{"id":16900,"date":"2024-09-12T11:31:37","date_gmt":"2024-09-12T08:31:37","guid":{"rendered":"https:\/\/forklog.com\/en\/vega-protocol-community-votes-to-shut-down-network-and-vega-token\/"},"modified":"2024-09-12T11:31:37","modified_gmt":"2024-09-12T08:31:37","slug":"vega-protocol-community-votes-to-shut-down-network-and-vega-token","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/vega-protocol-community-votes-to-shut-down-network-and-vega-token\/","title":{"rendered":"Vega Protocol Community Votes to Shut Down Network and VEGA Token"},"content":{"rendered":"<p>The community of the derivatives-focused L1 blockchain, Vega Protocol, has voted to cease support for its network and the VEGA token.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The on-chain vote to retire the Vega chain has officially passed.<\/p>\n<p>As a result, the Vega chain no longer supports trading on any markets. The chain is expected to cease operations after a \u201cramp-down\u201d period, during which validators are incentivised to maintain node operations,\u2026<\/p>\n<p>\u2014 Vega Protocol (@vegaprotocol) <a href=\"https:\/\/twitter.com\/vegaprotocol\/status\/1833833661642280974?ref_src=twsrc%5Etfw\">September 11, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The decision is driven by the network&#8217;s low popularity. The blockchain will continue operations until October 27 to allow users to withdraw their assets.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cThe network and token did not receive the interest and growth needed to make them sustainable and maintain the project in its current form,\u201d<\/em> commented Vega Protocol co-founder Barney Mannerings.<\/p>\n<\/blockquote>\n<p>Following the vote, support for on-chain trading on any markets has been discontinued.<\/p>\n<p>The team plans to allocate resources solely for the development and support of a DEX called Nebula, which is based on Vega software. The platform will have its own token, NEB, which is planned to be offered to VEGA holders.<\/p>\n<p>In September, the token&#8217;s price hit a historic low. Over the past 30 days, VEGA has plummeted by 69.9%, according to <a href=\"https:\/\/www.coingecko.com\/en\/coins\/vega-protocol\">CoinGecko<\/a>.<\/p>\n<p>The project published its <a href=\"https:\/\/vega.xyz\/papers\/vega-protocol-whitepaper.pdf\">white paper<\/a> in 2018, and the mainnet launched on May 10, 2023. Later that month, the team activated cryptocurrency futures markets.<\/p>\n<p>In 2021, Vega Protocol raised $5 million in a funding round with participation from Arrington Capital and Coinbase Ventures.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The community of the derivatives-focused L1 blockchain, Vega Protocol, has voted to cease support for its network and the VEGA token. The on-chain vote to retire the Vega chain has officially passed. As a result, the Vega chain no longer supports trading on any markets. The chain is expected to cease operations after a \u201cramp-down\u201d [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":16899,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1168,1267],"class_list":["post-16900","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-crypto-derivatives","tag-cryptocurrency-trading"],"aioseo_notices":[],"amp_enabled":true,"views":"60","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/16900","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=16900"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/16900\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/16899"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=16900"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=16900"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=16900"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}