The LayerZero/Wormhole Bidding War Shows How to Value a Crypto Business - Ep. 890

Laura Shin hosts David Nage and Lawson Bae to discuss LayerZero's attempt to acquire Stargate and Wormhole's counteroffer, marking a potential bidding war in crypto M&A. The conversation explores the valuation of on-chain businesses, relevant metrics, and multiples, with Lawson providing insights on revenue multiples and enterprise value, while David draws parallels to traditional equity acquisitions and the pharmaceutical industry. They analyze the strategic implications of Wormhole's move, the technical challenges of integrating different protocols, and the cultural fit considerations for Stargate's team, ultimately agreeing that the increasing M&A activity signals a maturing crypto market with a focus on revenue capture and business fundamentals. The episode also covers news, including Kanye West's crypto token launch, China's potential stablecoin policy reversal, Gemini's IPO plans, and Wyoming's digital dollar.