Ethereum

Vega Protocol

A recent proposal to shutter the Vega Chain and VEGA token passed with near unanimous support in a community vote held on Sep. 12.&nbsp;
The initial proposal was <a data-ct-non-breakable="null" href="https://blog.vega.xyz/vega-the-next-phase-680e4c34252f" rel="null" target="null" text="null" title="null">announced</a> in an Aug. 30 blog post. At the time, the team said it was ending its Alpha phase and preparing for an expected wind down. The team said it “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.”
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 <img alt="Vega Protocol retires chain and token after near unanimous vote" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191e778-6eb9-7109-94a1-cf5ce29880eb">
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 A post announcing the shutdown of Vega Chain and $VEGA token. Source: <a data-ct-non-breakable="null" href="https://x.com/vegaprotocol/status/1833833661642280974" rel="null" target="null" text="null" title="https://x.com/vegaprotocol/status/1833833661642280974">Vega Protocol</a>
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The proposal’s passage now sets the stage for the team’s next project in support of a new token and chain.&nbsp;
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/3dos-launches-decentralized-global-3-d-printing-service-blockchain-web3-sui" rel="null" target="null" text="null" title="null">3DOS launches decentralized global 3D-printing service on Sui</a>
Per the recent blog <a data-ct-non-breakable="null" href="https://blog.vega.xyz/vote-to-retire-the-vega-chain-passed-22a52d81c80d" rel="null" target="null" text="null" title="null">post</a>, VEGA will no longer trade and users on the Vega blockchain have two months to clear their accounts:&nbsp;
<blockquote>
 “Now that this has happened, the Vega chain no longer supports trading on any markets and is expected to stop after a “ramp down” period during which validators are incentivised to keep nodes operational to allow users to withdraw funds from the network.”
</blockquote>
In a previous interview, Barney Mannerings, the co-founder of the Vega Protocol, told Cointelegraph <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/vega-protocol-proposes-shutting-down-its-network-launching-new-token" rel="null" target="null" text="null" title="null">he was proud of Vega’s efforts</a>, but its blockchain and native token had “not seen the interest and growth that would make them sustainable” in the long term.
<h2 id="nebula-and-neb">Nebula and NEB</h2>
The Vega team is now shifting its efforts to launching a new chain, dubbed Nebula, and its native token, NEB. “To fund and incentivize an undertaking as big as a major new retail DEX,” the team wrote. “Nebula plans to launch its own chain running the Vega protocol, powered by a new NEB token.”
Users already holding VEGA will be offered a token swap, and the company says up to 20% of its assets will be allocated to support this transition.&nbsp;
The community will hold one final governance vote to confirm a market price settlement and allocated funds to incentivize the operation of its Alpha mainnet during the two-month user offboarding period.&nbsp;
 Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/simple-change-save-ethereum-roadmap-to-hell/" rel="null" target="null" text="null" title="null">Proposed change could save Ethereum from L2 ‘roadmap to hell’</a>

Vega Protocol retires chain and token after near unanimous vote

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Cointelegraph

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