TREE NEWS update: ZetaChain’s Proposal 68 passed with 99.4% support and 58% participation, approving the wind-down of its Layer 1 network and the migration of ZETA to Solana. Exchanges must first confirm the swap before a second vote sets the snapshot, claims and shutdown schedule.
ZetaChain Votes 99.4% to Wind Down Layer 1, Move ZETA to Solana
A near-unanimous validator vote to abandon a sovereign Layer 1 is a notable admission that standalone chain economics were not working, and the choice of Solana as the destination signals where projects now expect liquidity and users to be. The sequencing matters: exchanges must confirm the swap before the snapshot, claims and shutdown schedule can be set, so the migration's real risk sits in that second vote and in operational coordination with venues rather than in the governance result itself. Whether other small Layer 1s follow, and how ZETA holders on exchanges versus self-custody fare through the snapshot, is the open question.
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