layerzero，stargate和“集中式”：Defi Power Play

LoyeZero對Stargate的收購Sparks辯論：集中控制能否維持長期的偏見值？查看權衡和未來的影響。

In 2025, LayerZero acquired Stargate for $110 million, aiming to streamline cross-chain infrastructure. But the dissolution of Stargate's DAO raises concerns: Can centralizing control in DeFi sustain long-term value and innovation?

2025年，LayerZero以1.1億美元的價格收購了Stargate，旨在簡​​化跨鏈基礎設施。但是，星際之門DAO的解散引起了人們的關注：集中控制Defi的控制能否維持長期價值和創新？

The LayerZero-Stargate Acquisition: A Centralization Crossroads

lyzero stargate的收購：集中化十字路口

LayerZero's 2025 acquisition of Stargate marks a pivotal moment in DeFi, raising critical questions about centralization. While aiming to unify cross-chain infrastructure, the deal sparked debate over the balance between centralized control and decentralized principles.

LoyeZero的2025年對星際之門的收購標誌著Defi的關鍵時刻，引發了有關集中化的關鍵問題。在旨在統一跨鏈基礎設施的同時，該交易引發了關於集中控制和分散原則之間平衡的辯論。

Centralization Risks: A Double-Edged Sword

集中化風險：雙刃劍

The token swap (1 STG to 0.08634 ZRO) undervalues Stargate's past performance, drawing criticism. The Stargate DAO, once distributing 50% of revenue to veSTG stakers, is now under ZRO governance, centralizing decision-making. While LayerZero prohibits internal voting to prevent governance capture, the absence of a 1:1 token swap raises concerns. For example, Stargate's $939,000 monthly staking revenue now funds ZRO buybacks, concentrating power in ZRO holders.

令牌交換（1 stg至0.08634 Zro）低估了Stargate過去的表現，引起了批評。曾經將收入的50％分配給Vestg Stakers的Stargate Dao現在處於Zro治理狀態，集中了決策。儘管LayerZero禁止內部投票以防止治理捕獲，但缺乏1：1令牌互換會引起人們的擔憂。例如，Stargate的每月$ 939,000的活存放收入現在為Zro回購提供了資金，將電力集中在Zro持有人中。

Does this enhance execution speed, or alienate DeFi's community-driven ethos?

這會提高執行速度，還是疏遠Defi的社區驅動精神？

Strategic Growth vs. Decentralization Trade-Offs

戰略增長與權力權衡取捨

LayerZero aims to reduce redundancy by unifying cross-chain infrastructure. With $345 million TVL and $2 million annual revenue, it rivals Wormhole and Axelar. Wyoming's FRNT stablecoin using LayerZero highlights institutional confidence. However, the deflationary mechanics (Stargate's revenue to ZRO buybacks) depend on ZRO's price, which, despite a post-announcement surge, remains below its 2023 high.

LayerZero的目標是通過統一跨鏈基礎架構來降低冗餘。它擁有3.45億美元的TVL和200萬美元的年收入，與蟲洞和Axelar相匹配。懷俄明州的FRNT使用lyezero的FRNT Stablecoin突出了機構的信心。但是，通縮力學（Stargate對ZRO回購的收入）取決於Zro的價格，儘管ZRO的價格在宣布後激增，但仍低於其2023年高。

Market Reactions and Competitive Dynamics

市場反應和競爭動力

Mixed market reception reflects DeFi tensions. ZRO's 23% rally contrasts with STG's 12% gain, indicating growth optimism. Wormhole's $120 million cash offer for Stargate, rejected by 95% of STG voters, shows the strategic value of cross-chain protocols. LayerZero's win signals long-term alignment preference.

