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

LoyeZero对Stargate的收购Sparks辩论：集中控制能否维持长期的偏见值？查看权衡和未来的影响。

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1.1亿美元的价格收购了Stargate，旨在简​​化跨链基础设施。但是，星际之门DAO的解散引起了人们的关注：集中控制Defi的控制能否维持长期价值和创新？

The LayerZero-Stargate Acquisition: A Centralization Crossroads

lyzero stargate的收购：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年对星际之门的收购标志着Defi的关键时刻，引发了有关集中化的关键问题。在旨在统一跨链基础设施的同时，该交易引发了关于集中控制和分散原则之间平衡的辩论。

Centralization Risks: A Double-Edged Sword

集中化风险：双刃剑

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.

令牌交换（1 stg至0.08634 Zro）低估了Stargate过去的表现，引起了批评。曾经将收入的50％分配给Vestg Stakers的Stargate Dao现在处于Zro治理状态，集中了决策。尽管LayerZero禁止内部投票以防止治理捕获，但缺乏1：1令牌互换会引起人们的担忧。例如，Stargate的每月$ 939,000的活存放收入现在为Zro回购提供了资金，将电力集中在Zro持有人中。

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

这会提高执行速度，还是疏远Defi的社区驱动精神？

Strategic Growth vs. Decentralization Trade-Offs

战略增长与权力权衡取舍

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的目标是通过统一跨链基础架构来降低冗余。它拥有3.45亿美元的TVL和200万美元的年收入，与虫洞和Axelar相匹配。怀俄明州的FRNT使用lyezero的FRNT Stablecoin突出了机构的信心。但是，通缩力学（Stargate对ZRO回购的收入）取决于Zro的价格，尽管ZRO的价格在宣布后激增，但仍低于其2023年高。

Market Reactions and Competitive Dynamics

市场反应和竞争动力

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.

混合市场接收反映了防御紧张局势。 ZRO的23％集会与STG的12％增益形成对比，表明增长乐观。虫洞对Stargate的1.2亿美元现金报价遭到了95％的STG选民的拒绝，显示了跨链协议的战略价值。 LayerZero的胜利信号表示长期一致性偏好。

Investment Implications: Balancing Scarcity and Trust

投资影响：平衡稀缺与信任

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.

对于Zro持有人来说，此次收购是一个高罪分的机会。如果LoyeZero执行其路线图，则扩大的收入和通缩回购可能会推动人们的赞赏。但是，成功取决于维持社区信任。 2025年6月，释放了2500万个Zro（4700万美元）构成稀释风险。

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持有人面临不确定性，陷入了Zro的未来。尽管该项目主导了跨链基础设施，但存在潜在的收益，但如果将掉期视为不公平的掉期，STG和DAO溶解的退休就会增加价值侵蚀风险。

The Road Ahead: Execution Over Ideology

前面的道路：对意识形态的执行

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的路线图包括战略扩展，令牌学调整和机构合作伙伴关系。协议费和星际之门的收入整合到ZRO中对于通气压力至关重要。解决治理参与率对于维持信任至关重要。 LayerZero必须平衡集中执行和分散治理，以主导跨链基础架构。

Conclusion: A High-Stakes Bet on Integration

结论：集成的高风险赌注

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的星际之门的收购是对跨链统一的大胆赌注，取决于在集中式 - 分类权衡方面。投资者应监控治理，代币供应和机构采用。 Zro的通缩力学和战略定位提供了增长，但集中化和波动性风险仍然存在。在协议合并中，创新而不牺牲信任将定义此收购的成功。

Investment Advice:

投资建议：

• 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空间在十字路口。 LoyeZero的收购可能会重新定义跨链基础设施，或揭示集中治理的脆弱性。只有时间会说明，但这肯定是一个疯狂的旅程！因此，搭扣，抓住一些爆米花，让我们看看这种Defi过山车将我们带到哪里。谁知道，也许我们都会在明年之前在月球上饮PiñaColadas！