LayerZero Foundation proposes to acquire Stargate Cross-Chain Bridge and its token STG for $110 million

BlockBeats News, August 11th, according to The Block, the LayerZero Foundation has proposed to acquire the Stargate Cross-Chain Bridge and its STG token for $110 million. According to the terms of the proposal, the STG token will be deprecated, and STG holders will be able to swap their tokens for LayerZero's native token ZRO at a rate of 1 STG to 0.08634 ZRO, equivalent to a value of $0.1675 per STG and $1.94 per ZRO.

Stargate will be incorporated into the LayerZero Foundation, and its DAO will be dissolved. The proposal states: "The proposal aims to accelerate the development of both Stargate and LayerZero, providing resources to Stargate to advance its work under an ambitious roadmap, expand its business scope beyond the cross-chain bridge, and further integrate an excellent protocol that has direct contact with end users, generates substantial revenue, into the LayerZero ecosystem."