ZetaChain Token Holders Approve Solana Migration Plan
ZetaChain has announced that its token holders have approved a plan to shut down the project's layer-1 blockchain and migrate the native ZETA token to Solana. The governance proposal, which passed with 99.4% support and 58% participation, exceeds the network's 40% quorum requirement.
Under the proposal, ZETA will become an SPL token on Solana through a 1:1 conversion, maintaining the same ticker and total supply. This move is expected to allow ZetaChain to redirect resources from blockchain maintenance to its private-focused artificial intelligence application, Anuma.
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.
This decision follows other projects such as BounceBit and Harmony, which have also announced plans to shut down their standalone blockchains due to security concerns or the need for a pivot. ZetaChain suffered a $334,000 exploit in April targeting its cross-chain gateway contract, leading to a review of its security processes.