ZetaChain Is Shutting Down Its Blockchain and Moving ZETA to Solana

Ledger


Set as Google Preferred SourceFollow on Google News

TLDR

  • ZetaChain token holders approved a proposal to retire the project’s Layer 1 blockchain and move ZETA to Solana.
  • Proposal 68 passed with 99.4% support and 58% participation, clearing the required quorum.
  • ZETA would become a native Solana SPL token through a one-for-one conversion with no increase in supply.
  • A second governance vote is still required to set the snapshot, migration process and shutdown date.
  • ZetaChain plans to focus on Anuma, its private AI application with more than 300,000 reported users.

ZetaChain token holders have approved a plan to shut down the project’s Layer 1 blockchain and move its ZETA token to Solana.

Proposal 68 passed on Sunday with 99.4% support, according to ZetaChain’s governance portal. Participation reached 58%, above the required 40% quorum.

The vote marks a major change for a project that raised $27 million in 2023 to build infrastructure connecting assets across different blockchains.

ZETA Will Move to Solana

Under the proposal, ZETA would become a native Solana SPL token.

Current holders would receive ZETA on Solana through a one-for-one conversion. The ticker and total token supply would remain unchanged.

Existing vesting schedules would also continue under their original terms.


Betpanda


ZETA issued on Ethereum and BNB Chain is outside the scope of the current proposal. The vote mainly covers native ZETA and the future of the ZetaChain Layer 1.

The approved proposal does not immediately shut down ZetaChain or move any tokens.

A second governance proposal will determine the block height used for a balance snapshot, the final shutdown block and instructions for claiming tokens on Solana.

ZetaChain said that vote will not take place until exchanges have confirmed how they will handle the token swap.

Staking will continue until the shutdown process is approved. The project has not yet finalized how staking or rewards could operate after the move to Solana.

Anuma AI App Becomes ZetaChain’s Focus

ZetaChain said maintaining its own Layer 1 is no longer necessary for its main development plans.

The team is shifting its focus toward Anuma, a private multi-model AI application launched in February.

ZetaChain says Anuma has attracted more than 300,000 users and processed over one million requests across 35 AI models.

The application includes an encrypted memory system designed to work across different AI models.

ZETA already plays a role inside Anuma. Users can lock tokens to receive credits that can be spent on AI services.

The project also cited the work required to maintain a Cosmos SDK blockchain as part of its reason for moving.

Its proposal said running a separate network requires validators to coordinate software updates and security patches across the system.

After the migration, Solana validators would secure native ZETA instead of ZetaChain’s independent validator network.

ZetaChain cited Solana’s transaction speed, costs, liquidity and infrastructure for AI agents when explaining the proposed move.

For now, ZetaChain’s Layer 1, staking system and native token balances continue operating while contributors prepare the second proposal that will determine the final migration and shutdown schedule.





Source link

Bybit

Be the first to comment

Leave a Reply

Your email address will not be published.


*