The post Stargate Approves $110 Million Takeover by LayerZero appeared on BitcoinEthereumNews.com. Stargate’s community has signed off on a $110 million token swap with LayerZero, but blockchain data shows that two addresses controlled more than half of the votes. Stargate’s community has voted to approve the LayerZero Foundation’s takeover bid, bringing the cross-chain bridge back under its original developer’s control after weeks of debate. Per data from Snapshot, the proposal closed with more than 15,100 addresses participating. However, a closer inspection reveals that two addresses accounted for over 50% of the buyout’s support, despite having little to no prior voting history in the Stargate DAO. Largest Yes Voters Further review showed that at least six addresses — which appeared unrelated and together accounted for another 7% of support — were likely controlled by a single entity. Cluster of Linked Voters A LayerZero Telegram moderator didn’t shed any light on the addresses and referred The Defiant to the Stargate Discord, where a Stargate DAO moderator said that “no team member of L0 was involved in this session of voting according to official information.” Token Swap Nearly 95% of voting power supported the deal, which values Stargate at about $110 million and will dissolve the Stargate DAO. All circulating STG tokens, including staked tokens, will be swapped for LayerZero’s ZRO tokens at a fixed ratio of 1 STG to 0.08634 ZRO. At current prices, that reflects roughly $0.169 per STG, below where the token traded when the proposal was first floated. LayerZero has framed the acquisition as a way to “move faster, ship incredible product and win,” emphasizing a single token with a “broader mandate.” The proposal argues that managing two tokens creates friction, noting that the buyout would allow Stargate to operate “without interruption; users of the Stargate bridge will not experience any downtime or changes in functionality during the transition.” Rival Bids… The post Stargate Approves $110 Million Takeover by LayerZero appeared on BitcoinEthereumNews.com. Stargate’s community has signed off on a $110 million token swap with LayerZero, but blockchain data shows that two addresses controlled more than half of the votes. Stargate’s community has voted to approve the LayerZero Foundation’s takeover bid, bringing the cross-chain bridge back under its original developer’s control after weeks of debate. Per data from Snapshot, the proposal closed with more than 15,100 addresses participating. However, a closer inspection reveals that two addresses accounted for over 50% of the buyout’s support, despite having little to no prior voting history in the Stargate DAO. Largest Yes Voters Further review showed that at least six addresses — which appeared unrelated and together accounted for another 7% of support — were likely controlled by a single entity. Cluster of Linked Voters A LayerZero Telegram moderator didn’t shed any light on the addresses and referred The Defiant to the Stargate Discord, where a Stargate DAO moderator said that “no team member of L0 was involved in this session of voting according to official information.” Token Swap Nearly 95% of voting power supported the deal, which values Stargate at about $110 million and will dissolve the Stargate DAO. All circulating STG tokens, including staked tokens, will be swapped for LayerZero’s ZRO tokens at a fixed ratio of 1 STG to 0.08634 ZRO. At current prices, that reflects roughly $0.169 per STG, below where the token traded when the proposal was first floated. LayerZero has framed the acquisition as a way to “move faster, ship incredible product and win,” emphasizing a single token with a “broader mandate.” The proposal argues that managing two tokens creates friction, noting that the buyout would allow Stargate to operate “without interruption; users of the Stargate bridge will not experience any downtime or changes in functionality during the transition.” Rival Bids…

                                                                               Smaller Bitcoin miners surge in hashrate and debt as competition intensifies post-halving, reshaping the industry’s balance of power.                     The Bitcoin mining industry is becoming increasingly competitive, with so-called tier-2 operators closing the gap on established leaders in realized hashrate — a sign of a more level playing field following the 2024 halving.According to The Miner Mag, companies such as Cipher Mining, Bitdeer and HIVE Digital have rapidly expanded their realized hashrate after several years of infrastructure growth, narrowing the distance to top players like MARA Holdings, CleanSpark and Cango.“Their ascent highlights how the middle tier of public miners — once trailing far behind — has rapidly scaled production since the 2024 halving,” The Miner Mag wrote in its latest Miner Weekly newsletter. Read more