Stargate | Crypto

The community for the cross-blockchain platform Stargate has greenlit LayerZero’s $110 million acquisition, despite interest from three other rivals. Blockchain messaging protocol LayerZero has won the bid to acquire crypto protocol Stargate after a shaky first offer and a late four-way bidding war. Stargate’s community voted on Sunday with a 95% majority to greenlight the LayerZero Foundation’s $110 million acquisition proposal, which it amended after holders of the Stargate (STG) token said the original deal was unfair. Three of LayerZero’s rivals also put in last-minute bids or intent-to-bids to acquire Stargate, with one bidder, Wormhole, unsuccessfully asking for the vote on LayerZero’s acquisition to be paused. Read more

Wormhole Foundation (WF) entered the bidding competition for Stargate Finance, challenging LayerZero’s proposed $110 million acquisition. In an Aug. 20 statement via X, WF argued that LayerZero’s offer significantly undervalues the cross-chain bridge protocol. LayerZero Foundation announced its acquisition proposal on Aug. 10, offering to purchase all circulating STG tokens at $0.1675 per token through […] The post Wormhole Foundation challenges LayerZero’s $110M Stargate acquisition proposal appeared first on CryptoSlate.

LayerZero pitched a $110 million all-token deal to buy Stargate, but not everyone from the crypto protocol’s community is happy with the proposal. The LayerZero Foundation, which backs the cross-blockchain messaging protocol LayerZero, proposed acquiring the crypto protocol Stargate for $110 million, which has boosted the tokens tied to both projects. LayerZero laid out the plan in a post to Stargate’s forum on Sunday, pitching the offer as “designed to accelerate both Stargate and LayerZero, giving Stargate the resources to ship on an aggressive roadmap that expands its prerogative outside of bridging.” LayerZero would swap the platform’s token, Stargate Finance (STG), for its self-titled token LayerZero (ZRO) at a rate of 1 STG to 0.08634 ZRO, it said. Read more

OpenAI expands Stargate with Oracle to surpass 5 GW of AI power, while Elon Musk outlines plans for xAI to deploy 50 million H100-scale units in 5 years. OpenAI announced a 4.5 gigawatt (GW) expansion in partnership with Oracle to power future AI development. The deal, part of OpenAI’s long-term vision to deploy 10 gigawatts of compute capacity across the US, will add to its existing Stargate I facility in Abilene, Texas, and push the project beyond its original commitment made at the White House in January, the firm said on Tuesday. “This is a gigantic infrastructure project,” OpenAI CEO Sam Altman posted on X, sharing images of the Abilene site. In an earlier post, he confirmed that over one million GPUs will be online by year-end, and joked, “Now they better get to work figuring out how to 100x that.” Read more