The Vega chain has announced that it will cease operations following a nearly unanimous on-chain vote to retire the network. As a result, the Vega chain will no longer support trading on any markets. The chain is expected to go offline after a ramp down period, during which validators are paid to keep nodes up so that users can withdraw their money.
$28,000 Insurance Fund to Support Validators During Ramp-Down
This decision comes after a series of blog posts which laid out a plan of reallocating funds from the Vega chain and VEGA token for the purpose of supporting and building the basic setup of the core protocol software. This decision of prioritizing core development over even steering the management of the Vega chain has been liked by the Vega community.
At present, the last governance vote session is still active on the Vega chain. This vote will establish the prices at which the suspended markets will close and the prices at which they will settle. There will also spend about 28,000 of the remaining insurance pool fund to pay validators and keep the network running during the ramp down phase. This separate vote is required because the prices of settlements cannot be established at the time when the proposal is made.
Final Voting on VEGA Proposal Ends September 13th; Withdraw Funds by October 27th
It is also essential for users with staked VEGA tokens to vote on this final proposal and retain their tokens staked until the voting ends at 15:00 UTC on Friday, September 13th. This chain is planned to function at least until October 27th, which is more than enough time for all users to withdraw their funds. To withdraw assets, users should go to the Portfolio section and authorize connections with Vega and Ethereum/Arbitrum wallets.
