ZetaChain Migrates ZETA Token to Solana Amid Blockchain Maintenance Shift

ZetaChain holders have approved a plan to migrate their native ZETA token from its own layer-1 blockchain to Solana. The proposal, which passed with 99.4% support and 58% participation, will see ZETA become an SPL token on Solana through a 1:1 conversion. This decision follows the project's announcement that it can no longer sustain running its own Cosmos SDK-based layer 1 due to its focus on Anuma, a private-focused artificial intelligence application.

ZetaChain was founded in 2021 as an interoperability-focused project designed to connect assets and data across different blockchains. The project raised $27 million from investors including Blockchain.com, Jane Street Capital, Human Capital, and Sky9 Capital in 2023 to develop its layer-1 network. However, the recent exploit on the cross-chain gateway contract drained funds from ZetaChain-controlled wallets across various chains, prompting a review of its security processes.

Other projects like BounceBit and Harmony have also announced plans to shut down their standalone blockchains. In August, BounceBit opted to retire its blockchain after an authorization flaw was exploited to steal around $3 million in BB tokens. On September 6, Harmony proposed shutting down its layer-1 and migrating its native ONE token to Ethereum as an ERC-20.