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The Wormhole Fund has announced that the LayerZero Fund previously proposed to buy back the Stargate cross-chain bridge and STG token for 110 million USD. Wormhole believes this price is too low and has underestimated the strong growth of Stargate. The Wormhole Fund is preparing to offer a higher price and requests a pause on the ongoing snapshot vote for 5 working days.
Earlier, on August 11, the LayerZero Fund proposed to buy back the Stargate cross-chain bridge and STG token for 110 million USD. According to the proposed terms, the STG token will be discontinued, and STG holders can exchange their tokens for LayerZero's native ZRO token, at an exchange rate of 1 STG for 0.08634 ZRO, equivalent to each STG being valued at 0.1675 USD, and each ZRO being valued at 1.94 USD.
Earlier, on August 11, the LayerZero Fund proposed to buy back the Stargate cross-chain bridge and STG token for 110 million USD. According to the proposed terms, the STG token will be discontinued, and STG holders can exchange their tokens for LayerZero's native ZRO token, at an exchange rate of 1 STG for 0.08634 ZRO, equivalent to each STG being valued at 0.1675 USD, and each ZRO being valued at 1.94 USD.
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