Stargate DAO Approves LayerZero’s Acquisition Proposal

On Saturday, the LayerZero team announced via X that the Stargate DAO has approved its acquisition of Stargate (STG). This comes despite the Wormhole Foundation also submitting a proposal to acquire LayerZero

StargateDAO members voted 95% in favor of the acquisition. With the proposal now approved,

• All circulating STG (including staked/voting STG) will be swapped for ZRO at a ratio of 1 STG: 0.08634 ZRO, reflecting a value of $0.1675 per STG and $1.94 per ZRO.
• Stargate will become even more deeply ingrained in the LayerZero ecosystem, building a suite of consumer-facing offerings that may expand on its core in many new ways.
• The dissolution of the Stargate DAO will also take place, and
• All future excess revenue generated by Stargate will be directed towards reducing the circulating supply of ZRO via a buyback program

LayerZero is an interoperability protocol designed to facilitate seamless communication between different blockchains. It aims to create a unified, interconnected blockchain ecosystem where assets and data can move freely across various networks. ZRO trades at $2.057, down 2.97% in the last 24 hours.