Solana-bound: ZetaChain's L1 Network to Shut Down Amid Token Migration

The ZetaChain network's Layer 1 (L1) will soon be shut down as part of a plan to migrate the ZETA token to the Solana blockchain.

A proposal, known as Proposal 68, was put to a vote and passed with overwhelming support. According to the results, 99.4% of voters approved the plan, which exceeded the required 40% quorum for turnout.

The migration will see ZETA become a native SPL token on Solana, with no changes to its ticker or total supply.

However, this decision does not immediately shut down the network. Instead, it sets the stage for a second proposal that will determine the block height for balance snapshots and define the process for receiving new tokens and withdrawing assets from connected networks.