ZetaChain Ends Layer 1 After 99.4% Vote Backs Solana Move

  • ZetaChain holders approved the Solana migration with 99.4% support.
  • ZETA will migrate to Solana at a one-to-one conversion ratio.
  • A second vote must still finalize the Layer 1 shutdown process.

ZetaChain has approved a major shift away from its own Layer 1 after 99.4% of participating votes backed Proposal 68. The ZetaChain governance vote reached 58% participation, exceeding the required 40% quorum. The proposal moves ZETA to Solana while contributors prepare the eventual shutdown of the existing network.

The decision changes the project’s infrastructure strategy after ZetaChain raised $27 million in 2023. The team now plans to focus more heavily on Anuma, its private AI application.

ZetaChain Will Move ZETA to Solana at a 1:1 Ratio

Under the proposal, ZETA will become a native Solana SPL token while keeping its ticker and total supply. Holders will receive their corresponding balances at a 1:1 conversion rate. Existing vesting schedules will also remain unchanged.

However, the vote does not immediately shut down the network. A second proposal must establish the snapshot block, withdrawal process, exchange arrangements and final shutdown schedule.

The ZetaChain team also needs exchanges to confirm their migration procedures before submitting that proposal. Staking will continue during the transition, while the future staking model on Solana remains under discussion.

ZetaChain Shifts Focus Toward Anuma and Private AI

The ZetaChain migration also supports a broader shift toward Anuma and private AI infrastructure. The project says Anuma has more than 300,000 users and has processed one million requests across 35 AI models.

ZETA already provides utility within Anuma through a locking system that gives users credits for AI usage. The project says its private memory technology allows users to retain encrypted context across different models and applications.

The proposal also cites the operational burden of maintaining a Cosmos SDK-based network. ZetaChain said coordinating security updates across validators adds ongoing infrastructure demands.

The ZetaChain migration therefore places the project’s AI application on Solana while removing the need to maintain a separate Layer 1.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.

Hot this week

Bitcoin Price Gains 4.2% as Crypto Faces New Congress Headwinds

Bitcoin recovered above $81,000 on Wednesday after an earlier...

Schroders Brings Emerging Market Bonds to Solana via Centrifuge

Schroders makes its Solana debut through a tokenized emerging...

Riot Platforms Sells 10,599 Bitcoin and Signs $28B AI Lease Deal

Riot sold 10,599 BTC during Q3, reducing its holdings...

Circle Earnings Rise as ARC Presale Adds $182M Amid 5% Job Cuts

Circle reported $865 million in revenue and reserve income,...

French Bank Allegedly Lost $133M in Crypto, ZachXBT Claims

ZachXBT names Crédit Mutuel Arkéa as the alleged victim...

Topics

Bitcoin Price Gains 4.2% as Crypto Faces New Congress Headwinds

Bitcoin recovered above $81,000 on Wednesday after an earlier...

Schroders Brings Emerging Market Bonds to Solana via Centrifuge

Schroders makes its Solana debut through a tokenized emerging...

Riot Platforms Sells 10,599 Bitcoin and Signs $28B AI Lease Deal

Riot sold 10,599 BTC during Q3, reducing its holdings...

Circle Earnings Rise as ARC Presale Adds $182M Amid 5% Job Cuts

Circle reported $865 million in revenue and reserve income,...

French Bank Allegedly Lost $133M in Crypto, ZachXBT Claims

ZachXBT names Crédit Mutuel Arkéa as the alleged victim...

CFTC Clears Equity Perpetual Futures Under US Securities Rules

Eligible exchanges can offer perpetual contracts tied to individual...

BubbleMap’s Price Target of $0.03793 Implies 50% Upside for BMT

BMT rose 22.21% to $0.0253, leaving it about 11%...

Justin Sun Seeks Sanctions Over World Liberty Financial Filing

Sun seeks about $263,821 in legal fees for opposing...
spot_img

Related Articles

Popular Categories

spot_imgspot_img