Originally published on: September 12, 2024
In a recent community vote conducted on Sep. 12, an overwhelming majority supported a proposal to retire the Vega Chain and VEGA token.
The decision to close the Vega Chain and $VEGA token was first announced in a blog post on Aug. 30, marking the end of the Alpha phase and a move towards a wind-down phase. The team behind Vega Protocol acknowledged that they had gained valuable insights into how the community wanted to use Vega and identified areas where their original vision fell short.
With the approval of the proposal, the Vega Protocol team is now gearing up for their next project, which will involve launching a new token and chain to replace VEGA.
According to a recent blog post, VEGA trading will cease, and users have a two-month window to clear their accounts on the Vega blockchain.
Barney Mannerings, the co-founder of Vega Protocol, expressed his pride in the team’s efforts but admitted that the blockchain and native token had not received the level of interest and growth needed for long-term sustainability.
The team is now focused on the launch of Nebula, a new chain, along with its native token, NEB. Nebula aims to support a major new retail DEX and will run on the Vega protocol, powered by the NEB token.
Existing VEGA token holders will have the opportunity to participate in a token swap, with up to 20% of the company’s assets allocated to facilitate this transition process.
Before the final closure of the Alpha mainnet, the community will conduct one last governance vote to determine a market price settlement and allocate resources to incentivize the operation during the offboarding period.
With the retirement of the Vega Chain and VEGA token, the Vega Protocol is now charting a new path towards the future.
