Wormhole has jumped into the bid plans to build bridge connection Stargate and promised a bid for Layerzero’s original $ 110 million token-swap suggestions.
It wants the Snapshot vote to be delayed so that society can weigh its offer.
Stargate’s figures explain the interest. The bridge treated $ 4 billion in July, owns $ 345 million in Tvl and sits on a Treasury of $ 92 million in stables and ether plus $ 55 million in STG and other assets. The annual revenue is approximately $ 2 million.
“Based on our first review, we believe that STG holders deserve a more competitive process and we are prepared to submit a meaningfully higher bid,” the proposal said.
Layerzero’s proposal would transfer both the Treasury and the future income that critics call a discount. Wormhole says that the expressions on the map tag holders and that “STG holders deserve better.”
A wormhul-stargate bond would create one of the largest transverse chain nodes in crypto, where Stargates gathered liquidity pools with Wormhole’s integrations across dozens of networks. The fund claims that this would increase volume and prolonged resilience for both ecosystems.
“Wormhole Foundation sees unrealized value in the Stargate mark, the protocol and the assets of the protocol,” the proposal said. “Wormhole Foundation is convinced that a successful combination of Stargate and the wormhulsion ecosystem will lead to the most immediate and long -term value of current holders of STG as well as current and future holders of wormhole (W).”
Wormhole has requested a five-day delay in the vote seeking more time for Due Diligence and a more just process.
Read more: Layerzero suggests $ 110m Stargate token -Fusion in consolidation games
