Wormhole offers a competitive bid to acquire Stargate, challenging LayerZero

The Wormhole Foundation has just made a competitive proposal to acquire Stargate, directly challenging LayerZero – the project that made a $110 million buyout offer earlier this month. LayerZero aims to merge Stargate into its ecosystem, swapping all STG for ZRO and dissolving Stargate DAO.

However, Wormhole believes that the valuation is too low compared to Stargate's revenue and treasury, which holds $92 million in stablecoins and ETH, along with a bridging volume of $4 billion just in July. Wormhole is calling for a 7-day community vote pause to reassess the true value of Stargate.

It is currently unclear what price Wormhole will offer, but this move could spark a “takeover war” between two major competitors in the cross-chain bridge space.