Yahya 
The Vega Protocol states that formal support for the bitcoin futures trading platform should stop as the blockchain should be deleted. Published in an August 30 blog post, the idea aims to focus platform resources on developing a new project called “Nebula,” a whole retail decentralized exchange (DEX) developed on the Vega protocol.
Nebula will let VEGA’s token holders sell their tokens for NEB, its own currency. According to the official Vega Governance plan, trading should stop, stakers should be provided on-chain Treasury, and inspectors should obtain USDT incentives to help to preserve the network intact for the next two months. Users might then withdraw their money from the Vega DEX before the network closes.
The idea underlines how Vega Protocol’s constant operation would exist even with the planned alpha mainnet chain shutdown. The concept is really popular right now with just 200 tokens against and 1.7 million tokens voting in favor. Voting ends on September 6 and requires 2.5% participation level for passing suggestions on government.
Still, the proposal has drawn criticism not without reason. Commentator on cryptocurrencies SpEEK said the extra NEB funds would almost five times reduce the distribution of current holders. Besides suffering is the value of the VEGA token; it lost over 64% over the last month and over 17% over the previous 24 hours. Now trading at $0.06, VEGA dropped 95% during the previous year shown above.
Originally introduced in 2018, Vega Protocol positioned itself as a blockchain fit for high-volume derivatives trading using a whitepaper stressing scalability and rapid settlement times. Lead by Pantera Capital, the platform raised $5 million in a seed fund in 2019 and $43 million in a community fund in 2021.
Figures from DeFiLama show that even with the current TVL of Vega at $424,000, it is far from competitors such as Hyperliquid and dYdX with respective TVLs of $541 million and $395 million. Nebula’s proposed rereading of its function in the distributed trading system is as interesting, as it might help the platform to materialize.
You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.