Vega Chain ceases its activities after a vote on the board

The Vega chain has announced it will cease operations following a near-unanimous vote within the chain to shut down the network. As a result, the Vega chain will no longer support trading in any markets. The chain is expected to go offline after a grace period, during which validators will be paid to maintain the nodes so users can withdraw their funds.

$28,000 insurance fund to support validators during ramp-down

This decision comes after a series of blog posts outlining a plan to reallocate funds from the Vega chain and the VEGA token with the aim of supporting and building the basic configuration of the core protocol software. This decision to prioritize core development over even directing the management of the Vega chain is loved by the Vega community.

Currently, the last board voting session is still active in the Vega chain. This vote will determine the prices at which the suspended markets will close and the prices at which they will settle. Approximately 28,000 of the remaining insurance pool fund will also be spent to pay validators and keep the network running during the ramp-up phase. This separate vote is necessary because settlement prices cannot be determined at the time the proposal is made.

The final vote on the VEGA proposal ends on September 13; Withdraw money before October 27^e

It is also essential for users with staked VEGA tokens to vote on this final proposal and keep their staked tokens until voting ends on Friday, September 13 at 3:00 PM UTC. The intention is for this chain to continue functioning until at least October 27, which is more than enough time for all users to withdraw their funds. To withdraw assets, users must go to the Portfolio section and authorize connections to Vega and Ethereum/Arbitrum wallets.