Vega Protocol has decided to retire its blockchain and native token, VEGA, following a nearly unanimous community vote on September 12. The decision was influenced by the lack of sustainable interest and growth in the Vega blockchain and VEGA token. The Vega team is now focusing on developing a new blockchain called Nebula and a new token, NEB. This transition includes a token swap for existing VEGA holders and a final governance vote to settle market prices and allocate funds for the operation of its Alpha mainnet during the user offboarding period.

VEGA

A recent proposal to shutter the Vega Chain and VEGA token passed with near unanimous support in a community vote held on Sep. 12. The initial proposal was announced in an Aug. 30 blog post. At the time, the team said it was ending its Alpha phase and preparing for an expected wind down. The team said it “learned a lot about how the community wants to use Vega, as well as the aspects of our original vision that have not worked out.” The proposal’s passage now sets the stage for the team’s next project in support of a new token and chain. Related: 3DOS launches decentralized global 3D-printing service on Sui Per the recent blog post , VEGA will no longer trade and users on the Vega blockchain have two months to clear their accounts: “Now that this has happened, the Vega chain no longer supports trading on any markets and is expected to stop after a “ramp down” period during which validators are incentivised to keep nodes operational to allow users to withdraw funds from the network.” In a previous interview, Barney Mannerings, the co-founder of the Vega Protocol, told Cointelegraph he was proud of Vega’s efforts , but its blockchain and native token had “not seen the interest and growth that would make them sustainable” in the long term. The Vega team is now shifting its efforts to launching a new chain, dubbed Nebula, and its native token, NEB. “To fund and incentivize an undertaking as big as a major new retail DEX,” the team wrote. “Nebula plans to launch its own chain running the Vega protocol, powered by a new NEB token.” Users already holding VEGA will be offered a token swap, and the company says up to 20% of its assets will be allocated to support this transition. The community will hold one final governance vote to confirm a market price settlement and allocated funds to incentivize the operation of its Alpha mainnet during the two-month user offboarding period. Magazine: Proposed change could save Ethereum from L2 ‘roadmap to hell’ 

Vega Protocol to Retire Blockchain and Token, Shifts Focus to New Project