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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.

Thank you to our sponsors!

• • Sui
  • Xapo Bank

Guests:

• • David Nage, VC Portfolio Manager at Arca
  • Lawson Bae, Founder of Relayzero

Links:

• • Unchained:
    • Wormhole Foundation to Counter LayerZero’s Bid for Stargate
    • LayerZero Foundation Proposes $110 Million Stargate Acquisition, Retiring STG for ZRO Tokens