ZetaChain token holders have overwhelmingly approved a pivotal plan to migrate the ZETA token to the Solana blockchain. Governance Proposal 68, which closed with an impressive 99.4% support and a voter turnout of approximately 58%, comfortably surpassed the required quorum of 40%.
ZETA Is Set To Become A Native Solana Token
Under the approved proposal, ZETA will transition to a native Solana SPL token on a 1:1 basis. This means that the existing ZETA tokens will be exchanged for new tokens on the Solana network without any new issuance, ensuring that the total supply remains unchanged and the ticker remains ZETA.
This transition gives token holders a clear economic framework, allowing them to understand the implications of the move even though some operational details are still being finalized. Notably, ZetaChain has indicated that over 300,000 Anuma accounts are part of this broader ecosystem transition.
The ZetaChain L1 Has Not Shut Down
It is crucial to clarify that the passing of Proposal 68 does not imply that the existing ZetaChain Layer 1 has ceased operations. The current network remains active, and token claims have not yet been initiated. During this initial phase, validators will continue to earn staking rewards.
A subsequent governance proposal is anticipated to establish key details such as the final snapshot block, the withdrawal window, the network halt block, and the exchange-swap schedule. It is also important to note that the ERC-20 and BSC versions of ZETA will remain unaffected by Proposal 68.
While the governance direction has been firmly established, the migration process is still underway. ZETA is undoubtedly heading toward Solana, but the completion of this journey is yet to come.
This article was written by the News Desk and edited by Samuel Rae.
