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.Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.comThank you to our sponsors! Sui Xapo BankGuests: David Nage, VC Portfolio Manager at Arca Lawson Bae, Founder of RelayzeroLinks: Unchained:  Wormhole Foundation to Counter LayerZero’s Bid for Stargate LayerZero Foundation Proposes $110 Million Stargate Acquisition, Retiring STG for ZRO Tokens Timestamps:🎬 🧱 💸 🕵️‍♂️ 📊 📈 🔢 🗳️ 🤝 Learn more about your ad choices. Visit megaphone.fm/adchoices