混合市場接收反映了防禦緊張局勢。 ZRO的23％集會與STG的12％增益形成對比，表明增長樂觀。蟲洞對Stargate的1.2億美元現金報價遭到了95％的STG選民的拒絕，顯示了跨鏈協議的戰略價值。 LayerZero的勝利信號表示長期一致性偏好。

Investment Implications: Balancing Scarcity and Trust

投資影響：平衡稀缺與信任

For ZRO holders, the acquisition is a high-conviction opportunity. Expanded revenue and deflationary buybacks could drive appreciation if LayerZero executes its roadmap. However, success depends on maintaining community trust. The June 2025 unlock of 25 million ZRO ($47 million) poses dilution risks.

對於Zro持有人來說，此次收購是一個高罪分的機會。如果LoyeZero執行其路線圖，則擴大的收入和通縮回購可能會推動人們的讚賞。但是，成功取決於維持社區信任。 2025年6月，釋放了2500萬個Zro（4700萬美元）構成稀釋風險。

STG holders face uncertainty, locked into ZRO's future. While potential gains exist if the project dominates cross-chain infrastructure, the retirement of STG and DAO dissolution increase value erosion risk if the swap is perceived as unfair.

STG持有人面臨不確定性，陷入了Zro的未來。儘管該項目主導了跨鏈基礎設施，但存在潛在的收益，但如果將掉期視為不公平的掉期，STG和DAO溶解的退休就會增加價值侵蝕風險。

The Road Ahead: Execution Over Ideology

前面的道路：對意識形態的執行

LayerZero's roadmap includes strategic expansions, tokenomics adjustments, and institutional partnerships. Protocol fees and Stargate revenue integration into ZRO are crucial for deflationary pressure. Addressing governance participation rates is vital to sustain trust. LayerZero must balance centralized execution and decentralized governance to dominate cross-chain infrastructure.

LoyeZero的路線圖包括戰略擴展，令牌學調整和機構合作夥伴關係。協議費和星際之門的收入整合到ZRO中對於通氣壓力至關重要。解決治理參與率對於維持信任至關重要。 LayerZero必須平衡集中執行和分散治理，以主導跨鏈基礎架構。

Conclusion: A High-Stakes Bet on Integration

結論：集成的高風險賭注

LayerZero's Stargate acquisition is a bold bet on cross-chain unification, contingent on navigating the centralization-decentralization trade-off. Investors should monitor governance, token supply, and institutional adoption. ZRO's deflationary mechanics and strategic positioning offer growth, but centralization and volatility risks remain. In protocol consolidation, innovating without sacrificing trust will define this acquisition's success.

LoyeZero的星際之門的收購是對跨鏈統一的大膽賭注，取決於在集中式 - 分類權衡方面。投資者應監控治理，代幣供應和機構採用。 Zro的通縮力學和戰略定位提供了增長，但集中化和波動性風險仍然存在。在協議合併中，創新而不犧牲信任將定義此收購的成功。

Investment Advice:

投資建議：

• ZRO Holders: Long-term position if LayerZero executes its roadmap and maintains engagement. Monitor buyback rates and governance.
• STG Holders: Locking into ZRO is high-risk/high-reward. Diversify to mitigate ZRO volatility.
• Bullish Scenario: ZRO reaches $4–$5 by 2026 with cross-chain adoption and buybacks outpacing unlocks.
• Bearish Scenario: ZRO dips below $1.50 if governance trust erodes or competition intensifies.

The DeFi space is at a crossroads. LayerZero's acquisition may redefine cross-chain infrastructure—or expose centralized governance's fragility. Only time will tell, but it's sure to be a wild ride! So buckle up, grab some popcorn, and let's see where this DeFi rollercoaster takes us. Who knows, maybe we'll all be sipping piña coladas on the moon by next year!

Defi空間在十字路口。 LoyeZero的收購可能會重新定義跨鏈基礎設施，或揭示集中治理的脆弱性。只有時間會說明，但這肯定是一個瘋狂的旅程！因此，搭扣，抓住一些爆米花，讓我們看看這種Defi過山車將我們帶到哪裡。誰知道，也許我們都會在明年之前在月球上飲PiñaColadas！