LayerZero Foundation Plans to Acquire Stargate Bridge for $110M
LayerZero Foundation has expressed interest in purchasing the Stargate Bridge for $110 million and incorporating it fully into its ecosystem. This move is set to bring significant changes to the current setup of both projects.
Transition from $STG to $ZRO Tokens
As part of the acquisition deal, the $STG token will be phased out, and holders will have the opportunity to exchange 1 $STG for 0.08634 $ZRO tokens. The conversion values each token at $0.1675 and $1.94, respectively, offering a new perspective for token holders.
Changes in Governance
Furthermore, the Stargate DAO is expected to be dissolved following the acquisition, with governance responsibilities shifting to the LayerZero Foundation. This transition aims to streamline decision-making processes and enhance overall project efficiency.
Approval Process
For the acquisition to proceed, it is essential to obtain approval from at least 70% of $STG token holders. A 7-day discussion period will precede the voting process, allowing stakeholders to voice their opinions and concerns regarding the proposed acquisition.
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