ZetaChain holders voted in favor of closing the L1 network and moving ZETA to Solana .

The ZetaChain community passed a governance proposal that would shut down its layer 1 network and move the native token ZETA to Solana

ZetaChain token holders have approved a scheme and decided to phase out the project layer 1 blockchain and migrate the native token , ZETA, into the Solana network.

Governance Proposition 68 was passed on Sunday with 99.4% support and 58% participation, exceeding the 40% legal person threshold set by the network. Under this proposal ZETA will remain unchanged as SPL token , code token and total through a 1:1 conversion to Solana .

The proposal indicates that this vote will not trigger an immediate shutdown or migration of the ZetaChain network. Core contributors will submit a second proposal detailing extraction windows, snapshot block heights, shutdown timelines, token receipt processes and exchange swap deadlines associated with other blockchain -linked assets. During the transition period, validators will continue to operate and staking rewards will be issued as usual.

ZetaChain stated that continuing to maintain the layer 1 network, which was based on Cosmos SDK , no longer supported its strategy of focusing on Anuma, a privacy-focused application for artificial intelligence . The project said that after moving to Solana , resources originally used for maintenance in blockchain could be transferred to Anuma and its Private Memory Layer, which allows users to carry encrypted contextual information between different AI model s.

Founded in 2021, ZetaChain was initially positioned as an cross-chain interoperability project with the goal of connecting assets and data between different blockchain s. In 2023, the project raised $27 million from investors such as Blockchain.com , Jane Street Capital, Human Capital and Sky9 Capital to develop its layer 1 network.

Independent chain closures are on the rise

In addition to ZetaChain, BounceBit and Harmony have announced that they are shutting down their respective blockchain projects.

In August of this year, BounceBit chose to retire its independent blockchain after a licensing vulnerability was exploited and about $3 million in BB token was stolen. It migrated token , rather than restarting layer 1 , to BNB Smart Chain at a 1:1 ratio.

On September 6, Harmony proposed to shut down its layer 1 network and migrate the native token ONE in the form of ERC-20 to Ethereum , as part of a shift towards AI video business. Just weeks before this proposal, an attack incident resulted in unauthorized One token being upgraded, with Harmony planning to roll back more than 109,000 transactions.

Related reading: Solana single-day record of 263,000 copies in circulation

ZetaChain itself suffered an attack on cross-chain 's gateway contracts in April, losing $334,000 as the attacker diverted funds from its controlled multi-chain wallets involving Ethereum , Arbitrum , Base and BNB Smart Chain [2].

After the event, the project acknowledged that it had previously received a bug bounty report about this vulnerability but was wrongfully convicted of intended behavior and not dealt with. This prompted a full review of its security processes.

Who needs CLARITY? ARB or 70 times more space (Hodler's Digest)