ZetaChain to Wind Down Layer-1 and Migrate ZETA Token to Solana
- ZetaChain tokenholders approved Governance proposal 68 with a support rate of 99.4% and a participation rate of 58%.
- The native ZETA token will migrate to Solana as an SPL token through a direct 1:1 conversion.
- The shutdown and migration process will be detailed in a subsequent proposal, including asset withdrawal timelines and staking rewards continuity.
- ZetaChain aims to focus on its AI application, Anuma, rather than maintaining its own layer-1 blockchain.
- In addition, ZetaChain previously experienced a $334,000 exploit related to its cross-chain gateway contract.
This decision reflects a broader trend where projects like BounceBit and Harmony are also shutting down their standalone chains for various reasons, including security issues and strategic pivots towards AI initiatives.
With the approval of the migration plan, ZETA will transition to Solana while continuing staking rewards during the process.(Source)
