Layer 1 blockchain Vega proposes to shut down the Vega Alpha mainnet and the VEGA token, and launch a new project Nebula.

Foresight News reported that $Vega Protocol, a Layer 1 blockchain focusing on derivatives trading, has proposed a plan to shut down the $Vega Alpha mainnet chain and the token $VEGA in the coming months. The project aims to shift its focus towards the development and promotion of the protocol software. Additionally, $Vega Protocol is launching a new project called Nebula, which plans to introduce its own chain running the $Vega protocol. Nebula will have its native token NEB, and $VEGA token holders will have the opportunity to swap $VEGA for this new token, with $VEGA holders being diluted at a ratio of 5:1. $Vega will redistribute the on-chain treasury to stakers and provide guaranteed USDT incentives to validators to sustain the network for the next two months, allowing users to withdraw funds from the $Vega DEX. Relevant governance voting is set to conclude on September 6th.