ZetaChain Proposes L1 Closure, Eyes Solana Migration
ZetaChain's proposal to shut down its Layer 1 has garnered significant attention in the crypto news sphere. The proposal, which secured a whopping 99.4% support ahead of its September 20 deadline, would authorize preparations for another vote. However, this initial approval would not transfer tokens or set a date for shutting down ZetaChain.
The first ballot is merely a precursor to the second governance vote, which will cover the migration mechanism, snapshot height, and exchange coordination. This proposal will also specify withdrawal windows, claim procedures, and the network's halt schedule. Staking rewards would continue until the shutdown time established through the second proposal.
Under the proposed plan, native ZETA would convert into a Solana SPL token at a one-to-one ratio. The ticker and total supply would remain unchanged, with decimal precision falling from eighteen places to nine. Smaller unsupported amounts would be rounded down.