ZetaChain community voted to pass the proposal to migrate all of the $ZETA tokens to Solana. For a Layer1 chain to give up its own network and go to someone else is extremely rare in crypto history.
The voting result was overwhelmingly one-sided, suggesting the community has already lost patience with building its own Layer1. On-chain activity and TVL have been lukewarm for the long term, while Solana’s ecosystem momentum is obvious. The 250ms block production target is about to be realized, and the performance gap will only widen further.
SOL is also receiving another liquidity injection. But the fate of the holders of $ZETA is quite delicate—the migration details have not been fully disclosed yet, and the token conversion ratio and how the old-chain state will be handled are all unknowns. If anything goes wrong, price volatility won’t be small.
Whether a public chain giving up sovereignty to rely on another is pragmatic or surrender—only time will tell. But the Layer1 “arms race” elimination game has already begun, and the next target might not be $ZETA .
The voting result was overwhelmingly one-sided, suggesting the community has already lost patience with building its own Layer1. On-chain activity and TVL have been lukewarm for the long term, while Solana’s ecosystem momentum is obvious. The 250ms block production target is about to be realized, and the performance gap will only widen further.
SOL is also receiving another liquidity injection. But the fate of the holders of $ZETA is quite delicate—the migration details have not been fully disclosed yet, and the token conversion ratio and how the old-chain state will be handled are all unknowns. If anything goes wrong, price volatility won’t be small.
Whether a public chain giving up sovereignty to rely on another is pragmatic or surrender—only time will tell. But the Layer1 “arms race” elimination game has already begun, and the next target might not be $ZETA .