Vega proposes to shut down the Vega Alpha mainnet and the VEGA token, and launch a new project called Nebula

ChainCatcher news, focusing on derivatives trading, the Layer 1 blockchain Vega Protocol has proposed to shut down the Vega Alpha mainnet chain and the VEGA token in the coming months, shifting its focus to the development and promotion of protocol software, and launching a new project called Nebula.

Nebula plans to launch its own chain running the Vega protocol, and Nebula will have its own token NEB. VEGA token holders will have the opportunity to exchange VEGA for this new token, with VEGA holders being diluted to 5:1. Vega will reallocate the on-chain treasury to stakers and provide guaranteed USDT incentives to validators to keep the network running for the next two months, allowing users to withdraw funds from the Vega DEX. The related governance vote will end on September 6.