Vega Protocol Votes to Shut Down Network Amid Low Popularity
Vega Protocol will cease operations, with plans to transition to a new project, Nebula, aimed at enhancing decentralized exchange liquidity.
Highlights:
•
Community votes to discontinue Vega blockchain and VEGA token.
•
Users have until October 27 to withdraw their funds safely.

Members of the Vega Protocol community have voted overwhelmingly to shut down the Vega blockchain, citing a lack of traction and popularity for the project. The decision, which passed with nearly unanimous support, will lead to the discontinuation of support for the VEGA token, a move that has been anticipated following a series of discussions about the project's future.

The governance vote concluded on September 11, 2024, and the network is set to remain operational until at least October 27, 2024, providing users with ample time to withdraw their funds. During this period, validators will be compensated to maintain the network, ensuring that users can access their assets without disruption.
In light of the shutdown, the Vega Protocol team has proposed reallocating funds from the chain to support the development of a new project called "Nebula," which aims to establish a decentralized exchange (DEX) with enhanced liquidity. VEGA token holders will have the opportunity to swap their tokens for a new currency, NEB, as part of this transition.

The decision to retire the Vega blockchain reflects ongoing challenges in the competitive landscape of decentralized finance (DeFi), where other platforms have significantly outperformed Vega in terms of total value locked (TVL). As the community moves forward, the focus will shift to the development of Nebula, with hopes of revitalizing interest and engagement in the protocol.
Related news
Subscribe To
Web3Buzz
Connecting you to the world of Web3
Related News
People also like to read
Latest News