ZRO price jumps 22% as LayerZero offers $110M to acquire Stargate bridge
Main Idea
LayerZero Foundation has proposed a $110 million acquisition of Stargate bridge, leading to a 22% surge in ZRO price and a 15% rise in STG price.
Key Points
1. LayerZero Foundation offers $110 million to acquire Stargate bridge from Stargate DAO, with STG holders swapping tokens for ZRO if approved.
2. ZRO price surged 22% and STG price rose 15% following the announcement.
3. The proposal requires a 70% majority vote from STG holders, and if approved, STG tokens will be phased out in favor of ZRO at a fixed conversion rate of 0.08634 ZRO per STG.
4. Stargate, launched in 2022, saw STG peak above $4 but now trades around $0.1940, with the acquisition potentially addressing performance gaps.
5. ZRO's 24-hour trading volume increased by 540%, indicating strong investor interest and potential for further price gains.
Description
Cryptocurrencies have started the week on an optimistic note as Bitcoin reclaimed $120,000 and Ethereum trades above $4,300 early on Monday . While the markets brace for an altseason, the LayerZero Foundation has introduced a proposal to purchase the Stargate bridge. Known for the cross-chain interoperability network LayerZero, the Foundation has offered Stargate DAO $110 million to acquire the bridge and discontinue the native STG coin. LayerZero @LayerZero_Core ยท Follow The LayerZero Foundatio...
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