The Layerzero Foundation, who supports Layerzero’s cross-blockchain messaging protocol, has suggested to get the crypto protocol Stargate for $ 110 million, which strengthens the tokens tied to both projects.
Layerzero laid the Plan In a post at the Stargate forum on Sunday, pointing the offer as “designed to speed up both Stargate and Layerzero, giving Stargate resources to be sent to an aggressive roadmap that expands prerogative outside of bridging.”
Layerzero kills platform token, Stargate Finance (Stg), for self-titled token Layerzero (ZRO) At a rate of 1 STG to 0.08634 ZRO, it said.
Stargate was developed and launched by Layerzero in 2022, and the deal, if approved by the Stargate community, will see the platform returning under its umbrella.
Stargate allows users to move digital assets across the blockchain using pools pools that platform pitches that allow properties to be transferred native instead of relying on blockchain bridges, with history of the history of na -hack.
STG, ZRO tokens rise in plan
Tokens tied to platforms both gained double digit percentage points the day after Layerzero’s proposal.
Layerzero’s token gained more than 23% in the past 24 hours to trade at $ 2.44, making it one of the biggest earnings in the crypto market on the previous day, per Co ringecko.
Meanwhile, Stargate’s token, has seen 24 hours earned about 16.5% to more than 19 cents, extending its rally over the past week.
Both tokens dropped dramatically from their peaks, with ZRO down 67% from the high December $ 7.47, while the STG dropped more than 95% from the mid -2022 peak of $ 4.14.
Layerzero boss hails plan as “rolled direction”
Layerzero and CEO co-founder Bryan Pellegrino has been posted on X that he wants to “move faster, shipping faster.”
He said the proposal was to “help Stargate to be held at the ambitious roadmap while creating a single clamp that could adopt any integration within the (Layerzero) ecosystem.”
He added that it will also give STG holders “a more liquid token” and will give the Stargate community “a clear path forward with greater resources and a single direction.”
STG tokenholders say the plan is “not appealing -attract”
However, dealing with generally negative feedback from Stargate token holders, along with some who say they understand the need for a replacement, but the deal is not fair and not Allow staking.
“Offers are not attractive. They do not offer any benefits to STG holders, and the STG revenue sharing system is not available in ZRO. We can only hold our tokens,” a Stargate user write.
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The user added That layerzero “has to raise its offer,” while others Says The offer is “Introduction Flawed” and Sumang -ayon The offer should be higher, perhaps a 1: 1 token swap, due to “the amount of stargate income and the potential for protocol.”
Another user Says They saw the need for replacing as “Managing two tokens is a disease and causes more inconveniences than necessary,” while the other one says “makes sense to combine” the tokens, but the deal is not fair because STG holders meant that they could no longer stand in their tokens for rewards.
Stargate Says The proposal for comment is available for the next seven days. The decentralized autonomous platform organization, consisting of tokenholders, is set to vote on the deal.
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