Wormhole has jumped into the bidding plans for bridging service Stargate, promising a bid above LayerZeroâs initial $110 million token-swap proposal.
It wants the Snapshot vote delayed so the community can weigh its offer.
Stargateâs 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.
âBased on our initial review, we believe that STG holders deserve a more competitive process, and we are prepared to submit a meaningfully higher bid,â the proposal said.
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LayerZeroâs proposal would transfer both the treasury and future income, which critics call a discount. Wormhole says the terms shortchange tokenholders and that âSTG holders deserve better.â
A WormholeâStargate tie-up would create one of the largest cross-chain hubs in crypto, pairing Stargateâs unified liquidity pools with Wormholeâs integrations across dozens of networks. The foundation argues this would boost volume and long-term resilience for both ecosystems.
âThe Wormhole Foundation sees unrealized value in the Stargate brand, protocol, and protocol assets,â the proposal said. âThe Wormhole Foundation is confident that a successful combination of Stargate and the Wormhole ecosystem will lead to the most immediate and long-term value for current holders of STG, as well as current and future holders of Wormhole (W).â
Wormhole has requested a five-day delay in the vote, seeking more time for due diligence and a fairer process.
** Read more:LayerZero Proposes $110M Stargate Token Merger in Consolidation Play**
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