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

BlockBeats news, on August 21, 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 underestimates the strong growth of Stargate. The Wormhole Foundation is prepared to submit a higher bid and requests a suspension of the ongoing snapshot vote for 5 business days.

Previously, 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 would be deactivated, and STG holders could exchange their tokens for LayerZero's native token ZRO at a ratio of 1 STG to 0.08634 ZRO, equivalent to each STG being valued at $0.1675 and each ZRO at $1.94.