LayerZero Acquires Stargate in $110 Million Deal After Contested Bidding War

Blockchain messaging platform LayerZero has acquired crypto protocol Stargate for $110 million after a heated bidding battle. Following an amendment to the original proposal, which was met with criticism from Stargate token holders, the community voted overwhelmingly in favor of the acquisition. With 95% of participating addresses and 94.76% of token weight supporting the deal, over 15,000 addresses participated in the vote, representing more than 7.2 million STG tokens in favor. This level of participation sets a new record for Stargate Finance history. The acquisition comes after three rival bidders including Wormhole and Axelar Network, who offered substantial sums exceeding $110 million in cash to secure the protocol. However, all proposals ultimately fell short during an intense bidding competition. Despite this last-minute effort, the deal was approved based on community input and due diligence. The new acquisition agreement shifts control of Stargate to LayerZero, promising enhanced security through a combination of cross-chain innovation and increased revenue distribution for token holders. 95% of all addresses voting in favor of the proposed acquisition demonstrates significant community trust and high engagement with this recent development. This transaction signifies another milestone in the growing field of blockchain interoperability and the increasing influence of LayerZero within the industry.