- Trading Ceases and VEGA Plummets
- Transition to Nebula and NEB Token
- The History of Vega Protocol and Future Steps
Vega Protocol, specializing in derivatives trading, announced its decision to end blockchain operations following a recent on-chain governance vote.
Trading Ceases and VEGA Plummets
Trading on the Vega network has been suspended, causing an immediate drop in the price of VEGA to $0.06. The ongoing governance vote will determine final prices for suspended markets and establish settlement rates. The remaining insurance fund will be used to compensate validators and maintain network operations until late October. The final vote on the VEGA proposal will conclude at 15:00 UTC on September 13th. Users with staked VEGA tokens are advised to participate in this final vote and maintain their staked tokens until the process is complete. Validators will receive guaranteed USDT incentives to keep the network operational for the next two months.
Transition to Nebula and NEB Token
Vega Protocol will support Nebula, a DEX built with Vega's core software, as it winds down its blockchain. Nebula will introduce its own NEB token, offering VEGA token holders an opportunity to swap their tokens for the new NEB token. This move aims to provide some utility for VEGA holders despite the blockchain’s retirement.
The History of Vega Protocol and Future Steps
Vega first launched its white paper in 2018 and raised $5 million through seed funding and $43 million through community funding rounds in 2019 and 2021, respectively. Despite these efforts, the project has struggled to maintain interest and growth in its blockchain operations.
The end of Vega Protocol’s blockchain operations and transition to Nebula marks a significant shift for the project. VEGA token holders have the opportunity to exchange their tokens for NEB, providing some future utility.
