Wormhole, a cross-chain protocol, has stepped forward to challenge LayerZero’s $110 million attempt to acquire Stargate.
On August 10, LayerZero introduced its first plan to buy Stargate. That bid led to a revised offer on August 17 that received a more positive reaction from the community.
Despite the update, Wormhole argued that the valuation remains too low and that a stronger process is needed before any decision is made.
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In a message posted on Stargate’s forum, The Wormhole Foundation said it is ready to submit a higher offer and asked that voting be paused for five business days. The group explained that this delay would give time to complete its research, meet with the Stargate team, and prepare a full counterproposal.
Wormhole requested access to Stargate’s financial records, details of its assets, usage data, liabilities, and information on any legal or regulatory concerns. It noted that with this information, and the requested pause, it could improve upon LayerZero’s terms and provide a clearer picture of what Stargate is worth.
Beyond the price, Wormhole framed its interest as a chance to create a stronger combined platform.
Stargate stated that it brings established liquidity pools and steady user demand, while Wormhole adds broad integration across multiple blockchains and growth areas such as real-world assets.
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