- Trading Ceases, VEGA Token Plummets
- Transition to Nebula and NEB Token
- History and Achievements of Vega Protocol
Vega Protocol, a blockchain specializing in derivatives trading, will cease its blockchain operations following a recent community vote.
Trading Ceases, VEGA Token Plummets
Trading on the Vega network has been suspended, leading to an immediate plummet in the price of VEGA to $0.06. The ongoing governance vote will finalize the prices at which suspended markets will close and establish settlement rates. The remaining insurance pool funds will be used to compensate validators and sustain network operations until late October. This provides users with adequate time to withdraw their assets. The final governance vote on the VEGA proposal is set to conclude on September 13th. Holders of staked VEGA tokens are advised to participate in this vote and maintain their staked tokens until the process is complete.
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.
History and Achievements of Vega Protocol
Vega first launched its white paper in 2018 and raised $5 million through seed and $43 million through community funding rounds in 2019 and 2021, respectively. Despite these efforts, the project struggled to maintain interest and growth in its blockchain operations. Vega Protocol co-founder Barney Mannerings noted that while Vega's blockchain and token did not achieve the necessary growth for long-term sustainability, the software's legacy will continue through Nebula.
Vega Protocol ends its operations, reallocating resources to core software while its legacy continues through the new Nebula project.
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