LayerZero, Stargate tokens jump on $110M acquisition plan
LayerZero pitched a $110 million all-token deal to buy Stargate, but not everyone from the crypto protocol’s community is happy with the proposal.
The LayerZero Foundation, which backs the cross-blockchain messaging protocol LayerZero, proposed acquiring 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 said.