‍LayerZero Acquires Stargate for $110 Million Amidst Bidding War
Blockchain messaging protocol LayerZero has successfully acquired Stargate for $110 million. The deal, overwhelmingly approved by Stargate's community (95% majority), sees Stargate return to its original developer.
This strategic acquisition positions LayerZero to enhance its cross-chain interoperability solutions. Stargate, known for its native asset transfers via liquidity pools, faced competing bids from Wormhole, Axelar Network, and Across Protocol. LayerZero's revised offer includes sharing top-line revenue for six months with STG stakers and swapping STG for ZRO tokens at a 1:0.08634 ratio.