This document discusses Vega, a next generation DeFi derivatives protocol. It summarizes that derivatives markets currently have issues like high fees, lack of liquidity for smaller clients/assets, and underdevelopment in emerging markets. Vega aims to decentralize derivatives trading through a blockchain-based protocol to provide benefits like low-cost, capital efficient trading without gas fees or front-running. It plans to launch a cross-chain derivatives exchange and provide tools for community members to create and manage new markets for underserved industries/risks. The goal is to use decentralized incentives to develop liquidity and reclaim/extend derivatives markets to more people globally.