Wormhole Foundation Announces Counterbid for Stargate Finance Against LayerZero’s $110M Deal

The race to control one of DeFi’s most important cross-chain projects has intensified.

On Wednesday evening, the Wormhole Foundation announced that it plans to submit a higher bid for Stargate Finance, directly challenging LayerZero’s proposed $110 million acquisition.

Stargate’s growth and layerZero’s initial offer

Stargate Finance has become a central player in the cross-chain space, offering unified liquidity pools and seamless transfers across more than 80 blockchains.

In July 2025 alone, Stargate processed $4 billion in bridge volume, marking a tenfold increase from the previous year.

The protocol currently manages around $345 million in total value locked (TVL) and is projected to generate roughly $2 million in annual revenue. Its treasury, excluding its native STG tokens, is valued at about $92 million, including a large share of stablecoins and ETH.

LayerZero’s original offer valued Stargate at $110 million in ZRO tokens.

Critics, including Wormhole, argue this figure falls short of reflecting Stargate’s actual growth trajectory, assets, and influence. By contrast, Wormhole has said it is ready to put forward a “meaningfully higher” proposal, positioning itself as a stronger long-term partner for the protocol’s ecosystem.

Wormhole’s bid and the road ahead

In its announcement, Wormhole emphasized that combining Stargate’s liquidity infrastructure with its own network of integrations would create a dominant presence in multichain finance.

The foundation argues that such a merger could drive higher transaction volumes and revenues, while adding value for both STG and W token holders.

To advance its offer, Wormhole has requested a five-day pause on the current Snapshot vote that would approve LayerZero’s acquisition.

The foundation says the delay would allow time to complete due diligence and finalize terms. However, some community members are skeptical, questioning whether the proposal disrupts an agreed process.

“STG holders deserve better,” Wormhole’s post stated, adding that the deal should reflect not just treasury balances but also Stargate’s growth and codebase.

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