ZetaChain Holders Back Solana Migration As Proposal 68 Passes With 99.4%
TL;DR
- ZetaChain Proposal 68 handed with 99.4% help and roughly 58% turnout.
- The plan would transfer ZETA to a local Solana SPL token on a 1:1 foundation with no new issuance.
- The present ZetaChain L1 remains to be working; shutdown and swap particulars require a later governance proposal.
ZetaChain token holders have overwhelmingly authorised a plan to maneuver ZETA onto Solana.
Governance Proposal 68 closed with 99.4% help and roughly 58% voter participation, comfortably above the 40% quorum requirement.
ZETA Is Set To Become A Native Solana Token
Under the authorised plan, ZETA will transition to a local Solana SPL token on a 1:1 foundation.
The ticker stays the identical, whole provide is meant to stay unchanged and the proposal doesn’t authorize new token issuance as a part of the migration.
That provides token holders a comparatively clear financial framework for the transfer regardless that the operational particulars should not all last.
ZetaChain additionally says greater than 300,000 Anuma accounts are a part of the broader ecosystem transition.
The ZetaChain L1 Has Not Shut Down
This is a very powerful timing level.
Proposal 68 passing doesn’t imply the prevailing ZetaChain Layer 1 has already halted, nor does it imply token claims are open.
Validators and staking rewards proceed throughout the first part.
A later governance proposal is anticipated to set the ultimate snapshot block, withdrawal window, community halt block and exchange-swap schedule.
ERC-20 and BSC variations of ZETA are additionally unaffected by Proposal 68 itself.
So the governance course is settled, however the migration course of is just not full.
ZETA is heading towards Solana; it has not completed the journey but.
This article was written by the News Desk and edited by Samuel Rae.
