ZetaChain token holders have approved a plan to shut down the project's layer-1 blockchain and migrate its ZETA token to Solana. Governance proposal 68 passed with 99.4% support and 58% participation, surpassing the network's 40% quorum requirement.
Under the approved plan, ZETA will be converted to an SPL token on Solana through a 1:1 conversion, maintaining the same ticker and total supply. The vote does not immediately trigger the shutdown or migration. Core contributors will submit a subsequent proposal detailing the withdrawal window for cross-chain assets, snapshot block height, shutdown timeline, token claim procedures, and exchange conversion period. Validators will continue operating and staking rewards will continue during the transition.
ZetaChain stated that operating its own Cosmos SDK-based layer-1 no longer aligns with its strategic focus on Anuma, a private-focused artificial intelligence application. The project said moving to Solana would enable it to redirect resources from blockchain maintenance toward Anuma development and its Private Memory Layer, which allows users to carry encrypted context across AI models.
Founded in 2021, ZetaChain initially focused on interoperability, connecting assets and data across different blockchains. In 2023, the project raised $27 million from investors including Blockchain.com, Jane Street Capital, Human Capital, and Sky9 Capital to develop its layer-1 network.
Other Projects Shutting Down Standalone Chains
ZetaChain is not alone in discontinuing its own blockchain. BounceBit retired its standalone blockchain in August after an authorization flaw was exploited to steal approximately $3 million in BB tokens. The project migrated its token to BNB Smart Chain at a 1:1 ratio. On September 6, Harmony proposed shutting down its layer-1 and migrating its ONE token to Ethereum as an ERC-20 token, as part of a broader pivot to an AI video initiative.
Security History
ZetaChain experienced a $334,000 exploit in April that targeted its cross-chain gateway contract, draining funds from ZetaChain-controlled wallets across Ethereum, Arbitrum, Base, and BNB Smart Chain. The project later acknowledged that it had dismissed an earlier bug bounty report about the vulnerability as intended behavior, prompting a review of its security processes.
