Wormhole Foundation (WF) entered the bidding competition for Stargate Finance, challenging LayerZero’s proposed $110 million acquisition.
In an Aug. 20 statement via X, WF argued that LayerZero’s offer significantly undervalues the cross-chain bridge protocol.
LayerZero Foundation announced its acquisition proposal on Aug. 10, offering to purchase all circulating STG tokens at $0.1675 per token through a swap for ZRO tokens.
The proposal requires approval from STG holders through Stargate’s governance process, with a 70% approval threshold needed for passage.
Wormhole Foundation contended that LayerZero’s bid fails to reflect Stargate’s true value, citing the protocol’s treasury holdings and recent performance metrics.
Further, Wormhole shared that Stargate maintains over $92 million in treasury assets, including $76 million in stablecoins and $16 million in Ethereum, while demonstrating substantial growth momentum.
Performance drives valuation dispute
On-chain data shows
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