LayerZero has successfully acquired crypto protocol Stargate after a bidding war, with a $110 million proposal approved by the community. Three other bidders, including Wormhole, also made offers. Stargate aims to facilitate cross-chain transfers securely. LayerZero’s CEO noted record participation in the voting process, with 95% approval.

Wormhole pitched a $120 million all-cash offer for Stargate, promising stakers accelerated payments. Axelar Network and Across Protocol also expressed interest in bidding but were informed that the vote on LayerZero’s offer could not be paused. Stargate Foundation is engaging with interested parties for due diligence.

LayerZero revised its proposal to offer Stargate stakers half of all top-line revenue for six months, with remaining funds used for a ZRO buyback program. The deal includes swapping all circulating STG tokens for ZRO at a ratio of 1 STG to 0.08634 ZRO. Aave drops over 8% on rumors of World Liberty Financial token deal.

Read more at Cointelegraph: Stargate Votes Through LayerZero’s $110M Acquisition