Deal Overview: A Surprise Spanner in the Works LayerZero’s $110 million proposal to acquire the cross-chain bridge Stargate—its own flagship front-end—was cruising toward approval when its arch-rival, the Wormhole Foundation, barged in. On August 21, Wormhole publicly claimed the offer “materially undervalues” Stargate’s assets and momentum, vowed to table a higher bid, and asked Snapshot to freeze the vote for five business days while it prepares a counter-proposal.Background: Why LayerZero ...

Deal Overview: A Surprise Spanner in the Works LayerZero’s $110 million proposal to acquire the cross-chain bridge Stargate—its own flagship front-end—was cruising toward approval when its arch-rival, the Wormhole Foundation, barged in. On August 21, Wormhole publicly claimed the offer “materially undervalues” Stargate’s assets and momentum, vowed to table a higher bid, and asked Snapshot to freeze the vote for five business days while it prepares a counter-proposal.Background: Why LayerZero ...