Wormhole Submits Higher Bid for Stargate, Requests Vote Delay
Wormhole has entered the bidding for Stargate, proposing a bid exceeding LayerZero's initial $110 million token-swap offer. They are seeking to delay the Snapshot vote to allow community consideration of their proposal.
Key facts about Stargate include:
- Processed $4 billion in July
- Holds $345 million in Total Value Locked (TVL)
- Treasury includes $92 million in stablecoins and ether, plus $55 million in STG and other assets
- Annual revenue is approximately $2 million
Wormhole asserts that STG holders deserve a more competitive bidding process, criticizing LayerZero's proposal as undervaluing the treasury and future income. A merger could create a significant cross-chain hub, enhancing liquidity and resilience for both networks.
Wormhole has requested a five-day extension for the vote to ensure a thorough evaluation and fairness in the process.