ZetaChain Votes to Migrate L1 Blockchain and Native Token to Solana

ZetaChain has voted to end its Layer 1 (L1) network and migrate its native token ZETA to Solana, with a 99.4% approval rate in a governance vote that concluded on September 20.

The L1 blockchain was designed to connect different blockchains and enable users to manage multiple assets from a single application. Developers can create cross-chain applications without having to individually support each chain.

The proposal, Governance Proposal #68, aims to approve the direction and preparation for the migration, which will see ZETA tokens exchanged 1:1 with native SPL tokens on Solana. The ticker symbol and total supply of ZETA will remain unchanged, as will the vesting schedule for existing token holders.

The team behind ZetaChain plans to concentrate its development efforts on a new AI app called Anuma, which is built on Solana and will utilize the ZetaChain 2.0 infrastructure. This move marks a shift in focus towards private AI development, with the L1 network being gradually phased out.