ZetaChain proposes shutting down its L1, migrating ZETA token to Solana

ZetaChain, the project that once pitched itself as the connective tissue between blockchains, now wants to pull the plug on its own chain and move everything to Solana. A governance proposal opened on September 17 asks ZETA token holders to approve winding down the Layer-1 blockchain entirely and converting ZETA into a native SPL token on Solana through a 1:1 swap. The vote runs for 72 hours, closing September 20, and the result will dictate how quickly the existing L1 gets shut down. What the proposal actually entails The migration plan preserves the existing token economics. Total supply stays capped at 2.1 billion tokens, vesting schedules remain unchanged, and no new tokens will be minted as part of the transition. Holders would simply convert their existing ZETA into the Solana-native version at a one-to-one ratio. L1 validation responsibilities would transfer to Solana validators, effectively outsourcing the consensus layer to an established network rather than maintaining a separate validator set. ZETA tokens sitting on Ethereum and BNB Chain would remain unaffected during the transition period, with exchange confirmations required before any migration mechanics kick in. The...