> For the complete documentation index, see [llms.txt](https://zeta-foundation.gitbook.io/zeta-foundation/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://zeta-foundation.gitbook.io/zeta-foundation/winding-down-zex.md). # Winding Down ZEX ### Why we are winding down ZEX The Zeta platform was sunset over a year ago in May 2025. In the time since, ZEX has continued to trade without an active platform behind it, and without a clear ongoing utility. Maintaining a live token in that state carried real cost and distraction. It required supporting market-maker liquidity for a token with no operational product, absorbing the overhead of keeping it listed, and managing a market that traded thinly and unpredictably. None of that served a strong purpose, and it drew resources and attention away from building. Crypto moves quickly, and perpetuals in particular is now a highly competitive vertical. Continuing to maintain a dormant token indefinitely no longer served a meaningful purpose. In those circumstances, winding down ZEX was the appropriate course of action. ### On the previously contemplated 1:1 migration Over a year ago, we communicated the idea that ZEX might migrate to a new token on a 1:1 basis. We own that. It was the proposal and aspiration at the time, and we understand some of you held ZEX with that expectation. On reflection, and in light of developments since the proposal was first communicated, we concluded that the previously contemplated 1:1 migration was no longer an appropriate structure. Implementing a migration would have extended the lifecycle of a token associated with a platform that has already been discontinued, rather than providing a clear and final conclusion to the Zeta ecosystem. After careful consideration, we determined that it was more appropriate to discontinue ZEX on a standalone basis than to pursue the previously contemplated migration. So, to be clear and unambiguous: **there will be no automatic or guaranteed 1:1 migration, conversion, swap, or exchange of ZEX tokens.** These decisions are not taken lightly, and we have made them because we believe focusing on building something that can genuinely succeed is the right path. ### What this means for you #### **Existing staking positions will be unlocked** As part of the discontinuation of the Zeta platform and its staking programme, all existing staking positions will be unlocked from **13th July 2026**, allowing you to freely unstake your ZEX tokens at . Once unstaked, you may simply continue holding your tokens. Alternatively, if you wish, you may choose to participate in the optional permanent lock-up described below. #### **Optional permanent lock-up** Bullet will make available a separate voluntary permanent lock-up programme for eligible ZEX holders for a period of four months from **13th July 2026**. Participation is entirely optional. There is no minimum amount, and you are not required to take any action if you do not wish to participate. **This decision is permanent.** Once ZEX tokens are locked, they cannot be unlocked, retrieved or recovered by you or anyone else. Only lock tokens that you are prepared to permanently relinquish. The lock-up window closes on **13th November 2026**, after which no further lock-ups will be accepted. **What participation means** Choosing to permanently lock your ZEX tokens simply records your participation in the optional lock-up as part of the discontinuation of the Zeta platform. *Participation in the lock-up does not create any right, expectation or entitlement to receive any distribution, allocation, token, reward, points or other benefit from Zeta. No future programme or benefit should be assumed or relied upon.* Further information regarding Bullet and its separate programmes is available in Bullet's [announcement](https://docs.bullet.xyz/exchange/programs/points/zex-booster-program). {% hint style="info" %} Any programme operated by Bullet is independent of Zeta and subject to its own terms and eligibility criteria. Participation in the Zeta lock-up does not constitute a migration, conversion, swap or exchange of ZEX. {% endhint %} ### The snapshot As part of the wind-down process, a snapshot of ZEX liquid and staked balances was recorded as of **10th July 2026**. The snapshot was taken at a past point without advance notice. This was deliberate, to ensure fairness such that no one could adjust their holdings in anticipation of this announcement. For transparency, at the time of the snapshot approximately **187.8M ZEX** was held across community wallets and exchanges, across roughly **23,992 eligible wallets**. ### Exchange listings ZEX has been delisted or is soon to be delisted from certain centralised exchanges due to low trading activity and volume. Such decisions were made unilaterally by these exchanges despite efforts being made to maintain adequate market maker liquidity on our side. The following delistings are worth noting: * Bybit: ZEX/USDT ceased spot trading on June 24th, withdrawals remain open. * Kucoin: spot trading ceased on June 18th, withdrawals remain open until July 20th. These dates are set by the exchanges and are outside our control. We encourage anyone holding ZEX on an exchange to withdraw to a self-custody wallet in good time. For those holding ZEX in CEX venues at the time of the snapshot, since it is not possible to snapshot centralized exchange balances (they are held in an omnibus wallet), we will resolve these cases manually via customer support channels.