ZetaChain holders approve plan to wind down L1, move ZETA to Solana
ZetaChain plans to wind down its Cosmos-based layer 1 and migrate ZETA to Solana, joining other crypto projects moving away from standalone chains.
ZetaChain tokenholders have approved a plan to terminate their layer-1 blockchain and transfer ZETA tokens to Solana, according to governance proposal 68. Approved with 99.4% support and 58% participation, the proposal surpasses the required 40% quorum. ZETA will be converted to an SPL token on Solana, retaining its ticker and total supply.
The shutdown and migration are not immediate, with ZetaChain awaiting a second proposal outlining asset withdrawal, withdrawal period, and token claim procedures. Validators will continue operating during the transition, maintaining staking rewards. ZetaChain's decision to move to Solana is driven by the desire to focus resources on its private AI application, Anuma.
Founded in 2021, ZetaChain raised $27 million in 2023 to develop its layer-1 network, joining a growing trend of projects like BounceBit and Harmony shifting away from standalone chains.
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