Latest news indicates that the Wormhole Foundation is actively seeking the acquisition of the well-known cross-chain protocol StarGate. In order to better assess this potential deal, Wormhole has requested a 5-business-day extension on the ongoing Snapshot vote. The purpose of this request is to give Wormhole enough time to complete a thorough due diligence process and based on that, present a more competitive formal acquisition proposal.

Wormhole stated that the acquisition proposal currently put forward by LayerZero may underestimate the actual value of StarGate. LayerZero's plan is to acquire STG at an estimated valuation of about $110 million, but Wormhole believes that this valuation does not fully reflect StarGate's recent rapid growth and future potential.

This action demonstrates the fierce competition in the cross-chain protocol market, as well as the strong willingness of major platforms to expand and integrate high-quality resources. StarGate, as a highly regarded cross-chain protocol, may have a significant impact on the future direction of the entire blockchain ecosystem.

With the continuous development of blockchain technology, cross-chain interoperability is receiving increasing attention. This acquisition battle not only concerns the future of StarGate, but also reflects the entire industry's urgent demand for efficient and secure cross-chain solutions.

In the coming days, industry insiders will closely monitor the progress of this acquisition case. Regardless of the final outcome, this competition will inject new momentum into the development of cross-chain protocols, propelling the entire industry forward.