The core team members of Vega Protocol have decided to shut down its L1 blockchain after the community governance consensus agreed to it. Users have now been asked to withdraw $VEGA until 27 October.
Vega, a Layer 1 blockchain for derivatives trading and its associated token, VEGA which is currently trading at $0.0617, could not manage to find any traction as an app chain causing its shut down. VEGA had seen a year-to-date decline of around 94.46%.
Barney Mannerings, co-founder of Vega Protocol stated, “While we’re proud of the software we’ve built, the chain and token have not seen the interest and growth that would make them sustainable and allow the project to continue in its current form.”
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Thus, Vega chain will no longer support trading on any markets.
However, core Vega developers will now turn to the decentralized exchange, ‘Nebula’ which utilizes Vega’s core software. Nebula is an independent project that uses Vega’s core software.
“We believe the future of the software will be as an open-source protocol for others to build upon. Nebula is poised to do just that”, As a result, Vega holders will get NEB tokens at a 1:1 rate.
The blog states that the chain will now go through a “ramp down” period where validators will keep the nodes functional to allow funds to be withdrawn from the network until at least October 27.
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