An Altcoin Abandons Its Own Network: 99% Approval for Migration to Solana!

ZETA holders have approved ZetaChain’s proposal to shut down its own blockchain and migrate the ZETA token to Solana with 99.4% support.

According to results on the ZetaChain governance portal, the Proposal 68 vote, which concluded on September 20, saw participation of 58 percent, exceeding the required 40 percent quorum. However, the decision does not mean the network will shut down immediately or that the token migration has been completed.

While the support rate in the vote was 99.4%, opposing votes and abstentions each remained at 0.3%. Instead of operating a Cosmos SDK-based network, the ZetaChain team plans to shift its focus to the Anuma AI application launched in February.

ZETA Will Be Migrated to Solana at a 1:1 Ratio

According to the plan in the proposal, ZETA will be converted into a native SPL token on the Solana network. The conversion ratio will be 1 to 1; the token’s symbol and total supply will be preserved. Vesting schedules will also remain unchanged. The plan excludes ZETA tokens on Ethereum and BNB Chain.

A second governance vote will be held to implement the migration. This vote will determine the block for the snapshot, the block at which ZetaChain will shut down, how tokens will be claimed, and how assets on connected chains will be withdrawn. The team announced they will not launch this vote until exchanges approve the swap plans. Therefore, there is no definitive closing date yet.

ZETA staking operations will continue during the transition process. It is not yet clear how the staking and reward model on Solana will work. ZetaChain states that Anuma has over 300,000 users and 1 million requests across 35 AI models. The team notes they do not need their own blockchain to develop Anuma. The proposal also highlights the maintenance burden of coordinating network updates with a large number of independent validators.