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STG 
ZRO LayerZero processed US$6.195 billion in cross-chain transactions in the past 30 days, but the agreement only generated US$131,500 in revenue
According to DefiLlama data, the LayerZero agreement processed US$6.195 billion in cross-chain bridging transactions in the past 30 days, but the agreement only generated US$131,592 in revenue during the same period and incurred US$121,095 in fees. These numbers highlight a structural feature of LayerZero's design: the protocol charges a 0% cut on its own message transmission fees.
How the revenue model works
LayerZero does not directly charge users cross-chain message fees, but adopts a 0% agreement withdrawal rate. The agreement revenue comes from the funds used to repurchase $ZRO in the Stargate ecological allocation. About 100% of message transmission costs go to DVNs and executors-these external node operators are responsible for securing and delivering cross-chain messages. Revenue generated by Stargate Finance (specifically fees collected from cross-chain conversions and transfers) is used to purchase $ZRO on the open market. In the first six months after Stargate was acquired, revenue was distributed on a 50/50 basis to $ZRO repurchase and veSTG holders. This allocation ended in March, and starting in April 2026, 100% of Stargate's revenue will be used to purchase $ZRO.
Revenue declines quarter-on-quarter
Despite considerable transaction volume data, revenue generation capabilities have been significantly reduced. Quarterly revenue dropped from US$1.14 million in the first quarter to US$172,800 in the third quarter so far. This decline reflects both the cooling market environment and the agreement's proactive strategy of keeping the fee cut at zero. LayerZero is currently in a state of huge traffic but no direct charges, a trade-off that has attracted the attention of analysts. The current repurchase scale of approximately 150,000 $ZROs per month is still small compared to the monthly token unlocking pressure, which means that the real valuation revaluation may need to wait until the protocol layer turns on the fee switch in the future. Larger-scale revenue. More broadly, LayerZero acquired Stargate Finance in August 2025 for approximately $110 million. LayerZero diverted the revenue stream that Stargate DAO had previously allocated to STG pledgers to $ZRO buybacks. The agreement said its goal is to gradually tie Stargate's fee income to the value of $ZRO holders. Whether current revenue trajectories are sufficient to support this argument remains an open question.
