STARGATE DAO APPROVES LAYERZERO ACQUISITION

Summary from the TLDR Crypto newsletter

Stargate DAO approved LayerZero Foundation's $120 million acquisition offer with nearly 95% of votes, despite last-minute competing bids from Wormhole, Axelar, and Across protocols. Under the modified deal terms, STG holders will swap tokens for ZRO at a 1:0.08634 ratio, with veSTG holders receiving 50% of Stargate's revenue for six months before all excess revenue goes toward ZRO buybacks. The competing protocols requested a vote pause to submit proper bids, but the DAO proceeded with the original timeline, completing what LayerZero claims is the first private DAO acquisition over $100 million. There is some controversy about the lack of consideration of the other protocols' proposals, though, given that Stargate is built using LayerZero's interoperability technology, this outcome was not unexpected.