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Wormhole Foundation Outbids LayerZero's $110 Million Offer for Stargate Finance

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by Giorgi Kostiuk

3 hours ago

Wormhole Foundation has announced a proposal to acquire Stargate Finance for over $120 million, surpassing a similar bid from LayerZero.

Proposal Announcement

On August 23, Wormhole Foundation unveiled its bid to acquire Stargate Finance for $120 million in USDC. This offer exceeded LayerZero's $110 million proposal, resulting in the suspension of the governance vote.

Liquidity Benefits for STG Holders

Wormhole's proposal provides immediate liquidity for STG holders, offering them a clear cash value rather than tokens subject to market fluctuations. Community responses show a notable divide, with some emphasizing the liquidity benefits and others wary of potential governance disruptions.

Market Impact and Community Reaction

Currently, Stargate Finance's token (STG) is valued at $0.18, representing a 4.13% increase in the last 24 hours with a market cap of $117.48 million. Recent trading volume surged over 106%, indicating heightened interest following the new bid.

Wormhole Foundation's offer marks an important step towards new interoperability strategies and could significantly impact the future of the decentralized finance sector.

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