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08/11 07:47
LayerZero, Stargate tokens jump on $110M acquisiti
LayerZero, Stargate tokens jump on $110M acquisition plan
The LayerZero Foundation, which backs the cross-blockchain messaging protocol LayerZero, has put forward a proposal to acquire the crypto protocol Stargate for $110 million, which has boosted the tokens tied to both projects.
LayerZero laid out the plan in a post to Stargate’s forum on Sunday, pitching the offer as “designed to accelerate both Stargate and LayerZero, giving Stargate the resources to ship on an aggressive roadmap that expands its prerogative outside of bridging.”
LayerZero would swap the platform’s token, Stargate Finance (STG), for its self-titled token LayerZero (ZRO) at a rate of 1 STG to 0.08634 ZRO, it explained.
Stargate was developed and launched by LayerZero in 2022, and the deal — if approved by Stargate’s community — would see the platform come back under its umbrella.
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