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Wormhole Foundation Competes with LayerZero in Acquisition of Stargate Cross-chain Bridge, Plans to Offer Over $110 Million
Summary: According to reports, the Wormhole Foundation has announced its intention to compete with the LayerZero Foundation in acquiring the Stargate cross-chain bridge and its STG tokens. The LayerZero Foundation had previously proposed a $110 million acquisition of Stargate, but Wormhole believes this offer undervalues Stargate's strong growth. Wormhole Foundation is preparing to submit a higher ...
According to reports, the Wormhole Foundation has announced its intention to compete with the LayerZero Foundation in acquiring the Stargate cross-chain bridge and its STG tokens. The LayerZero Foundation had previously proposed a $110 million acquisition of Stargate, but Wormhole believes this offer undervalues Stargate's strong growth. Wormhole Foundation is preparing to submit a higher bid and has requested a pause in the ongoing snapshot vote for 5 working days.
On August 11th, the LayerZero Foundation proposed a $110 million acquisition of the Stargate cross-chain bridge and its STG tokens. Under the terms of the proposal, STG tokens will be discontinued, and STG holders can exchange their tokens for LayerZero's native token ZRO at a rate of 1 STG to 0.08634 ZRO, equivalent to a value of $0.1675 per STG and $1.94 per ZRO.
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Link: Wormhole Foundation Competes with LayerZero in Acquisition of Stargate Cross-chain Bridge, Plans to Offer Over $110 Million [Copy]
