Wormhole plans to acquire Stargate at a high price and requests a suspension of the "LayerZero acquisition of STG" vote

According to an announcement from the Wormhole Foundation, LayerZero has proposed acquiring Stargate (STG) for approximately $110 million in ZRO tokens. Wormhole believes this offer undervalues the Stargate protocol's assets and growth. Stargate's bridged volume reached $4 billion in July, a tenfold year-over-year increase, with a TVL of $345 million and projected annual revenue of $2 million. Wormhole plans to submit a higher bid and has requested a five-business-day suspension of the current snapshot vote to allow for a smooth bidding process and protect the interests of STG holders.