Wormhole Foundation (WF) participated in the tender competition for Stargate Finance, which challenged the proposed acquisition of $ 110 million in Layerzero.
In a August 20 declaration Via X, WF argued that the Layerzero offer considerably underlines the cross bridge protocol.
The Layerzero Foundation announced its Acquisition proposal on August 10Offering to buy all the STG tokens circulating at $ 0.1675 per token via a swap for ZRO tokens.
The proposal requires the approval of STG holders in the Stargate governance process, with a 70% approval threshold necessary for the passage.
Wormhole Foundation argued that Layerzero’s offer does not reflect the real value of Stargate, citing the assets of the Protocol Treasury and recent performance metrics.
In addition, Wormhole shared that Stargate maintains more than $ 92 million in treasury assets, including $ 76 million in stablecoins and $ 16 million in Ethereum, while demonstrating substantial growth dynamics.
Availability of performance readers assessment
The data on the chain show that Stargate processed $ 4 billion in bridges in July 2025, which represents an increase of 10x from one year to the next. As August. 20, he had $ 348 million of total locked value (TVL) on more than 80 channels.
According to the Wormhole Foundation:
“STG holders deserve better. The current offer underscores the assets, the brand, the code base and the protocol team. ”
WF added that these fundamental principles justify a “significantly higher offer” than the proposed evaluation of Layerzero.
The Layerzero Foundation defends its prices, noting that Stargate’s support of $ 0.144444 per token circulating compared to its negotiation price of $ 0.1637 per token at the time of the proposal. He added that on the basis of its calculations, the offer represents a premium on the two measures.
Differences beyond offers
Layerzero positions the acquisition as a consolidation of the ecosystem, noting the infrastructure and the base of established users of Stargate. The Foundation plans to direct all the excess income from Stargate Futures to the takeover of Zro tokens while expanding the warrant of the protocol beyond traditional steering services.
In addition, Layerzero argued that unified governance would eliminate resource conflicts between potentially competitive protocols.
At the same time, the Wormhole Foundation proposed an alternative vision combining “Unified Stargate liquidity pools with our vast integration ecosystem”.
The Foundation indicated that this approach would generate “higher volumes, higher income and greater coach”, benefiting from both STG and W token holders. It also requested a five-day-for-process suspension of the current vote on the Layerzero proposal to allow time for reasonable diligence and the preparation of auctions.
Governance vote requires a Vestg token quorum of 1.2 million with an approval of 70% for the Layerzero proposal. The proposal has been modified to provide additional remuneration to VESTG stakers through six months of income distribution.
The amendment occurred following criticisms of the equal treatment of locking tokens versus unlocked.
