Building decentralised derivatives markets
    02.10.2020
    Virtual Panel

    Barney Mannerings joins Paul Yardly (Trustology) and Jose Macedo (Delphi Digital) on this panel.

    Watch on YouTube

  4. Learn how to design a blockchain for fair DeFi trading
    22.07.2020
    Virtual

    Dmitriy Berenzon leads a discussion with Klaus Kursawe and Tamlyn Rudolph on ordering fairness and why it is a necessary innovation for the DeFi space.

    Watch this session on YouTube

  5. Blockchain Brad
    09.07.2020
    Interview

    Barney Mannerings speaks to Blockchain Brad about Vega and building tools for DeFi trading.

    Watch this interview on YouTube

  6. Liquid Staking Roundtable
    07.07.2020
    Virtual

    Barney Mannerings joins the Cosmos round-table on on-chain staked assets.

    Watch this session on YouTube

  7. The Layerization of Decentralised Finance: Synthetic Assets, Futures, Options: What’s Next?
    14.05.2020
    Virtual

    Barney Mannerings joins Synthetic, Unslashed Finance in a panel moderated by Mona El Lisa in a DeFi project deep dive.

    Watch this session on YouTube

  8. Dystopia Labs: DeFi Discussions
    03.04.2020
    Virtual

    Dr Klaus Kursawe discussed how blockchains can mitigate against front-running for on-chain order book dApps, based on his latest paper ‘Wendy, the little good little fairness widget’.

    Watch his session on CrowdCast

  9. CryptoCompare Digital Asset Summit
    09.03.2020
    London

    Barney Mannerings launched the private Vega Testnet. Audience members were the first to see a live, public demonstration of the protocol and Vega Console.

    Watch the presentation on YouTube

  10. Deconstructing DEFI
    07.03.2020
    London Blockchain Week

    An all-day event featuring thought provoking group discussions, demos and hands-on interactive coding workshops with Xpring + ConsenSys, geared towards both those familiar and fresh to the world of decentralizedfinance.

    Organised by Vega, London Blockchain Labs and Xpring. Sponsored by Fabric Ventures.

  11. London Blockchain Labs' Blockchain Bootcamp
    16.11.2019
    London

    Tamlyn Rudolph spoke on the current landscape of decentralised exchanges, plus an overview of decentralised derivatives and the parallel financial system.

  12. Quantlayer: Discussing a Parallel Financial System with Vega
    05.11.2019
    Interview
  13. Flow State: Decompression and Discussion
    03.11.2019
    San Francisco

    Christina Norgård Rud and Xpring's Mahoney Turnbull hosted a multi sensory decompression ceremony, where attendees bathed in sound, consumed cacao, discussed the week and eased back into a (slightly) more centralised realm of life again.

  14. Blockchains for traders: On finality, fairness and flocking
    31.10.2019
    San Francisco

    Led by Dr Klaus Kursawe, this research seminar explored his recent work focusing on efficiency and flexibility when looking at the architecture, model and various protocol issues of the consensus layer. Klaus discussed how to replace the consensus algorithm on the fly, optimise protocol latency, and go beyond the thresholds to allow taking into account geography and other properties.

    Watch this presentation on YouTube

  15. Zen and the Art of Price Determination
    31.10.2019
    San Francisco

    Vega co-hosted an interactive market making workshop for beginners who wanted to learn more about trading on both centralised and decentralised marketplaces by using a simulated marketplace. The event was run by Tamlyn Rudolph and Carson Cook, PhD, from cryptocurrency trading and tech firm Fractal Wealth.

  16. Do Blockchains Dream of Cryptographic Sheep?
    30.10.2019
    San Francisco

    At this fishbowl event, attendees had a chance to jump into the conversation on topics like "what happens if inflationary monetary policy bites the dust?" and "what would be the impact of DeFi protocols taking the place of banks?".

    The event was co-hosted by Vega, Pantera Capital, and NEAR Protocol, and the session was moderated by Tamlyn Rudolph.

  17. Pantera Capital Summit
    22.10.2019
    San Francisco

    Breakout session on Vega Protocol, led by Barney Mannerings.

  18. D.FINE Korea Blockchain Week - DeFi Panel Discussion
    01.10.2019
    Seoul

    Barney Mannerings and panelists from Terra, Maker DAO, GBIC, and DXM discussed the current state of DeFi and its potential future.

  19. Women Who Go
    09.05.2019
    London

    A lightning talk called "Why Decentralise Capital Markets and Why Do It in Go?" was presented by Tamlyn Rudolph & Edd Hannay.

  20. KR1's Kryptonight London
    26.02.2019
    London

    Barney Mannerings spoke on the emerging DeFi stack and how Vega’s decentralised trading network fits into it, before sharing a short demo.

    Watch his talk on YouTube