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

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.

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