LayerZero vs. Wormhole: Crypto Giants Battle for Stargate
In order to purchase the Stargate crypto protocol, Wormhole has declared its intention to outbid LayerZero’s $110 million offer. The business asserted that LayerZero’s offer was not a compelling one. Wormhole stated that it merits a more competitive procedure in a post on Stargate’s forum on Wednesday. After the LayerZero Foundation’s first $110 million offer to purchase the platform earlier in August did not strike a chord with the community, this statement was made. On Sunday, LayerZero revised its offer to a more favorable response.
It doesn’t create a compelling offer, which values Stargate’s ongoing business at an unreasonably low number. We are prepared to submit a meaningfully higher bid.
Wormhole
This might result in a bidding competition for LayerZero’s 2022 launch of Stargate. Although LayerZero’s deal would bring the platform back under its control, several tokenholders of Stargate Finance criticized its initial offer as being unjust.
Wormhole Eyes Higher Offer with Extended Voting
In order to give LayerZero time to complete its offer, Wormhole requested that the Stargate community postpone the voting on its bid for five working days. The company stated that it would value more time to talk with the Stargate team and carry out a study. The business added that if extra time is given to carry out a proper procedure, it might enhance the present offer. Wormhole promoted the creation of a market-dominant ecosystem as part of its possible acquisition of Stargate.
Stargate brings deep, unified liquidity pools and proven user demand, while Wormhole commands broad ecosystem integration across dozens of blockchains and protocols, as well as key growth areas in crypto, like RWAs
Wormhole
Stargate Community Backs LayerZero’s Revenue-Sharing Acquisition Plan
A revenue-sharing time for Stargate token holders was included in LayerZero‘s revised acquisition offer on Sunday. The Stargate community is overwhelmingly in favor of the offer. Staked Stargate tokenholders would receive half of all top-line Stargate revenue for six months with the remtoken, according to LayerZero’s final plan. In contrast, its original plan called for a ZRO buyback program using Stargate’s excess revenue. In keeping with its initial plan, LayerZero stated that all circulating STG would be exchanged for ZRO at a ratio of 1 STG to 0.08634 ZRO. 6.6 million tokens, or 88.6% of STG holders, have voted in support of the revised plan.
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