Crypto derivatives trading platform Vega Protocol has proposed retiring its blockchain and ceasing official support for its native token VEGA.
In an Aug. 30 blog post, Vega said the proposal was put forward in a bid to “focus on the development and promotion” of the protocol’s software and usher in the launch of a new project called “Nebula.”
Vega said Nebula would be a “full retail decentralized exchange (DEX) with committed liquidity” built on the Vega protocol.
“Nebula will have its own NEB token, and VEGA token holders are being offered the opportunity to swap VEGA for this new token,” wrote Vega.
The official Vega Governance proposal outlined that the specific actions contained within the proposal would suspend trading, redistribute the onchain treasury to stakers, and provide “guaranteed USDT incentives” to validators to keep the network operating for the next two months, allowing users to withdraw funds from the Vega DEX.
After that, it would be up to any current or potential validator whether they continue to run nodes or not, but as there would be no trading and no VEGA issuance for rewards from this point, it is expected that the alpha mainnet chain would stop.
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