Wormhole Challenges LayerZero’s $110M Bid for Stargate Acquisition
- Wormhole plans to counter LayerZero’s initial $110 million bid to acquire Stargate, claiming it undervalues the platform.
- LayerZero updated its offer on Sunday, proposing a revenue-sharing model for Stargate tokenholders, which gained significant community support.
- 88.6% of Stargate tokenholders voted in favor of LayerZero’s revised proposal, representing approximately 6.6 million tokens.
- Wormhole has requested a five-day pause on the vote regarding LayerZero’s bid to finalize its own competitive offer.
- Tokens associated with Wormhole, Stargate, and LayerZero have all seen gains amid the bidding activity.
The ongoing bidding process for Stargate highlights the competitive landscape within the crypto protocol space, particularly as Wormhole seeks to establish a more favorable acquisition offer. The community’s backing of LayerZero’s updated proposal indicates strong support for revenue-sharing initiatives among tokenholders.
With Wormhole aiming to submit a higher bid and requesting additional time for research, this situation could lead to an intensified bidding war over Stargate’s future. (Source)
