{"id":8378,"date":"2025-08-20T19:17:12","date_gmt":"2025-08-20T19:17:12","guid":{"rendered":"https:\/\/bitunikey.com\/news\/stargate-price-surges-as-wormhole-floats-acquisition-bid\/"},"modified":"2025-08-20T19:17:34","modified_gmt":"2025-08-20T19:17:34","slug":"stargate-price-surges-as-wormhole-floats-acquisition-bid","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/stargate-price-surges-as-wormhole-floats-acquisition-bid\/","title":{"rendered":"Stargate price surges as Wormhole floats acquisition bid"},"content":{"rendered":"<p><\/p>\n<div class=\"post-detail__content blocks\">\n<p class=\"is-style-lead\">Stargate price rose sharply as the Wormhole Foundation announced its intention to enter a bidding war for the cross-chain protocol.<\/p>\n<div id=\"cn-block-summary-block_7b3b39b8bd66f1140884f8e8316632d6\" class=\"cn-block-summary\">\n<div class=\"cn-block-summary__nav tabs\">\n        <span class=\"tabs__item is-selected\">Summary<\/span>\n    <\/div>\n<div class=\"cn-block-summary__content\">\n<ul class=\"wp-block-list\">\n<li>Stargate price jumped by more than 10% amid news that Wormhole Foundation wants to acquire the cross-chain protocol.<\/li>\n<li>LayerZero has bid $110 million for the protocol, but Wormhole feels this undervalues Stargate.<\/li>\n<\/ul><\/div>\n<\/div>\n<p><!-- .cn-block-summary --><\/p>\n<p>The price of Stargate (STG) jumped more than 10% to climb from lows of $0.1633 and hit $0.182 across crypto exchanges on Aug. 20.<\/p>\n<p>STG, native to the cross-chain protocol Stargate, had dipped in the wake of the broader crypto downturn that saw top altcoins crash to support levels on Tuesday, Aug. 19. <\/p>\n<p>However, as Bitcoin (BTC) bid to bounce above $114k and Ethereum (ETH) reclaimed the $4,300 level, Stargate\u2019s price shot up. The double digit gains for STG however coincides with another development \u2013 a key <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/WormholeFdn\/status\/1958198119356887291\" target=\"_blank\">announcement<\/a> from the Wormhole Foundation.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<h2 class=\"wp-block-heading\">Wormhole Foundation wants to acquire Stargate<\/h2>\n<p>Stargate has attracted the attention of Wormhole Foundation, the entity supporting the Wormhole (W) ecosystem.\u00a0<\/p>\n<p>Specifically, it believes it can offer a better deal if it acquires Stargate instead of LayerZero (ZRO).<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">At the WF, we have respect for the <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/twitter.com\/StargateFinance?ref_src=twsrc%5Etfw\" target=\"_blank\">@StargateFinance<\/a> protocol, its team, and especially its holders. Stargate is a leader in multichain asset transfers. That&#8217;s why we&#8217;re stepping up with our intent to acquire Stargate \u2013 to ensure holders get the fair deal they deserve.<\/p>\n<p>\u2014 Wormhole Foundation (@WormholeFdn) <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/twitter.com\/WormholeFdn\/status\/1958198119356887291?ref_src=twsrc%5Etfw\" target=\"_blank\">August 20, 2025<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n<p>On Aug. 11, LayerZero outlined a bid to acquire Stargate, and on Aug.17, Stargate <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/StargateFinance\/status\/1956849324136268136\" target=\"_blank\">announced<\/a> that a snapshot for the proposed acquisition was live. <\/p>\n<p>Terms include a figure of $110 million, with all circulating STG set to be swapped for ZRO, a revenue-sharing model, and the transition of Stargate operations to the LayerZero Foundation.<\/p>\n<p>Now, the Wormhole Foundation says Stargate should pause the snapshot and allow for a competitive bidding process that will offer a deal that reflects Stargate\u2019s worth and growth potential.<\/p>\n<p>LayerZero\u2019s offer of $110 million in ZRO for about $76.47 million in stablecoins and $15.9 million in ETH, and the \u201cpermanent capture of all future protocol revenue,\u201d is low for Stargate, the Wormhole Foundation contended.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cTreasury alone is ~$92M, excluding STG tokens, yet the proposed deal hands over assets and ongoing economic upside for only $110M in token consideration. It doesn\u2019t create a compelling offer, which values Stargate\u2019s ongoing business at an unreasonably low number,\u201d they noted.<\/p>\n<\/blockquote>\n<h2 class=\"wp-block-heading\">Stargate protocol growth<\/h2>\n<p>In requesting a pause to the snapshot, the platform said its request is because STG holders deserve to get a better deal.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThe current bid undervalues the protocol\u2019s assets, brand, codebase, and team. We\u2019re prepared to submit a meaningfully higher offer, and we believe a competitive process will drive even more value for everyone involved,\u201d WF wrote.<\/p>\n<\/blockquote>\n<p>Stargate\u2019s snapshot vote was scheduled to end on August 24 at 00:15 a.m. GMT.<\/p>\n<p>The STG token traded to highs of $4.28 in April 2022, but has struggled to hit these highs since. However, the Stargate protocol has experienced notable growth, with bridge volume up 10x since July 2024 and the protocol\u2019s total value locked hitting $345 million.<\/p>\n<p>Stargate has gone live across more than 80 chains.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stargate price rose sharply as the Wormhole Foundation announced its intention to enter a bidding war for the cross-chain protocol. Summary Stargate price jumped by more than 10% amid news&hellip;<\/p>\n","protected":false},"author":1,"featured_media":8379,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-8378","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/8378","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=8378"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/8378\/revisions"}],"predecessor-version":[{"id":8380,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/8378\/revisions\/8380"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/8379"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=8378"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=8378"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=8378"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}