LayerZero Acquires Stargate for $110 Million, Marking a Shift in DeFi Strategy

LayerZero has completed its acquisition of the Stargate protocol, securing a prominent position in the cross-chain finance sector. This strategic move, which received unanimous support from the Stargate DAO (Decentralized Autonomous Organization) members, will see STG token holders convert their holdings to LayerZero’s ZRO token at a fixed rate. 95% of the DAO voted in favor of the acquisition after a competitive bidding process involving competitor Wormhole. This aligns with LayerZero’s commitment to long-term integration rather than immediate liquidity offerings.