ZetaChain's community voted 99.4% in favor of shutting down the project's Layer 1 blockchain and moving the ZETA token to Solana. The team plans to redirect its resources toward Anuma, its private AI app, though a second vote must still set the shutdown timeline.
ZetaChain token holders voted Sunday to shut down the project's Layer 1 blockchain and move to Solana. The project raised $27 million three years ago to help connect competing blockchains.
Proposal 68 passes with 99.4% support
The vote on Proposal 68 ended at 10:58 a.m. ET with 99.4% in favor, according to the project's governance portal. Participation reached 58%, clearing the 40% quorum, while opposition and abstentions each totaled 0.3%.
ZetaChain's developers have been working on Anuma, an AI app launched in February, and now say they don't need their own blockchain to pursue it. Instead, they are moving it to Solana along with the ZETA token.
Anuma app takes over as the focus
The project counts more than 300,000 Anuma users, per its self-reported numbers, and a million requests across 35 AI models. The app's memory system is encrypted and works across models, and ZETA holders can lock up tokens for credits to spend on AI.
According to ZetaChain's team: "an app people use every day, with memory that belongs to them" is what Solana's AI stack still lacks.
In the migration proposal, the team pointed to the work involved in maintaining a Cosmos SDK chain, noting that each upstream patch has to be coordinated across dozens of independent validators. Last month, Cosmos Labs disclosed attacks against six Cosmos EVM chains, though not ZetaChain; the attackers sold stolen funds for about $5.7 million.
No shutdown date yet
The proposal leaves ZetaChain running while contributors work out the conversion details. ZETA is to become a native Solana SPL token at a one-for-one rate, retaining its ticker and total supply, with vesting schedules unchanged; the plan excludes ZETA on Ethereum and BNB Chain.
A second, forthcoming proposal will set the block height for a balance snapshot and the shutdown block, along with instructions for claiming tokens. ZetaChain says it won't hold that vote until exchanges confirm their swap arrangements, and has given no firm date. Staking of ZETA continues in the meantime, though the team has yet to detail how staking and rewards will work on Solana.
Blockchain.com and Jane Street Capital were among the investors in ZetaChain's August 2023 funding round, when the project was building a network to let developers use assets from chains as different as Bitcoin and Ethereum in the same application; its mainnet launch followed the next January.
ZETA has fallen about 2.5% in the past 24 hours.
Source: The Block
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