LayerZero Proposes $110 Million Acquisition of Stargate Amid Mixed Reactions from Community
Main Idea
LayerZero has proposed a $110 million acquisition of Stargate, aiming to enhance both platforms, but the Stargate community has mixed reactions to the deal.
Key Points
1. LayerZero's proposal involves swapping Stargate’s STG tokens for LayerZero’s ZRO tokens at a rate of 1 STG to 0.08634 ZRO.
2. Following the announcement, STG and ZRO tokens saw significant price increases: ZRO surged 23% to $2.44, and STG rose 16.5% to $0.19.
3. LayerZero CEO Bryan Pellegrino stated the acquisition would provide a 'unified direction' and enhance Stargate’s roadmap, offering STG holders a more liquid token.
4. Some Stargate tokenholders criticized the deal as unfair, citing concerns over the swap ratio, loss of staking rewards, and lack of revenue-sharing for ZRO holders.
5. The Stargate decentralized autonomous organization (DAO) will vote on the proposal, with some community members calling for a better offer.
Description
LayerZero has proposed a $110 million acquisition of Stargate, aiming to enhance both platforms. However, the Stargate community has mixed feelings about the deal. LayerZero’s proposal includes swapping Stargate’s STG
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