Wormhole has entered the competitive fray for Stargate, proposing a bid that exceeds LayerZero's initial $110 million token-swap offer. The Wormhole Foundation seeks to delay the governance vote to allow the community to consider its higher bid. Stargate has generated significant interest due to its impressive $4 billion bridge volume processed in July, holding $345 million in total value locked (TVL) and possessing a treasury of $92 million in stablecoins and ether. Critics of LayerZero’s proposal argue it shortchanges STG holders given the terms that transfer treasury and future income. Wormhole believes a merger would create a premier cross-chain hub, combining Stargate’s liquidity pools with Wormhole’s extensive network integrations, potentially boosting logistical efficiency and long-term sustainability. They argue that current and future STG token holders will see greater value from this combination. Wormhole has requested a five-day extension for the vote to facilitate thorough due diligence and ensure a fair process.

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