Wormhole to counter LayerZero’s $110M Stargate bid with its own
Wormhole will bid against LayerZero to acquire the crosschain transfer platform Stargate, which just launched an updated bid on Sunday to better reception.
Cross-blockchain bridge Wormhole is looking to bid against LayerZero’s $110 million bid to acquire crypto protocol Stargate, arguing LayerZero’s bid doesn’t “create a compelling offer.”
The Wormhole Foundation said in a post on Stargate’s forum on Wednesday that it deserves “a more competitive process” after the LayerZero Foundation’s initial $110 million bid earlier in August to buy the platform failed to resonate with the community. LayerZero updated its offer on Sunday to a greater reception.
“It doesn’t create a compelling offer, which values Stargate’s ongoing business at an unreasonably low number,” Wormhole wrote of LayerZero’s bid. “We are prepared to submit a meaningfully higher bid.”