ZetaChain Holders Vote to Shut Down Layer 1 and Move to Solana

ZetaChain token holders have approved a plan to wind down the project's Layer 1 blockchain and migrate to Solana, after governance Proposal 68 passed with broad support. The vote drew 58% participation, clearing the 40% quorum, with 99.4% in favor. Votes against and abstentions each accounted for 0.3%. Under the approved framework, ZETA will be reissued as a native Solana SPL token via a 1:1 conversion for eligible holders. The token will keep its ticker, total supply, and existing vesting schedules. Tokens on Ethereum and BNB Chain are excluded from the conversion. The shift is closely tied to Anuma, ZetaChain's AI application launched in February. The team said Anuma has surpassed 300,000 users and handled about 1 million requests spanning 35 AI models. Anuma uses an encrypted memory layer that can operate across models, apps, and agents, while keeping users in control of their information. ZETA holders can also lock tokens to earn credits for AI services within the app. Developers argued that operating an independent Cosmos SDK chain has created unnecessary operational overhead. Security advisories require coordinated action across validators, increasing the effort needed to keep the network protected and updated. The proposal also noted that AI tools could accelerate the discovery of software vulnerabilities. Cosmos Labs recently disclosed attacks that affected six Cosmos EVM chains, though ZetaChain was not among the impacted networks. A final shutdown timeline has not been set. Exchanges must first confirm their token conversion processes, and a separate governance proposal will define the balance snapshot height, the final shutdown block, the claim process, and instructions for withdrawing connected-chain assets. ZETA staking remains live, but the team has not yet determined how staking and rewards will work on Solana. The move marks a shift away from ZetaChain's original interoperability vision. The project raised $27 million in August 2023 from backers including Blockchain.com and Jane Street Capital, and launched its mainnet in January 2024, enabling applications that used assets from networks such as Bitcoin and Ethereum. Contributors now say Solana provides a stronger base for Anuma without the burden of maintaining another Layer 1. ZETA slid about 2.5% over the past 24 hours as holders digested the migration plan and the remaining uncertainty around staking. Source: 36Crypto