Vega Protocol retires blockchain and token after community vote

Vega Protocol (CRYPTO:VEGA) has decided to retire its Vega Chain and VEGA token following a near-unanimous vote from its community on September 12. 

The proposal to shut down the chain was initially announced on August 30 as part of the project's transition from its Alpha phase. 

The team explained that they have "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."

With the proposal's approval, the Vega Chain will no longer support trading on any markets. 

Users on the Vega blockchain have been given a two-month window to clear their accounts. 

During this "ramp down" period, validators will be incentivised to keep nodes operational to allow users to withdraw their funds from the network. 

The chain is expected to cease all operations once this period ends.

In a statement, Vega Protocol co-founder Barney Mannerings expressed pride in the team's efforts but acknowledged that the Vega blockchain and native token had "not seen the interest and growth that would make them sustainable" in the long term.

As Vega winds down, the team is focusing on a new project involving the launch of a new chain called Nebula, powered by a new native token, NEB. 

The team stated, "To fund and incentivize an undertaking as big as a major new retail DEX, Nebula plans to launch its own chain running the Vega protocol." 

Existing VEGA token holders will be offered a token swap for NEB, with up to 20% of Vega's assets allocated to support this transition.

One final governance vote will be held to determine the market price settlement for the VEGA token and to allocate funds to incentivise the operation of its Alpha mainnet during the user offboarding period. 

At the time of reporting, the Vega Protocol (VEGA) price was $0.05893.