Wormhole is preparing to outbid LayerZero’s $110 million offer to acquire the cross-chain transfer platform Stargate, arguing that LayerZero’s initial bid undervalues the platform. The Wormhole Foundation criticized LayerZero’s offer, claiming it did not gather sufficient community support, prompting LayerZero to revise its proposal. Wormhole advocated for a pause on the voting process to allow further exploration of Stargate’s assets and financials, asserting they could present a more attractive bid given additional time. Wormhole believes that acquiring Stargate will allow it to create a market-dominant ecosystem, leveraging Stargate’s liquidity pools alongside its own extensive blockchain integrations and growth areas. LayerZero's updated offer has gained support from 88.6% of Stargate’s token holders. Nevertheless, some community members voiced dissatisfaction with the fairness of LayerZero’s offers, pushing for terms that favor token holders more significantly. On the day of the bidding announcement, tokens affiliated with Wormhole, LayerZero, and Stargate all experienced price increases, mirroring a broader upward trend in the crypto market.

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