Interoperability wars: LayerZero vs Wormhole bids for Stargate
Quote244 words
Market since$ZRO−14%since this pieceHow it played out ↓Compares LayerZero's $110M ZRO and Wormhole's $120M cash offers for Stargate against volume data. Stargate has the highest retail tx count but a $2.4k average size versus over $60k on Hyperliquid's bridge; DAO needs 70% approval.
Key claims
Stargate 30D volume $666M, LayerZero messaging $6.94B, Wormhole $1.06B
Average Stargate transaction is $2.4k vs over $60k on Hyperliquid's bridge
DAO vote requires 70% approval and a 1.2M veSTG quorum
The Interoperability Wars are heating up as both @LayerZero_Core and @wormhole are looking to acquire @StargateFinance, one of the top 5 bridge protocols based on 30D volume.
➤ The Battlefield:
- Stargate: $666M 30D volume (top 5) and >9k daily txs
- LayerZero: $6.94B monthly messaging volume (#1)
- Wormhole: $1.06B monthly messaging volume (#3)
➤ The Offers:
- LayerZero: $110M in ZRO tokens
- Wormhole: $120M in cash/USDC
➤ Why This Matters:
Despite lower volume than the native bridges of giant protocols like Hyperliquid ($5.48B), Stargate is one of the biggest bridge protocols in the market and dominates retail bridging with the highest daily tx count but an average transaction size of $2.4k which is much lower than Hyperliquid's >$60k.
With L0 and Wormhole, two of the largest cross-chain messaging protocols are now trying to acquire Stargate and bring the corresponding user base and volumes in-house.
Stargate is currently leveraging L0 technology, making this a battle where LayerZero is ultimately trying to fully acquire their largest application, and where Wormhole on the other hand is basically attempting to steal their competitor's crown jewel.
LayerZero wants to eliminate the overhead of supporting Stargate externally and achieve true vertical integration, while Wormhole is looking to move a major bridge onto its own tech.
Will closely follow the corresponding Stargate governance proposals, which require 70% approval in a DAO vote with a 1.2M veSTG quorum.
@LayerZero_Core @wormhole @StargateFinance Missed context while I was asleep lol:
x.com/LayerZero_Core/status/1959411168805843093
QUOTING @WormholeFdn
1/ The Wormhole Foundation has arranged financing and is prepared to make an initial offer of at least $120M USDC for @StargateFinance, exceeding the initial $110M ZRO bid. An all-cash purchase provides $STG holders with maximum certainty and immediate liquidity. No delays and no
1/ The Wormhole Foundation has arranged financing and is prepared to make an initial offer of at least $120M USDC for @StargateFinance, exceeding the initial $110M ZRO bid. An all-cash purchase provides $STG holders with maximum certainty and immediate liquidity. No delays and no
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