Key Takeaways:
- Vega Protocol proposes shutting down its alpha mainnet and discontinuing the VEGA token within three months, shifting focus to a new project, “Nebula.”
- VEGA token holders will have the option to exchange their tokens for the new NEB asset.
- The proposal includes suspending trading, redistributing the treasury, and maintaining network operations for two months before the alpha mainnet ceases.
Vega Protocol, a decentralized trading blockchain, has proposed shutting down its alpha mainnet within the next three months and discontinuing support for its native VEGA token.
The proposal, announced on August 30, focuses on shifting efforts towards developing a new project called “Nebula,” a retail decentralized exchange (DEX) built on the Vega protocol with its own NEB token.
The on-chain governance proposal for the changes outlined in our recent blog post, "Vega: The Next Phase," is live. It was necessary to split this into two proposals.
— Vega Protocol (@vegaprotocol) September 2, 2024
The first proposal, now live, effectively shuts down all on-chain operations and will determine the project’s…
VEGA token holders will be able to exchange their tokens for the new NEB asset.
The proposal includes steps such as suspending trading, redistributing the onchain treasury, and providing incentives to validators to maintain network operations for two months.
After this period, the alpha mainnet is expected to cease.
Today in governance drama, Vega proposes to shut down their chain, retire their token, and replace it with a new token diluting existing holders by 5x. pic.twitter.com/d144NTN0zo
— Spreek (@spreekaway) September 2, 2024
The proposal has garnered strong support, although some critics worry about the potential dilution of current token holders’ allocations.
Vega Protocol’s total value-locked (TVL) stands at $424,000, significantly lower than competitors.
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