en.coinotag.com
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Community approval: ~94.76% of stake weight (over 15,000 addresses) voted to approve LayerZero’s $110M proposal.
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Competitive bids: Wormhole offered $120M cash; Axelar and Across expressed interest pending a competitive process.
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Token mechanics: All circulating STG will be swapped to ZRO at a 1:0.08634 ratio; LayerZero revised revenue share to favor stakers for six months.
LayerZero Stargate acquisition approved by community; STG to ZRO swap set, review details and next steps for STG holders on the official forum.
What is the LayerZero Stargate acquisition?
LayerZero Stargate acquisition is a $110 million transaction approved by Stargate token holders that returns Stargate to LayerZero control. The approved agreement swaps all circulating STG for LayerZero’s ZRO token at a fixed ratio and allocates six months of revenue sharing to stakers.
How did the Stargate community vote and participation look?
The Stargate vote recorded unusually high turnout, with over 15,000 addresses participating. Voting results showed 94.76% of stake (approximately 7.2 million STG) in favor and 5.24% (≈399,400 STG) against, which LayerZero’s co‑founder Bryan Pellegrino described as the platform’s highest participation on record.
Blockchain messaging protocol LayerZero has won the bid to acquire crypto protocol Stargate after a shaky first offer and a late four-way bidding war.
Stargate’s community voted on Sunday with a 95% majority to greenlight the LayerZero Foundation’s $110 million acquisition proposal, which it amended after holders of the Stargate (STG) token said the original deal was unfair.
Three of LayerZero’s rivals also put in last-minute bids or intent-to-bids to acquire Stargate, with one bidder, Wormhole, unsuccessfully asking for the vote on LayerZero’s acquisition to be paused.
LayerZero developed and launched Stargate in 2022, and the deal now sees the platform come back under its control. Stargate facilitates transfers across blockchains using liquidity pools that it says allow assets to be transferred natively instead of relying on blockchain bridges, which have a history of being hacked.