Wormhole Foundation competes with LayerZero for the acquisition of the Stargate cross-chain bridge, planning to propose a bid higher than $110 million.

ChainCatcher news reports that the Wormhole Foundation stated that the LayerZero Foundation previously proposed to acquire the Stargate cross-chain bridge and its STG tokens for $110 million. Wormhole believes this offer is too low and undervalues Stargate's strong growth. The Wormhole Foundation is preparing to submit a higher bid and requests a suspension of the ongoing snapshot vote for 5 working days.

On August 11, the LayerZero Foundation proposed to acquire the Stargate cross-chain bridge and its STG tokens for $110 million. According to the terms of the proposal, STG tokens will be deactivated, and STG holders can exchange their tokens for LayerZero's native token ZRO at a rate of 1 STG for 0.08634 ZRO, equivalent to each STG being valued at $0.1675 and each ZRO at $1.94.