ZetaChain Abandons Layer-1 Blockchain, Migrates ZETA Token to Solana
ZetaChain's token holders have voted to shut down their layer-1 blockchain and migrate the ZETA token to Solana. Governance proposal 68 passed with a resounding 99.4% support, exceeding the network's 40% quorum requirement. The move aims to redirect resources from maintaining the standalone chain to focusing on Anuma, a private-focused artificial intelligence application.
The transition will involve a 1:1 conversion of ZETA tokens to Solana's SPL format, with the same ticker and total supply remaining intact. Core contributors will submit a second proposal outlining the details of the shutdown and migration process, including a withdrawal window for assets linked to other blockchains.
ZetaChain cited its decision to abandon its layer-1 blockchain as a strategic move to focus on its AI application. The project has struggled with security issues in the past, including a $334,000 exploit targeting its cross-chain gateway contract in April.