ZetaChain to Shut Down Its Blockchain, Migrate to Solana After Vote Wins 99.4% Support
Summary
- ZetaChain said it decided to shut down its own network and migrate to Solana after governance proposal No. 68 passed with 99.4% support.
- ZETA will be converted into a native Solana SPL token on a 1:1 basis while keeping its existing total supply, ticker and vesting schedule, and ZETA on Ethereum and BNB Chain will be excluded from the conversion.
- ZETA staking will continue for now, while staking and reward mechanisms after the Solana migration remain under review, and ZETA has fallen about 2.5% over the past 24 hours.
Forecast Trend Report by Period
Layer-1 blockchain ZetaChain has decided to shut down its own network and migrate its artificial intelligence application Anuma and the ZETA token to Solana.
The Block reported on September 20 that the ZetaChain community approved governance proposal No. 68 with 99.4% support. Voter turnout was 58%, exceeding the 40% quorum requirement. Opposition and abstentions were 0.3% each.
ZetaChain was originally developed as a network aimed at connecting different blockchains, including Bitcoin and Ethereum. It raised $27 million in a 2023 funding round involving Blockchain.com and Jane Street Capital, among others, and launched its mainnet the following year.
After launching the AI app Anuma in February, the development team concluded it could run the service without maintaining its own blockchain. It then decided to move Anuma and the ZETA token to the Solana ecosystem.
According to ZetaChain, Anuma has more than 300,000 users and has processed more than 1 million cumulative requests across 35 AI models. ZETA holders can stake their tokens to receive credits that can be used for AI services.
The burden of maintaining its own chain was also cited as a reason for the move. ZetaChain said operating a Cosmos SDK-based network required coordinating updates with dozens of independent validators whenever security advisories and patches were issued.
ZETA will be converted on a one-to-one basis into a native Solana SPL token while keeping its existing total supply and ticker. The current token's vesting schedule will also remain unchanged. ZETA on Ethereum and BNB Chain, however, will be excluded from the conversion.
A specific date for the network shutdown has not yet been set. ZetaChain plans to finalize the balance snapshot block, the network shutdown block, token claim procedures and the withdrawal process for assets on connected chains through a separate governance proposal.
Follow-up proposals will not be put to a vote until exchanges finalize the token swap process. ZETA staking will continue for now, and staking and reward mechanisms after the Solana migration are still under review. The Block reported that ZETA has fallen about 2.5% over the past 24 hours.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.