The post Wormhole to Compete With LayerZero’s Stargate Bid appeared on BitcoinEthereumNews.com.

Cross-blockchain bridge Wormhole is looking to outbid LayerZero’s $110 million offer to acquire crypto protocol Stargate, arguing LayerZero’s bid doesn’t “create a compelling offer.” The Wormhole Foundation said in a post on Stargate’s forum on Wednesday that it deserves “a more competitive process” after the LayerZero Foundation’s initial $110 million bid earlier in August to buy the platform failed to resonate with the community. LayerZero updated its offer on Sunday to a more positive reception. “It doesn’t create a compelling offer, which values Stargate’s ongoing business at an unreasonably low number,” Wormhole wrote of LayerZero’s bid. “We are prepared to submit a meaningfully higher bid.” This could set up a bidding war for Stargate, which LayerZero developed and launched in 2022. LayerZero’s deal would see the platform come back under its umbrella, but many Stargate Finance (STG) tokenholders slammed its initial offer as unfair. Wormhole asks for vote pause on LayerZero’s bid Wormhole asked the Stargate community to suspend the vote on LayerZero’s bid for five business days to allow it time to finalize its offer. It added that it “would appreciate additional time to conduct research and to speak with the Stargate team,” and that it could “improve upon the current offer if more time is allowed to conduct a proper process.” Wormhole has asked for a list of assets, its financials since its launch, user and traffic metrics, its liabilities and if it’s facing any ongoing lawsuits or regulatory actions. Source: Wormhole Foundation Wormhole pitched its potential acquisition of Stargate as forming a “market-dominant ecosystem.” “Stargate brings deep, unified liquidity pools and proven user demand, while Wormhole commands broad ecosystem integration across dozens of blockchains and protocols, as well as key growth areas in crypto, like RWAs [real world assets],” it wrote. Wormhole did not immediately respond to…

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Filed under: News - @ August 21, 2025 3:27 pm