Vega Protocol

Vega Protocol, which is supported by Pantera Capital, is set to shut down its layer-1 blockchain. The network will temporarily remain active to allow users to withdraw their funds before fully closing by late October.Governance and Token ImpactThe decision came after a governance <a href="https://blog.vega.xyz/vote-to-retire-the-vega-chain-passed-22a52d81c80d" rel="noopener noreferrer nofollow">vote</a> that showed overwhelming support for ending the blockchain operations. It prioritizes software development. Trading on the network has stopped and the network is now winding down. This reportedly caused the VEGA token price to drop by 14%. The token is <a href="https://coinmarketcap.com/currencies/vegaprotocol/" rel="noopener noreferrer nofollow">down </a>to $0.0576.The Vega team stated,&#34;The blockchain will stay active until at least October 27. This gives users enough time to remove their assets.&#34;This recent development ensures that users can securely manage their investments during the shutdown. A final vote is currently underway to settle the remaining trades and allocate approximately $28,000 in unused insurance funds to validators, helping to maintain network stability during the shutdown. The vote will conclude on September 13, locking in the final market prices at the last recorded trading values.<a href="https://cryptotale.org/vega-protocol-announces-shutdown-of-its-layer-1-blockchain/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

Vega Protocol Announces Shutdown of Its Layer-1 Blockchain

CryptoTale

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