Upbit listing and V2 launch propel Stargate Finance (STG) to soar by 77%
STG, the native token of Stargate Finance, experienced a remarkable surge of 77% within a span of two hours after being listed on Upbit, South Korea’s leading cryptocurrency exchange.
As of the time of writing, STG was being traded at $0.6873, reflecting a 42% increase in the past 24 hours, according to CoinMarketCap data. The token recorded a daily trading volume of 788 million, with a total market capitalization of $140 million.
Despite this significant surge, STG still remains 83% below its all-time high of $4.13, which was achieved on April 2, 2022.
On May 30, Spot On Chain, an on-chain analytics platform, attributed the latest surge to the introduction of the STG/KRW trading pair on Upbit, which substantially increased investor interest and trading activity.
During this price increase, an investor linked to Wallet 0x22d deposited 10.25 million STG tokens, valued at $8.8 million, to Binance at a price of $0.859 per token. These tokens were initially received from the Stargate: Team and Investors Vesting Multisig on April 9, 2024, when the token price was $0.792, totaling $8.12 million at that time.
Another major factor contributing to this surge is the announcement made by the Stargate Finance team on May 29 regarding the launch of Stargate V2, which is being hailed as “DeFi’s cheapest bridge.”
The team confirmed the launch of Stargate V2 Pools and Incentives on May 28, allowing users to deposit their liquidity into V2 pools.
On the same day, the project team also stated that Stargate V1 continues to operate normally across twelve chains, functioning without permission and gradually reducing incentives. Users have the freedom to keep their assets in V1 Pools for as long as they desire.
Stargate Finance (STG) is a native asset bridge for omnichains designed to address the blockchain trilemma, which suggests that no blockchain can achieve decentralization, security, and speed simultaneously.
The protocol simplifies cross-chain DeFi transactions, enabling users to swiftly transfer and exchange assets across different blockchains, Layer-2 networks, and dApps.
Stargate users also have the capability to move their assets between various liquidity pools on different DeFi protocols and dApps. Currently, the protocol supports transfers between eight chains: Ethereum, Avalanche, Polygon, Metis, BNB Chain, Arbitrum, Optimism, and Fantom.
Read more: Upbit secures full operational license in Singapore as a cryptocurrency exchange.
