ZetaChain Tokenholders Approve Solana Migration After Exploit

ZetaChain tokenholders have approved a plan to migrate their native ZETA token to Solana, following a 1:4% vote in favor of governance proposal 68. The decision comes after a $334,000 exploit in April and aligns with recent token migrations by BounceBit and Harmony post-exploits.

The migration will see the ZETA token become an SPL token on Solana through a 1:1 conversion, while keeping the same ticker and total supply. However, key operational details such as the shutdown timetable and asset withdrawal process are still to be determined in a follow-up vote.

ZetaChain will submit a second proposal outlining the withdrawal window, shutdown schedule, token claim process, and exchange conversion period. Validators and staking rewards will continue during the transition.