A public blockchain voting to shut itself down, with almost no opposition. That's not something you see often in crypto.

On November 7, the vote on ZetaChain on-chain Proposal 70 (officially called Proposal 2) concluded and passed: about 313.6 million $ZETA voted in favor, versus roughly 420 against. Proposal 68 in September had already approved the migration in principle (99.44% in favor); this vote locked in the date and mechanism.

A few hard facts:

1. A snapshot will be taken at block height 20,755,000 and the chain will be halted, expected around December 9. It will not restart afterward. The block explorer and read-only archive nodes will remain available.

2. $ZETA will be reissued in the $SOL ecosystem as a native SPL token, with a 1:1 swap using the same code and no third-party cross-chain bridge. Once the full snapshot supply has been minted, the mint authority will be revoked. There is also no freeze authority.

3. Starting December 9, claim through the ZetaHub migration portal: no fees, no SOL required, and no seed phrase needed. Your address must hold at least 10 tokens at the snapshot.

4. Staked balances, balances being unstaked, and unclaimed rewards are all included in the snapshot, so there’s no need to unstake in advance. Exchanges will handle exchange-held balances automatically, on their own schedules.

5. Wrapped ZETA and ZETA in liquid staking pools can’t be claimed directly; you’ll need to unwrap or withdraw it yourself before the snapshot. ERC-20 ZETA on Ethereum is unaffected.

6. About 55 million undistributed validator emissions will be burned monthly in 2027, at a rate of about 4.6 million per month. The portal will open only after the Hacken security audit report is published.

My take: The path forward for cross-chain L1s is getting narrower. Rather than maintaining your own chain, it makes more sense to move where the users are and focus resources on a new product, ZetaLabs. It’s a one-way road: once you migrate, you can’t come back.

A reminder: phishing is most common during migration periods. The official team has repeatedly emphasized that they will never ask for your seed phrase. Use links only from official channels.

This is not investment advice.

#ZetaChain #Solana #OnchainGovernance