LayerZero Foundation announced a proposal to acquire the Stargate bridge and its STG tokens for around $110 million. This decision aims to strengthen Stargate's role within the LayerZero ecosystem.
Purchase Proposal for Stargate
LayerZero Foundation proposed the acquisition of the Stargate bridge, which has become a key component of the ecosystem. The deal was announced on Sunday.
Terms of the Deal and Token Exchange
Under the terms, the STG token will be retired, and holders can exchange it for ZRO at a fixed rate of 1 STG for 0.08634 ZRO. At the time of the announcement, the price of STG was $0.1675.
Community Reaction and Next Steps
The market reacted positively to the acquisition announcement, leading to increases in STG and ZRO prices. However, opinions within the Stargate DAO community vary, with some considering the offer undervalued.
The LayerZero proposal to acquire Stargate highlights a desire for integration and expanded capabilities within the ecosystem. The Stargate community will vote on the proposal in the coming days.
