ZetaChain has started a 72-hour governance vote on a proposal that would move its token to Solana and burn about 55 million ZETA. The project said the plan would go ahead only if token holders approve it before voting closes on Nov. 7.
The proposal also says the foundation does not intend to sell newly unlocked tokens from its allocation next year. Alongside the migration plan, ZetaChain outlined a token swap process, a timetable for shutting down its current network, and steps it says are meant to protect holders during the transition.
What the proposal includes
According to the project, this is its second governance proposal. The central elements are a migration of ZETA to a Solana-based token, the destruction of roughly 55 million ZETA, and a commitment not to sell newly unlocked foundation tokens next year.
ZetaChain said the migration would happen only if the proposal passes. The vote remains open for 72 hours, with the decision due on Nov. 7.
Mainnet shutdown and token conversion
If approved, ZetaChain plans to shut down its existing mainnet around Dec. 9. At that point, ZETA would be converted on a 1:1 basis into a token issued on Solana.
The project also said it would permanently revoke the authority to mint additional tokens after the migration process. That step is presented as part of the structure for the new Solana-based token.
How balances would be handled
ZetaChain said the migration snapshot would cover more than just regular wallet balances. It would also include staked tokens, pending withdrawals, and unclaimed rewards.
Distribution of the new tokens is planned through ZetaHub’s migration portal. Before that process begins, the project said it expects an independent security review from Hacken.
Planned use of ZETA after the move
Separately, ZetaChain said it will launch ZetaLabs, which it describes as an AI service for financial market analysis. Under the plan, ZETA would be used for service fees and governance voting within that offering.
The project also said an additional feature is scheduled for early next year that would let users lock ZETA for a set period in order to access premium services.
What happens next
The immediate next step is the governance result on Nov. 7. Only if the measure is approved would ZetaChain proceed with the proposed burn, the mainnet shutdown around Dec. 9, the 1:1 token migration to Solana, and the later distribution process through ZetaHub after Hacken’s review.
Until then, the proposal remains subject to the outcome of the vote, and the timeline described by the project is contingent on that approval.
Source: en.bloomingbit.io