Stargate announced the termination of STG staking function. veSTG holders will share 50% of the protocol revenue and the other 50% will be used for ZRO repurchase.

PANews reported on August 26 that according to official Stargate news, LayerZero Foundation has officially completed the full acquisition of Stargate (STG), including the protocol, tokens and treasury.

After the acquisition, STG tokens will be convertible into LayerZero's native token, ZRO, at a fixed exchange rate (1 STG = 0.08634 ZRO), with the exchange window remaining open. Furthermore, StargateDAO will be dissolved, and STG staking will cease. However, previously locked STG will be automatically unlocked and can be redeemed for ZRO at any time. Furthermore, all veSTG holders who locked up their STG before August 10th will receive 50% of the protocol's Stargate revenue over the next six months, with the remaining 50% allocated for ZRO buybacks.

Earlier news came out that Stargate DAO has approved LayerZero’s acquisition of Stargate (STG) .