Wormhole Foundation Engages in Competition with LayerZero to Acquire Stargate Cross-Chain Bridge, Planning to Submit a Tender Offer Exceeding $110 Million

BlockBeats News, August 21st, the Wormhole Foundation issued a statement, stating that the LayerZero Foundation had previously proposed to acquire the Stargate cross-chain bridge and its STG token for $110 million. Wormhole believed that the offer was too low and underestimated Stargate's strong growth. The Wormhole Foundation is preparing to submit a higher bid and has requested a pause of the ongoing snapshot vote for 5 working days.

Earlier on August 11th, the LayerZero Foundation proposed to acquire the Stargate cross-chain bridge and its STG token for $110 million. According to the terms of the proposal, the STG token will be deprecated, and STG holders can swap their tokens for LayerZero's native token ZRO at an exchange rate of 1 STG to 0.08634 ZRO, equivalent to a value of $0.1675 per STG and $1.94 per ZRO.