LayerZero's proposal to acquire Stargate (STG) is now live on the Stargate DAO Snapshot page.
Further details about this proposal below:
LayerZero have proposed to acquire Stargate (STG).
A final proposal is now live on Stargate's Snapshot.
Voting to start precisely at August 17th, 00:24 GMT.
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Key implications of this proposal:
Acquisition terms: All circulating STG (including staked/voting STG) will be eligible to be swapped for ZRO at a fixed ratio of 1 STG : 0.08634 ZRO. If your STG is staked and locked, it will be unlocked.
Revenue sharing: veSTG holders (snapshot at initial proposal) to receive 50% of Stargate top-line revenue for 6 months. The other 50% will be used for ZRO buybacks. After 6 months, all revenue will support ZRO buybacks.
Governance: Stargate DAO will dissolve. Stargate operations will transition to the LayerZero Foundation.
Voting period: Extended to 7 days, ending on August 24th at 00:15 am GMT. Quorum is 1.2M veSTG, with a 70% approval threshold required.
If approved, Stargate will continue uninterrupted for users, while gaining deeper integration with LayerZero and the resources to accelerate Stargate further.
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Check below for the proposal links.
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