RT Token Terminal 📊 (@tokenterminal)Circle's CCTP (cross-chain bridge) transfer volume reached an all-time high of ~$14.5 billion in October, up ~7x YoY.Why is this chart interesting?It marks a shift in how Circle makes money.To date, Circle's business has relied on yield earned on the collateral that backs its USDC stablecoin (AUM-based revenue).With a product like CCTP, Circle earns revenue each time USDC is moved from one chain to another (transaction-based revenue).Diversified revenue streams = better b ...

CCTP Transfer Volume - Circle's CCTP (cross-chain bridge) transfer volume reached an all-time high of approximately $145 亿 in October, a ~700% year-over-year increase [1] Revenue Diversification - The increase in CCTP transfer volume signifies a shift in Circle's revenue model [1] - Circle's traditional revenue relies on yield earned from USDC stablecoin collateral (AUM-based revenue) [1] - CCTP generates transaction-based revenue each time USDC is transferred across chains [1] - Diversifying revenue streams leads to a more robust business model for Circle [1]

Acquisition Proposal - LayerZero Foundation proposes a $110 million acquisition of Stargate bridge and retirement of its STG token [1] - STG holders would exchange 1 STG for 0.08634 ZRO, valuing STG at $0.1675 and ZRO at $1.94 at the time of the offer [1] - The Stargate DAO would dissolve, bringing the bridge fully under LayerZero's control [1] Stargate Performance - Stargate has processed over $70 billion in volume since its launch in 2022 [2] - STG price has declined from $4.14 to under $0.20 [2] Strategic Implications - The deal aims to expand LayerZero's role beyond bridging, moving toward "a single stack" for the LayerZero ecosystem [2] - Quarterly bridge revenue of approximately $939,000 would shift from STG staking rewards to ZRO buybacks [2] - The acquisition is viewed by some as capturing a high-revenue asset at bear-market prices [3] - Supporters see tighter integration as a path to dominance in the cross-chain market [3] - A community vote will follow a seven-day discussion period, with LayerZero insiders abstaining [3]

Acquisition Proposal - LayerZero Foundation proposes a $110 million acquisition of Stargate bridge and retirement of its STG token [1] - The proposed exchange rate is 1 STG for 0.08634 ZRO, valuing STG at $0.1675 and ZRO at $1.94 at the time of the offer [1] - The acquisition aims to consolidate the LayerZero ecosystem, moving towards "a single stack" [2] Stargate Performance & Valuation - Stargate has processed over $70 billion in volume since its launch in 2022 [2] - STG's value has decreased from $4.14 to under $0.20 [2] - Stargate's quarterly bridge revenue is approximately $939 thousand [2] Community & Future Implications - The Stargate DAO would dissolve, giving LayerZero full control of the bridge [1] - Post-acquisition, quarterly bridge revenue would shift from STG staking rewards to ZRO buybacks [2] - A community vote will follow a seven-day discussion period, with LayerZero insiders abstaining [3] - Critics argue the bid captures a high-revenue asset at bear-market prices, while supporters see tighter integration as a path to dominance [3]