ZetaChain Seeks to Burn 55 Million ZETA, Opens Vote on Solana Migration

ZetaChain is seeking to burn about 55 million of its ZETA tokens. It also said it will not sell newly unlocked tokens from the foundation’s allocation next year.

ZetaChain said on Nov. 5 that it had submitted its second governance proposal and opened voting on it. The proposal outlines the process and timeline for migrating ZETA to Solana, along with measures to protect token holders. Voting is being held on ZetaHub for 72 hours and will end on Nov. 7. The token migration and burn will proceed only if the proposal is approved.

The tokens earmarked for burning are about 55 million ZETA that were allocated for validator rewards but have not yet been distributed. ZetaChain plans to burn them in monthly installments throughout 2027 to reduce total supply. Over the same period, it will also restrict sales of newly unlocked tokens from the foundation’s allocation. The existing unlock schedule itself will remain unchanged.

As part of the Solana migration, ZetaChain will mint tokens corresponding to existing holdings and then permanently revoke authority to mint additional tokens. The migration will not increase holdings, and no further tokens will be able to be minted afterward.

If the proposal passes, ZetaChain will shut down its existing mainnet around Dec. 9 and convert ZETA into a Solana-based token. The swap ratio will be 1:1, and the ticker will remain ZETA. The snapshot taken at a designated block height will include not only regular wallet balances, but also staked tokens, tokens pending withdrawal and unclaimed rewards. Token distribution will be handled through ZetaHub’s migration portal. ZetaChain plans to open the portal after completing an independent review by security firm Hacken and releasing the report.

ZetaChain will also launch ZetaLabs, an artificial intelligence service for financial market analysis, on the same day. The service connects multiple AI models with real-time market data and allows users to encrypt their own conversation and research records. ZETA will be used for service fee payments and for voting on supported markets, data and AI models. In the first quarter of next year, ZetaChain also plans to add a feature allowing users to lock up ZETA for a set period to access premium services.