Vega Protocol, a blockchain platform focused on derivative trading, has decided to shut down the network with the approval of community members.

Vega Protocol, which launched its mainnet in 2023, automatically closed all transactions made on-chain in its markets after a community vote.

According to the announcement made by the Vega team, this decision was made because the current state of the Vega Protocol network did not attract enough attention.

Barney Mannerings, one of the founders of Vega Protocol, said, "We are proud of our software, but the chain and token have not been able to capture the interest and growth that will make the project sustainable. Therefore, it is not possible for the project to continue in its current state."

The price of the token belonging to the project instantly plummeted.

The Vega team also announced that they will support a decentralized exchange called Nebula in addition to this change. Nebula, an independent project, will use Vega's underlying software and have its own NEB token. It is planned to offer this token to VEGA token holders as well.

After these developments, the value of Vega token has dropped by 30% in the last week, from $0.1 to $0.068. The token has experienced a loss of over 90% since the beginning of the year.