99.4% approval votes went to ZetaChain deciding to shut down L1 itself.
Proposal 68 has already passed: the ZETA plan will migrate 1:1 to Solana, becoming a native SPL token, with the token code and total supply unchanged.
But now nothing will migrate automatically. This time it only determines the direction; the snapshot height, chain stop, claiming method, and exchange arrangements will all wait for the second proposal.
Yet the market moved ahead of it. At the time of the screenshot, ZETA Perpetuals’ 24-hour price was up about 44%, with trading volume around $340M USDT. Over the last 24 hours, contract open interest increased from about 37.44M to 138.6M tokens.
What’s unusual is that the 4-hour funding rate is still around -0.094%, and the ratio of aggressive buying/selling is also close to 1. Prices are surging and positions are expanding, but the market hasn’t yet been squeezed into an overwhelming one-sided long position.
There are two easy-to-misread points: 99.4% doesn’t mean the migration is already completed; and an increase in open interest doesn’t necessarily mean it’s all new long positions.
Click the target mentioned at the end to check the real-time funding rate: when the negative funding turns positive, it may provide the answer earlier than the slogans.
$ZETA
Proposal 68 has already passed: the ZETA plan will migrate 1:1 to Solana, becoming a native SPL token, with the token code and total supply unchanged.
But now nothing will migrate automatically. This time it only determines the direction; the snapshot height, chain stop, claiming method, and exchange arrangements will all wait for the second proposal.
Yet the market moved ahead of it. At the time of the screenshot, ZETA Perpetuals’ 24-hour price was up about 44%, with trading volume around $340M USDT. Over the last 24 hours, contract open interest increased from about 37.44M to 138.6M tokens.
What’s unusual is that the 4-hour funding rate is still around -0.094%, and the ratio of aggressive buying/selling is also close to 1. Prices are surging and positions are expanding, but the market hasn’t yet been squeezed into an overwhelming one-sided long position.
There are two easy-to-misread points: 99.4% doesn’t mean the migration is already completed; and an increase in open interest doesn’t necessarily mean it’s all new long positions.
Click the target mentioned at the end to check the real-time funding rate: when the negative funding turns positive, it may provide the answer earlier than the slogans.
$ZETA
