The Wormhole(W) Foundation plans to submit a “significantly higher bid” than LayerZero’s $110 million ZRO bid to acquire Stargate (STG), citing its low valuation. It is requesting that Snapshot be suspended for 5 days to finalize its bid for a more competitive process.
LayerZero recently submitted a $110 million proposal to acquire the Stargate ecosystem and facilitate integration by merging the two protocols. Under the proposal, all tokens would be converted to ZRO, and Stargate, which has generated approximately $1 million in revenue in the last three months, would be used for LayerZero token buybacks.
This move makes sense, as LayerZero and Stargate were developed by the same team and share common founders. Under the plan, all STG tokens in circulation (including staking and voting rights) will be exchanged at a rate of 1 STG = 0.08634 ZRO. This translates to $0.1675 for STG and $1.94 for ZRO. Furthermore, the Stargate DAO is expected to be dissolved.
Wormhole submitted a competitive bid, stating that Stargate owners deserved a “more competitive process.” Wormhole requested that the community vote be halted while the seven-day period for voting was still running, prompting a reassessment of Stargate’s true value.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/breaking-chaos-ensues-in-token-set-to-be-completely-acquired-by-another-altcoin-now-theres-a-higher-bidder/
