Stargate draw a second acquisition bid with wormhole topping layerzero $ 110m buy offer
Wormhole jumped on bidding plans for the Bridging Stargate service, promising a bid above the initial $ 110 million token-swap token proposal.
It wants to delay the snapshot vote for the community to weigh its offer.
Stargate numbers explain interest. The bridge processed by $ 4 billion in July, held $ 345 million on TVL, and sat on a box of $ 92 million in stable and ether, with $ 55 million in STGs and other property. The annual income is approximately $ 2 million.
“Based on our preliminary review, we believe that STG holders deserve a more competitive process, and we are willing to submit a higher bid,” the proposal said.
Layerzero’s proposal will shift both the ark of income and income in the future, with critics calling a discount. Wormhole said the terms are exchanging tokenholders and that “STG holders deserve better.”
A wormhole-stargate tie-up will create one of the largest cross-chain hubs in crypto, pairing the unified stargate pool with wormhole’s integrations throughout dozens of networks. This foundation argues that it will boost the volume and long -term stability for both ecosystems.
“The Wormhole Foundation has seen the unknown value in the Stargate brand, protocol, and protocol assets,” the proposal said. “The Wormhole Foundation is confident that a successful Stargate combination and the wormhole ecosystem will lead to the most aggressive and long-term value for current STG holders, as well as current and future wormhole holders (W).”
Wormhole requested a five -day vote delay, looking for more time for the right diligence and a fair process.
Read more: Layerzero recommends the $ 110m integration of the Stargate token with integration -sa
