PANews reported on August 11, according to The Block, that 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 deactivated, and STG holders can exchange their tokens for LayerZero's native token ZRO at an exchange rate of 1 STG for 0.08634 ZRO, equivalent to a value of $0.1675 per STG and $1.94 per ZRO. Stargate will be incorporated into the LayerZero Foundation, and its DAO will be dissolved.
The proposal states: "This proposal aims to accelerate the development of Stargate and LayerZero, providing resources to Stargate so that it can implement an aggressive roadmap, expand its privileges beyond bridging, while deeply integrating a powerful revenue-generating protocol with the LayerZero ecosystem, allowing end consumers to engage more deeply with LayerZero."
