UPDATE: ZetaChain proposal to migrate ZETA to Solana and wind down its L1 has passed with 99.4% approval, with a second vote still needed to set the migration terms.

What happened

ZetaChain's proposal to migrate its ZETA token to Solana and shut down its own layer-1 blockchain passed with 99.4% approval. A second vote is still needed to set the migration terms.

Confirmed

Global impact / market context

If the migration proceeds, ZetaChain will stop running its own network, which may reduce its token's value and change how people use it. The move to Solana could increase Solana's activity, but ZETA holders face uncertainty.

Analyst inference

This vote reflects a trend of projects leaving their own chains for larger ones like Solana, seeking more users. It may influence investor views on smaller layer-1 blockchains, possibly affecting similar projects' token prices.

Analyst inference

What to watch

1. The second vote to set migration terms, as noted in the article, will determine how ZETA tokens convert to Solana-based assets and when the wind-down occurs. Confirmed
2. Watch for announcements from ZetaChain about the migration timeline and any changes to token utility, which could affect how investors value ZETA. Proposed
3. Track ZETA's price and trading volume around the migration, as uncertainty may cause volatility, and Solana's network activity might increase if the migration attracts new users. Analyst inference

Affected assets

• SOL — Solana
• L1 — GenesisL1
• ZETA — ZetaChain

Evidence

• x.com