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Wormhole Foundation Plans Higher Counter-Bid for Stargate Against LayerZero's Offer
GateNewsBot
Gate News bot message, Wormhole Foundation announced its intention to present a higher bid for Stargate (STG) that exceeds LayerZero’s current $110 million ZRO token offer.
According to Wormhole Foundation’s statement, Stargate’s current valuation fails to reflect its actual value, citing the protocol’s significant assets including $76 million in stablecoins, $16 million in ETH, and additional holdings. The foundation highlighted Stargate’s performance metrics, noting “$4B bridge volume in July (up 10x YoY), $345M TVL, and projected $2M annual revenue.”
The foundation has requested a 5-day suspension of the Snapshot voting process to complete its competitive proposal.
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