LayerZero一个月内转移了6.2亿美元，自身保留了131,000万美元。

复制代码 processed $6.195 billion in bridge volume over the past 30 days, according to @DefiLlama, yet the protocol retained just $131,592 in revenue and generated $121,095 in fees during that period. The numbers highlight a structural feature that is central to LayerZero's design: the protocol takes a 0% cut of its own messaging fees.

How the Revenue Model Works

Rather than charging users directly for cross-chain messages, LayerZero takes a 0% protocol take rate on messaging fees, with protocol revenue instead funded by $零零 buybacks sourced from the Stargate ecosystem allocation. Approximately 100% of messaging fees flow to DVNs and Executors, the external node operators that secure and deliver cross-chain messages.

Revenue generated by @星门财经, specifically fees collected from cross-chain swaps and transfers, is used to purchase $ZRO on the open market. For the first six months after Stargate's acquisition, revenue was split 50/50 between $ZRO buybacks and veSTG holders. That split ended in March, and starting April 2026, 100% of Stargate revenue goes to buying $ZRO.

Revenue Is Declining Quarter on Quarter

Despite the volume figures, revenue generation has compressed sharply. Quarterly revenue has fallen from $1.14M in Q1 to $172.8K so far in Q3, a decline that reflects both softer market conditions and the protocol's deliberate choice to keep its fee take at zero.

LayerZero is currently in a state of having a large amount of traffic but no direct charges, a trade-off that has drawn scrutiny from analysts. The current monthly buyback of approximately 150,000 $ZRO tokens remains relatively small compared to monthly token unlock pressure, meaning a true valuation reassessment may need to wait for larger-scale revenue generated after a potential protocol-layer fee switch.

The broader context is that LayerZero acquired @星门财经 for roughly $110 million in August 2025. LayerZero redirected Stargate DAO's revenue streams, previously allocated to STG stakers, toward $ZRO buybacks. The goal, as stated by the protocol, is to connect Stargate's fee income directly to $ZRO holder value over time. Whether the current revenue trajectory is sufficient to support that thesis remains an open question.

来源：
LayerZero TVL, Fees and Revenue, DefiLlama
Understanding ZRO Buybacks, LayerZero
The ZRO Token, LayerZero