Particle.news

Download on the App Store

Wormhole Seeks to Outbid LayerZero for Stargate, Requests Five-Day Vote Pause

The request aims to open a competitive process centered on Stargate’s recent growth metrics.

Stargate draws second acquisition bid with wormhole topping layerzero's $110m buy offer
Wormhole Foundation plans to compete with LayerZero for Stargate acquisition
Image
Image

Overview

  • LayerZero’s proposal offers roughly $110 million in ZRO tokens to acquire circulating STG at $0.1675 per token, subject to Stargate governance approval.
  • Wormhole signaled a competing bid and asked for a five‑business‑day suspension of the ongoing Snapshot vote to complete due diligence and finalize a higher offer.
  • Stargate’s cited fundamentals include about $4 billion in July bridge volume, roughly $345–348 million in TVL, and an estimated $92 million in liquid treasury assets.
  • The governance process requires a 1.2 million veSTG quorum with 70% approval, and LayerZero amended its plan to distribute six months of protocol revenue to veSTG stakers.
  • LayerZero defends its valuation and proposes directing Stargate excess revenue to ZRO buybacks, while Wormhole argues a combination would drive higher volumes and revenues across its integration network.