Wormhole Foundation

💸 @Ripple's $1.3b stablecoin, $RLUSD, has adopted Wormhole's NTT standard to expand multichain. This integration will enable the issuance of $RLUSD across all of crypto, starting with @Base, @Optimism, @InkOnchain & @Unichain. NTT is the standard for multichain asset issuance.

RLUSD is expanding to Layer 2s using @wormhole’s NTT standard for native, secure transfers and will become the first U.S.-based, trust-regulated stablecoin on @Optimism, @Base, @Inkonchain and @Unichain: on.ripple.com/4pIFDqM This will enhance utility for XRP and RLUSD by creating premier liquidity pairs with wrapped XRP (wXRP) across these chains. The multichain future is accelerating.

Wormhole Foundation has purchased $5,000,000 of W for its balance sheet.

Today is Wormhole’s 5th anniversary. On October 8, 2020, a small team made a bet on a multichain world. Today, Wormhole is the world leader in the category now critical to the internet economy. Hear @WormholeFdn co-founders @danreecer_ and @robinson tell the story 🧵 👇

🏛️ The U.S. Department of Commerce has selected Wormhole ecosystem team @PythNetwork to verify and publish economic data onchain, with all multichain data interoperability powered by @wormhole. Learn more below ⤵️

The Wormhole Foundation joined 110+ builders, investors, and trade groups in sending a record-setting letter to Congress that called for developer protections in market structure legislation. These protections are essential to keep innovation thriving in the US. Being someone that had to leave in order to build, this issue hits close to home.

4/ Wormhole Foundation will honor Stargate’s commitments to counterparties, integrators, and contributors for at least 12 months. $STG holders deserve a competitive process, not a quick sale at a low valuation. The proposed offer and financing details can be found here: stargate.discourse.group/t/layerzero-fo… Funding Wallet: etherscan.io/address/0xab19…

3/ Wormhole contributors and partners see significant opportunities to grow Stargate post-acquisition. Stargate complements existing Wormhole products and two in-development initiatives. With proper resources, Stargate can expand meaningfully and deliver more value to users and integrators alike.

1/ The Wormhole Foundation has arranged financing and is prepared to make an initial offer of at least $120M USDC for @StargateFinance, exceeding the initial $110M ZRO bid. An all-cash purchase provides $STG holders with maximum certainty and immediate liquidity. No delays and no conversion risk.

Community members can comment and learn more on the Stargate forum here: stargate.discourse.group/t/layerzero-fo…

While we do our best to quickly and accurately value Stargate, please be patient. LayerZero, by virtue of composing half Stargate Foundation’s Board of Directors, is already intimately familiar with Stargate’s metrics and finances. We will do our diligence as quickly as possible.

The Wormhole Foundation is committed to keeping the @StargateFinance community updated on where we are in the bidding process. We will provide regular updates throughout the process:

Thank you to the @StargateFinance leadership team for reaching out and engaging in the appropriate consideration of our acquisition bid.

Wormhole Foundation’s Intent to Bid: stargate.discourse.group/t/layerzero-fo…

Bottom line: Wormhole Foundation is here to champion a fair deal for STG holders. Let's run a competitive process that truly reflects Stargate's worth.

At the WF, we have respect for the @StargateFinance protocol, its team, and especially its holders. Stargate is a leader in multichain asset transfers. That's why we're stepping up with our intent to acquire Stargate – to ensure holders get the fair deal they deserve.