LayerZero Foundation proposes to acquire Stargate cross-chain bridge and its token STG for $110 million

PANews reported on August 11th that The Block reported that the LayerZero Foundation proposed to acquire the Stargate cross-chain bridge and its STG token for $110 million. Under the terms of the proposal, STG tokens will be deactivated, and STG holders will be able to exchange their tokens for LayerZero's native token, ZRO, at a rate of 1 STG to 0.08634 ZRO, equivalent to a value of $0.1675 per STG and $1.94 per ZRO. Stargate will be incorporated into the LayerZero Foundation, and its DAO will be dissolved.

The proposal states: “This proposal aims to accelerate the development of Stargate and LayerZero, providing Stargate with resources to enable it to implement an aggressive roadmap and expand its privileges beyond bridging, while deeply connecting a powerful revenue-generating protocol to the LayerZero ecosystem and making LayerZero more accessible to end consumers.”