Key Points
- Vega Protocol plans to retire its current blockchain and VEGA token, shifting focus to developing open-source protocol software.
- A new project called Nebula will launch a retail-focused DEX using Vega technology, offering VEGA holders the opportunity to swap for new NEB tokens.
Vega Protocol, a decentralized derivatives trading platform, has announced a significant restructuring of its project. This marks the end of the protocol’s alpha phase and the beginning of a new era.
End of Alpha and New Direction
After over a year of development and testing, Vega Protocol is preparing to conclude its alpha phase in the coming months. The project team has decided to take a new approach based on community feedback and market realities. This includes retiring the current Vega blockchain and VEGA token to focus exclusively on developing and promoting the open-source Vega protocol software.
“We’ve learned a lot from our community interactions,” a spokesperson for Vega Protocol stated. “While we’ve tackled major protocol and UX pain points, we believe some structural and economic changes are necessary to address other aspects of the feedback we’ve received.”
Introduction of Nebula DEX
Vega Protocol introduced the Nebula project, which plans to launch a full retail decentralized exchange (DEX) built using the Vega protocol. Nebula aims to provide a competitive user experience, incentives, liquidity, and markets to rival existing DEXs in the crypto space.
Nebula will operate its blockchain running the Vega protocol and will be powered by a new NEB token. To support this transition and provide potential value for current VEGA token holders, Nebula plans to allocate up to 20% of its token supply for a token swap with VEGA holders.
Community Decision and Path Forward
The proposed changes will be put to a vote by the VEGA token holders through on-chain governance. If approved, the alpha mainnet markets will be suspended and settled, with the chain becoming withdraw-only for a period to allow users to remove their funds.
“We believe a more focused project organization delivering the open-source protocol software is right for the future of Vega and offers the best chance of success for the next phase of the project,” the Vega team explained.
The governance vote is currently live, and VEGA token holders can cast their votes until September 6th at 13:00 PM CEST. This pivotal decision will shape the future of the Vega ecosystem and potentially offer a new direction for decentralized derivatives trading in the crypto market.
