{"id":92990,"date":"2024-09-12T06:19:05","date_gmt":"2024-09-12T10:19:05","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=92990"},"modified":"2024-09-12T06:19:14","modified_gmt":"2024-09-12T10:19:14","slug":"vega-protocol-shuts-down-layer-1-chain","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/vega-protocol-shuts-down-layer-1-chain\/","title":{"rendered":"Pantera-Backed Vega Protocol Shuts Down Layer-1 Chain"},"content":{"rendered":"\n

Vega Protocol is shutting down its trading-focused blockchain<\/a> after an on-chain governance vote redirected resources to core software development.<\/p>\n\n\n\n

\"Pantera-Backed
Pantera-Backed Vega Protocol Shuts Down Layer-1 Chain<\/figcaption><\/figure>\n\n\n\n

Following the successful passage of an on-chain governance referendum with nearly unanimous support, the trading-focused blockchain Vega (VEGA) is gradually ceasing operations. The project's resources will now be allocated to core software development.<\/p>\n\n\n\n

The community's support for the blockchain and its native VEGA token has come to an end with the decision to terminate the Vega chain, which supported decentralized trading<\/a>.<\/p>\n\n\n\n

On September 12, the Vega Protocol team announced on their blog that trading on the network has already suspended, and the chain is currently in a “ramp down” phase. The price of VEGA experienced a 14% decline to $0.06203 due to the news.<\/p>\n\n\n\n

\n

\u201cOur understanding from the validators is that the Vega chain will remain operational until at least Oct. 27 to allow users plenty of time to withdraw their assets.\u201d<\/p>\n\n\n\n

Vega Protocol<\/p>\n<\/blockquote>\n\n\n\n

The Vega Protocol team also informed that a final vote is underway to determine the settlement prices for suspended markets and allocate approximately $28,000 in unused insurance funds to validators to “ensure the network operates for the agreed ramp down period.”<\/p>\n\n\n\n

The market settlement will be finalized at the last recorded prices when trading was suspended following the referendum, which concludes on Sept. 13.<\/p>\n\n\n\n

The team also cautioned that any assets remaining on-chain after operations cease could become irretrievable, as the protocol necessitates the authorization of withdrawals from the network's bridge by two-thirds of validators.<\/p>\n\n\n\n

The Vega Protocol network was launched in 2023 per the vision defined in its 2018 whitepaper.<\/p>\n\n\n\n

This whitepaper delineated an application-specific blockchain constructed on the Tendermint proof-of-stake consensus mechanism\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>. In 2019, Pantera Capital led a seed round that raised $5 million for the team. Subsequently, in 2021, the team conducted a $43 million community token sale on CoinList.<\/p>\n","protected":false},"excerpt":{"rendered":"

Vega Protocol is shutting down its trading-focused blockchain after an on-chain governance vote redirected resources to core software development. Following the successful passage of an on-chain governance referendum with nearly unanimous support, the trading-focused blockchain Vega (VEGA) is gradually ceasing operations. The project’s resources will now be allocated to core software development. The community’s support […]<\/p>\n","protected":false},"author":36,"featured_media":92992,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[21790,21789,21791],"class_list":["post-92990","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-layer-1-chain","tag-pantera-backed","tag-vega-protocol"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/09\/word-image-115.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/92990","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=92990"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/92990\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/92992"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=92990"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=92990"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=92990"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}