What to Know:
- Wormhole has entered the bidding for Stargate, proposing a bid higher than LayerZero’s $110 million offer.
- The proposal suggests delaying the vote to allow the community to consider Wormhole’s offer.
- A merger between Wormhole and Stargate could create a major cross-chain hub, enhancing liquidity and network integration.
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.
Wormhole has requested a five-day delay in the vote, seeking more time for due diligence and a fairer process.
