The Layerzero Foundation, which supports the Layerzero cross -block messaging protocol, proposed to acquire the Crypto Stargate protocol for $ 110 million, which stimulated tokens related to the two projects.
Sunday, Layerzero presented the plan in an article on the Stargate forum, by presenting the offer as “designed to accelerate Stargate and Layerzero, giving Stargate the resources to ship on an aggressive roadmap which extends its prerogative outside the bridge.”
Lowerzero would exchange the platform token, Stargate Finance (STG), for its eponymous Layerzero (Zro) token at a rate of 1 STG at 0.08634 Zro, he said.
Stargate was developed and launched by Layerzero in 2022, and the agreement, if it was approved by the Stargate community, would see the platform rising under its umbrella.
Stargate allows users to transfer digital assets through blockchains using liquidity pools that the platform presents as allowing to transfer assets natively instead of counting on blockchain bridges, which have a hacking history.
STG, ZRO tokens are increasing in terms of
The tokens linked to the platforms both won two-digit percentage points the day after the Layerzero proposal.
The Layerzero token has won more than 23% in the last 24 hours to negotiate itself at $ 2.44, making it one of the greatest winners on the cryptography market during the last day, according to Coingecko.
The Stargate token, on the other hand, experienced 24 hours of around 16.5% to just over 19 hundred, extending its rally in last week.
The two tokens are considerably decreasing compared to their peaks, the ZRO decreased by 67% compared to its December 7.47 summit, while STG fell by more than 95% compared to its mid 2022 peak by $ 4.14.
The Layerzero boss is a “unified direction” plan
The co-founder and CEO of Layerzero, Bryan Pellegrino, posted on X that he wanted to “move faster, to ship faster”.
He said that the proposal “would help Stargate execute on his ambitious roadmap while creating a single battery that anyone integrating into the [LayerZero] The ecosystem can adopt. »»
He added that it would also give STG holders “a more liquid token” and would give the Stargate community “a clear path with many more resources and a single unified direction”.
StG token holders say that the plan “is not attractive”
However, the agreement has seen generally negative comments from the holders of the Stargate token, some saying that they understand the need for an exchange, but the tired agreement is unfair and will not allow to mark out.
“The offers are not at all attractive. They have no advantage to the holders of STG, and the STG income sharing system is not available on Zro. We will not be able to keep our tokens,” wrote a Stargate user.
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The user added that Lowerzero “must considerably increase their offer”, while others have declared that the offer was “fundamentally defective” and agreed that the offer should be higher, perhaps an exchange of tokens 1: 1, due to “the quantity of income that Stargate made and the potential of the protocol”.
Another user said he saw the need for exchange as “managing two tokens is pain and causes more distractions than necessary”, while another said that it was logical to merge “the tokens, but agreed that the agreement was unfair because it meant that STG holders would no longer be able to reach their token for the rewards.
Stargate said the proposal will be available for comments for the next seven days. The decentralized autonomous organization of the platform, made up of chip holders, should then vote on the agreement.
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