ZetaChain votes to shut down Layer 1 network, migrate ZETA to Solana

ZetaChain, the Cosmos SDK-based interoperability network that raised $27 million to connect blockchains, is pulling the plug on its own chain. Token holders approved Proposal 68 on September 20, voting to discontinue the project’s independent Layer 1 and migrate ZETA to Solana as a native SPL token. The vote wasn’t exactly a nail-biter. A full 99.4% of participating votes backed the shutdown, with opposition and abstentions combining for just 0.3%. Participation hit 58%, clearing any reasonable quorum threshold by a wide margin. From interoperability chain to Solana token The migration will convert ZETA tokens on a one-to-one basis, though one technical detail is worth noting: the token’s decimal precision will shift from 18 to 9, matching Solana’s standard SPL format. No new tokens will be minted, and the total supply stays unchanged. If you hold ZETA on Ethereum or BNB Chain, don’t expect those tokens to be swept up in this process. The migration applies specifically to the native ZetaChain Layer 1 tokens. Existing vesting schedules also remain intact. The exact shutdown date for ZetaChain’s independent network hasn’t been set yet. Validators can keep running their nodes until th...