Wormhole Foundation is competing with LayerZero to acquire the Stargate cross-chain bridge, planning to make a bid of over $110 million

reports that the Wormhole Foundation stated that the LayerZero Foundation previously proposed to acquire the Stargate cross-chain bridge and its STG token for $110 million. Wormhole believes this offer is too low and undervalues Stargate's strong growth. The Wormhole Foundation is preparing to submit a higher bid and requests a suspension of the ongoing snapshot vote for 5 business days.

On August 11, LayerZero Foundation proposed to acquire the Stargate cross-chain bridge and its STG token for $110 million. According to the terms of the proposal, the STG token will be deactivated, and STG holders can exchange their tokens for LayerZero's native token ZRO at a rate of 1 STG for 0.08634 ZRO, which equates to a value of $0.1675 per STG and $1.94 per ZRO.