Vega Protocol, a Layer 1 blockchain specializing in derivatives trading, will cease its blockchain operations following a recent on-chain governance vote.
Trading Ceases, VEGA Token Plummets
Trading on the Vega network has been suspended, leading to an immediate drop in the price of VEGA, which now stands at $0.06. The ongoing governance vote will finalize the prices at which suspended markets will close and establish settlement rates. The remaining insurance pool fund will be used to compensate validators and sustain network operations until late October, providing users adequate time to withdraw their assets. The final governance vote on the VEGA proposal is set to conclude at 15:00 UTC on September 13th.
Transition to Nebula and NEB Token
Vega Protocol will support Nebula, a DEX built with Vega's core software, as it winds down Vega blockchain. Nebula will introduce its own NEB token, offering VEGA token holders an opportunity to swap their tokens for the new NEB token. Barney Mannerings, co-founder of Vega Protocol, noted that while Vega’s blockchain and token did not achieve the growth needed for long-term sustainability, the software’s legacy will continue through Nebula.
Vega Protocol ceases trading operations and shifts focus to supporting the Nebula DEX, offering VEGA token holders the opportunity to swap for the new NEB token. The community vote confirms a reallocation of resources towards core software development.
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