The drama is heating up in crypto M&A. LayerZero, the omnichain interoperability protocol, shocked the market with a $110 million bid to acquire Stargate DAO — the very bridge it originally launched. Then Wormhole jumped in, asking the DAO to pause the vote so it could make a counter-offer.
This episode unpacks the first-ever so-called onchain bidding war: how to value DAOs like real businesses, why LayerZero and Wormhole are fighting over Stargate, and whether this deal marks the beginning of a consolidation wave across crypto.
Guests David Nage of Arca and M&A advisor Lawson Bae of Relayzero break down the numbers, the strategy, and what this turning point means for the industry.
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Guests:
Links:
Timestamps:
🎬 0:00 Intro
🧱 2:57 Why LayerZero wants to buy Stargate, the bridge it launched
💸 8:36 Whether the $110 million offer from LayerZero was actually fair
🕵️♂️ 14:07 How Wormhole may be trying to make things difficult for its biggest rival
📊 16:35 Why David thinks the $110 million number can be justified
📈 21:07 How the number of daily active users factors into valuing crypto projects
🔢 27:07 What a “reasonable multiple” for Stargate could look like
🗳️ 30:34 How the Stargate DAO should approach this pivotal decision
🤝 34:49 Why this deal shows that crypto M&A is booming
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