Wormhole jumped into tender plans for the Stargate Pontage Service, promising an offer higher than the initial proposal of $ 110 million in Layerzero.
He wants instant voting to be delayed so that the community can weigh its offer.
Stargate figures explain the interest. The bridge treated for $ 4 billion in July, holds $ 345 million on TVL and is on a treasure of $ 92 million in stables and ether, plus $ 55 million in STG and other assets. Annual turnover is around $ 2 million.
“Based on our initial examination, we believe that STG holders deserve a more competitive process, and we are ready to submit a significantly higher offer,” said the proposal.
Layerzero’s proposal would transfer both the treasure and future income, which criticisms call a discount. Wormhole says that the terms of short-circuits tokens holders and that “StG holders deserve better”.
A Ver-Stargate link would create one of the largest transversal huts of crypto, combining Stargate’s unified liquidity pools with the integrations of Wormhole through dozens of networks. The Foundation maintains that this would increase volume and long -term resilience for the two ecosystems.
“The Wormhole Foundation sees an unrealized value in the Stargate brand, the protocol and the assets of the protocol,” said the proposal. “The Wormhole Foundation is convinced that a successful combination of Stargate and the Green Holes ecosystem will lead to the most immediate and long -term value for current STG holders, as well as current and future holders of the Ver (W).”
Wormhole asked for a period of five days in the vote, looking for more time for reasonable diligence and a more equitable process.
Read more: Layerzero offers a merger of Token Stargate of $ 110 million in the consolidation game
