The Interoperability Wars are heating up as both @LayerZero_Core and @wormhole are looking to acquire @StargateFinance, one of the top 5 bridge protocols based on 30D volume.
➤ The Battlefield:
- Stargate: $666M 30D volume (top 5) and >9k daily txs
- LayerZero: $6.94B monthly messaging volume (#1)
- Wormhole: $1.06B monthly messaging volume (#3)
➤ The Offers:
- LayerZero: $110M in ZRO tokens
- Wormhole: $120M in cash/USDC
➤ Why This Matters:
Despite lower volume than the native bridges of giant protocols like Hyperliquid ($5.48B), Stargate is one of the biggest bridge protocols in the market and dominates retail bridging with the highest daily tx count but an average transaction size of $2.4k which is much lower than Hyperliquid's >$60k.
With L0 and Wormhole, two of the largest cross-chain messaging protocols are now trying to acquire Stargate and bring the corresponding user base and volumes in-house.
Stargate is currently leveraging L0 technology, making this a battle where LayerZero is ultimately trying to fully acquire their largest application, and where Wormhole on the other hand is basically attempting to steal their competitor's crown jewel.
LayerZero wants to eliminate the overhead of supporting Stargate externally and achieve true vertical integration, while Wormhole is looking to move a major bridge onto its own tech.
Will closely follow the corresponding Stargate governance proposals, which require 70% approval in a DAO vote with a 1.2M veSTG quorum.
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