LayerZero Completes Acquisition of Stargate, Token Conversion Begins
LayerZero Foundation has finalized its acquisition of Stargate, including its protocol, token, and treasury. STG tokens are now exchangeable for ZRO at a fixed rate, signaling the integration of Stargate into LayerZero’s ecosystem.
Fact Check
The statement is confirmed by recent evidence. While several older sources describe the acquisition as a 'proposal', a very recent news source (Source 10) explicitly states 'LayerZero Completes Stargate Acquisition'. This is strongly corroborated by a primary source, the official LayerZero X account (Source 8), which announced that 'STG holders will be able to convert their tokens to ZRO', confirming the token conversion has begun as a result of the completed deal.
Summary
The LayerZero Foundation officially announced the full acquisition of Stargate, including its protocol, token, and treasury. STG tokens can now be swapped permanently for ZRO at a fixed rate of 1 STG = 0.08634 ZRO. StargateDAO will dissolve, staking will end, and veSTG holders who locked tokens before August 10 will receive 50% of protocol revenue for six months, with the remaining 50% allocated to ZRO buybacks.
Terms & Concepts
- LayerZero: A cross-chain communication protocol enabling interoperability between different blockchain networks.
- Stargate: A decentralized liquidity transport protocol enabling asset transfer across different blockchains.
- STG Token: The native governance token of the Stargate DAO, used for decision-making and incentivizing participation.