Alameda Research Bankruptcy Estate Swaps 129M STG for 11.142M ZRO, Shifting Cross-Chain Liquidity and Governance Implications.

Alameda Research's bankruptcy wallet swapped 129 million STG for 11.142 million ZRO on February 12, 2026, representing 12.9% of STG's total supply. This transfer concentrates governance and liquidity implications for both LayerZero and Stargate Finance. The notional value was around $24.29 million, with no official rationale provided. The swap has introduced potential future sell pressure or treasury-like overhang for LayerZero, and may lead to short-term volatility in STG and ZRO liquidity, supply, and volatility.