Wormhole has jumped into the bidding plans for bridging service Stargate, promising a bid above LayerZero’s initial $110 million token-swap proposal.
It wants the Snapshot vote delayed so the community can weigh its offer.
Stargate’s numbers explain the interest. The bridge processed $4 billion in July, holds $345 million in TVL, and sits on a treasury of $92 million in stables and ether, plus $55 million in STG and other assets. The annual revenue is approximately $2 million.
“Based on our initial review, we believe that STG holders deserve a more competitive process, and we are prepared to submit a meaningfully higher bid,” the proposal said.
LayerZero’s proposal would transfer both the treasury and future income, which critics call a discount. Wormhole says the terms shortchange tokenholders and that “STG holders deserve better.”
A Wormhole–Stargate tie-up would create one of the largest cross-chain hubs in crypto, pairing Stargate’s unified liquidity pools with Wormhole’s integrations across dozens of networks. The foundation argues this would boost volume and long-term resilience for both ecosystems.
“The Wormhole Foundation sees unrealized value in the Stargate brand, protocol, and protocol assets,” the proposal said. “The Wormhole Foundation is confident that a successful combination of Stargate and the Wormhole ecosystem will lead to the most immediate and long-term value for current holders of STG, as well as current and future holders of Wormhole (W).”
Wormhole has requested a five-day delay in the vote, seeking more time for due diligence and a fairer process.
Read more: LayerZero Proposes $110M Stargate Token Merger in Consolidation Play
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Shaurya Malwa
https://www.coindesk.com/markets/2025/08/21/stargate-draws-second-acquisition-bid-with-wormhole-topping-layerzero-s-usd110m-buy-offer
2025-08-21 08:06:00
