The cross-chain bridge sector is extremely competitive, with the top-tier participants @wormhole and L0 @LayerZero_Core in fierce dispute over the acquisition of the Stargate protocol @StargateFinance. I just finished watching the drama and will summarize it to help friends quickly catch up.
TLDR version
The event was triggered when @LayerZero_Fndn initiated a proposal to announce a comprehensive acquisition of @StargateFinance for $110 million, including the protocol's native token $STG and all product lines of Stargate, with unified governance through a single token $ZRO after the acquisition, with all future protocol revenues used to repurchase $ZRO to reduce its circulating supply.
After this proposal was released, the market has already voted with its feet: $STG and $ZRO both rose by about 20%, but have since pulled back.
Stargate DAO publicly initiated a proposal on August 17, lasting for a week, and the current support rate for the proposal is nearly 90%. It was basically a done deal until @wormhole suddenly intervened.
@WormholeFdn commented on the Stargate DAO forum on August 21, stating that LayerZero's $110 million offer significantly undervalues Stargate, and they are willing to bid for @StargateFinance at a 'significantly higher price than LayerZero's offer', requesting a suspension of the ongoing acquisition vote for five working days.
A dramatic moment occurred. @WormholeFdn tweeted that they had been actively communicating with the leadership team of @StargateFinance and claimed they were considering a new acquisition proposal, only to be immediately slapped in the face. Stargate Foundation head @0xLamps commented that they have not been contacted to date - 'I gave you my Telegram, but you haven't messaged me or replied to my comment.'
If you want my sharp critique:
I reluctantly looked at the price of $W again and sighed:
Is the old general still able to fight?
