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Wormhole Enters Bidding for Stargate, Seeks Pause of LayerZero Deal Vote

The foundation says LayerZero’s $110 million ZRO swap undervalues a treasury‑rich, fast‑growing bridge.

Wormhole Foundation plans to compete with LayerZero for Stargate acquisition
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Wormhole foundation counters layerzero’s stargate acquisition bid

Overview

  • Wormhole formally requested a five‑business‑day suspension of Stargate’s active Snapshot vote to finish due diligence and file a rival offer.
  • The group says it will present a meaningfully higher bid than LayerZero’s proposed $110 million token swap.
  • Wormhole argues the initial proposal underprices Stargate given roughly $92 million in liquid assets, $345 million in TVL, and about $4 billion in July bridge volume.
  • Reported holdings include $76.47 million in stablecoins, $15.9 million in ETH, $55 million in STG, and roughly $2 million in annual protocol revenue.
  • The foundation also asked for exhaustive disclosures on transferable assets, operations, user metrics, team composition, and financials to shape its bid.