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Stargate has announced the termination of the STG staking feature. veSTG holders will share 50% of the protocol revenue, with the remaining 50% allocated to ZRO buyback.
BlockBeats News, August 26th. According to an official announcement from Stargate, the LayerZero Foundation has officially completed the full acquisition of Stargate (STG), including the protocol, token, and treasury. After the acquisition, the STG token will be exchangeable for LayerZero's native token ZRO at a fixed rate (1 STG = 0.08634 ZRO), and the exchange window will remain open indefinitely.
Furthermore, the StargateDAO will be dissolved, the STG staking function will be terminated, but previously locked STG will automatically unlock, and users can exchange them for ZRO at any time. Additionally, all veSTG holders who locked their tokens before August 10th will share 50% of the Stargate protocol's revenue over the next six months, with the other 50% being used for ZRO buybacks.
Previously, the Stargate DAO had approved LayerZero's acquisition of Stargate (STG).
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