🔥LayerZero Foundation proposes to acquire the Stargate bridge along with the STG token for 110 million USD, sending it directly to the Stargate DAO for voting (70% threshold). If approved, STG will be phased out, and holders will exchange it for LayerZero's ZRO token at a rate of 1 STG = 0.08634 ZRO.

Stargate was once the darling of LayerZero when it launched in 2022, peaking at 4.14 USD and now falling below 0.20 USD. The deal is referred to by CEO Bryan Pellegrino as a step towards acceleration, bringing Stargate under the same roof and dissolving the DAO. Immediately after the announcement, STG jumped 12%, and ZRO increased by 15%, raising the actual value of the deal to approximately 127 million USD.

However, the community is heated: many holders believe the price is too low compared to Stargate's potential and massive revenue. LayerZero asserts that this is a reasonable price, and whether to approve it or not is the DAO's right, but internally, LayerZero will exclude itself from the voting.