In a major development within the cross-chain DeFi sector, Wormhole Foundation has made a bid of $120 million USDC to acquire Stargate Finance. This move surpasses the previous offer from LayerZero and is poised to significantly alter DeFi mergers. 💰
Wormhole’s all-cash deal reflects a shift towards certainty in acquisitions, moving away from traditional token swaps common in the industry. The proposal emphasizes a detailed financial due diligence process, potentially impacting Stargate’s governance structure.
This acquisition has triggered significant market reactions, with STG tokens surging and Wormhole’s own token experiencing growth as investors anticipate the deal’s potential impact on DeFi.