Vega Protocol community members have voted to cancel the existing Level 1 blockchain.
After a unanimous leadership vote, the #Vega chain deal has been terminated.
The decision to cancel the #blockchain was based on the lack of popularity of the network in its current form. Level 1 Blockchain, which specializes in derivatives trading, voted to cancel the Vega blockchain and its associated tokens.
As a result, the Vega network no longer supports trading on any market, a decision that was made automatically after a unanimous vote by management. Vega launched its first network marketplace after the release of alpha mining in 2023.
the team noted that management's decision to shut down the network was made because the network has not gained much traction in its current form of blockchain, which focuses on derivative transactions.
"We are proud of the software we created, but the network and tokens did not get the interest and growth necessary to make them sustainable and allow the project to continue in its current form, said Barney Mannering, co-founder of Vega Protocol.
In addition to the current migration, Vega #core developers will support a decentralized exchange called Nebula. Nebula is an independent project that utilizes Vega core software. It has its own #token , NEB, which will be offered to Vega holders at a 1:1 exchange rate.
We believe that the future of software is an open source protocol that others can rely on. Nebula is poised to do just that, and while it is an independent project, it will provide NEB tokens to VEGA token holders and will have some effect.
With this change, the blockchain will be in a "slowdown period" during which the validator will be asked to continue running the node in order to withdraw funds from the network.
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