Cross-chain bridging platform Wormhole intends to bid $110 million for the Stargate protocol and expresses dissatisfaction with LayerZero's offer, claiming it is not attractive enough.

The Wormhole Foundation stated on the Stargate forum that a more competitive acquisition process is needed, as LayerZero's initial offer failed to attract community attention. LayerZero updated its proposal on Sunday, receiving a better response.

Wormhole criticizes LayerZero's offer as undervaluing Stargate and states it is prepared to submit a higher offer.

This bidding may trigger a bidding war for Stargate, which was developed and launched by LayerZero in 2022. Many Stargate Finance (STG) token holders expressed dissatisfaction with LayerZero's initial offer.

Wormhole requests to pause the bidding for LayerZero

Wormhole requests the Stargate community to pause voting on LayerZero for five business days to submit a more attractive offer.

They need more time to conduct research and communicate with the Stargate team to improve the current proposal.

Wormhole seeks to obtain Stargate's asset list, financial data, user and traffic metrics, and whether it is facing any lawsuits or regulatory actions.

Wormhole proposes to acquire Stargate to form a market-leading ecosystem.

Wormhole stated that Stargate brings deep liquidity pools and user demand, while Wormhole excels in blockchain integration and many other areas.

The Stargate community supports the updated offer from LayerZero

LayerZero's updated proposal includes a revenue-sharing plan for Stargate holders, which has received widespread support.

LayerZero's final proposal states that it will use half of Stargate's total revenue within six months to purchase LayerZero (ZRO) tokens.

In contrast to the previous proposal, the updated proposal received support from 88.6% of STG holders, totaling 6.6 million tokens.

Wormhole, Stargate, LayerZero token rise

Tokens related to these three major platforms all saw increases that day, with Wormhole token rising 6.3% to over 8 cents, primarily due to an announcement on the Stargate forum, according to CoinGecko.

Stargate token rises 6% to $0.18, while LayerZero token rises 3.6% to $2, aligning with the price trends of Bitcoin and Ethereum.