ZetaChain to Transition to Solana Following Proposal Approval
ZetaChain's Proposal 68 has been approved with 99.4% support, indicating strong community backing for the transition from its Layer 1 to the Solana blockchain. The swap requires confirmation from exchanges before a second vote can finalize the schedule for the snapshot, claims, and shutdown.
Transition Details
ZetaChain has made a significant decision to wind down its Layer 1 operations and migrate its ZETA token to the Solana blockchain. This move follows the overwhelming approval of Proposal 68, which garnered 99.4% support from participants. Notably, the voter participation rate was 58%.
However, before the transition can proceed, exchanges must confirm the token swap. Once this confirmation is secured, a second vote will be held to establish the timeline for the snapshot, claims, and the shutdown process of the Layer 1.
This transition marks a pivotal shift for ZetaChain, aiming to leverage Solana's capabilities for improved performance and scalability. Stakeholders and users should stay informed as developments unfold regarding the confirmation from exchanges and the next steps in the migration process.