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Stargate Finance (STG) surges 77% after Upbit listing and V2 launch
STG, the native token of Stargate Fundingsoared 77% within two hours of listing on South Korea’s leading crypto exchange, Upflow.
At the time of writing, STG was trading at $0.6873, an increase of 42% in the last 24 hours, according to data from CoinMarketCap. The token recorded a daily trading volume of $788 million, with a total market capitalization of $140 million.
Despite this increase, the STG remains 83% below its all-time high of $4.13, reached on April 2, 2022.
On May 30, on-chain analytics platform Spot On Chain attributed the latest increase to the introduction of the STG/KRW trading pair on Upbit, which significantly boosted investor interest and trading activity.
Amid this price increase, an investor associated with Wallet 0x22d deposited 10.25 million STG tokens, worth $8.8 million, on Binance at a price of $0.859 per token. These tokens were initially received from Stargate: Team and Investors Vesting Multisig on April 9, 2024, when the token’s price was $0.792, or $8.12 million at that time.
Another important factor behind this surge is the date May 29. announcement by the Stargate Finance team about the launch of Stargate V2, billed as “the cheapest bridge in DeFi.”
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 team behind the project also announced that Stargate V1 continues to operate normally on twelve channels, without authorization, with incentives gradually reduced. Users can hold their assets in V1 pools for as long as they want.
Stargate Finance (STG) is an omnichain native asset bridge designed to meet the needs blockchain trilemmawhich posits that no blockchain can be simultaneously decentralized, secure and fast.
The protocol simplifies cross-chain DeFi transactions, allowing users to transfer and exchange assets between various blockchains, Layer 2 networks, and dApps almost instantly.
Stargate users can also move their assets between different liquidity pools on various defi protocols and dApps. The protocol currently supports transfers between eight chains: Ethereum, Avalanche, Polygon, Metis, BNB Chain, Arbitrum, Optimism and Fantom.