ZetaChain Holders Back Solana Migration As Proposal 68 Passes With 99.4%

TL;DR

• ZetaChain Proposal 68 passed with 99.4% support and roughly 58% turnout.
• The plan would move ZETA to a native Solana SPL token on a 1:1 basis with no new issuance.
• The existing ZetaChain L1 is still operating; shutdown and swap details require a later governance proposal.

ZetaChain token holders have overwhelmingly approved a plan to move ZETA onto Solana.

Governance Proposal 68 closed with 99.4% support and roughly 58% voter participation, comfortably above the 40% quorum requirement.

ZETA Is Set To Become A Native Solana Token

Under the approved plan, ZETA will transition to a native Solana SPL token on a 1:1 basis.

The ticker remains the same, total supply is intended to remain unchanged and the proposal does not authorize new token issuance as part of the migration.

That gives token holders a relatively clear economic framework for the move even though the operational details are not all final.

ZetaChain also says more than 300,000 Anuma accounts are part of the wider ecosystem transition.

The ZetaChain L1 Has Not Shut Down

This is the most important timing point.

Proposal 68 passing does not mean the existing ZetaChain Layer 1 has already halted, nor does it mean token claims are open.

Validators and staking rewards continue during the first phase.

A later governance proposal is expected to set the final snapshot block, withdrawal window, network halt block and exchange-swap schedule.

ERC-20 and BSC versions of ZETA are also unaffected by Proposal 68 itself.

So the governance direction is settled, but the migration process is not complete.

ZETA is heading toward Solana; it has not finished the journey yet.

This article was written by the News Desk and edited by Samuel Rae.

Source: Primary Source