Wormhole could submit higher bid, potentially triggering contest with LayerZero for Stargate (STG)

The post Wormhole could submit higher bid, potentially triggering contest with LayerZero for Stargate (STG) appeared on BitcoinEthereumNews.com.

Wormhole bid for Stargate is a competing acquisition offer intended to top LayerZero’s $110 million proposal; Wormhole asked for a five-business-day vote pause to complete due diligence and prepare a higher, market-reflective bid that better compensates STG tokenholders. Wormhole bid for Stargate — timely update on the bidding war, vote pause request, and tokenholder impacts. Read the full breakdown and next steps. Wormhole will bid against LayerZero to acquire the cross-chain transfer platform Stargate, pressing for a more competitive sale after LayerZero’s initial $110 million offer was criticized by the community. What is Wormhole’s bid for Stargate? Wormhole bid for Stargate refers to the Wormhole Foundation’s intent to submit a materially higher acquisition offer for Stargate than LayerZero’s $110 million proposal. Wormhole also requested a five-business-day pause of the community vote to complete due diligence and finalize terms that it says better reflect Stargate’s value. How did Wormhole justify requesting a vote pause? Wormhole argued the LayerZero offer “doesn’t create a compelling offer” and that the community deserves a competitive process. It asked for asset lists, financials since launch, user and traffic metrics, liabilities and details on any lawsuits or regulatory issues to inform a higher bid. ‘, ‘ 🔒 Secure and Fast TransactionsDiversify your investments with a wide range of coins. Join now! ‘, ‘ 💎 The Easiest Way to Invest in CryptoDont wait to get started. Click now and discover the advantages! ‘ ]; var adplace = document.getElementById(“ads-binance”); if (adplace) { var sessperindex = parseInt(sessionStorage.getItem(“adsindexBinance”)); var adsindex = isNaN(sessperindex) ? Math.floor(Math.random() * adscodesBinance.length) : sessperindex; adplace.innerHTML = adscodesBinance[adsindex]; sessperindex = adsindex === adscodesBinance.length – 1 ? 0 : adsindex + 1; sessionStorage.setItem(“adsindexBinance”, sessperindex); } })(); Source: Wormhole Foundation How does LayerZero’s updated bid affect STG holders? LayerZero updated its proposal to include a six-month revenue-sharing period for staked…