Key Points
- STG, Stargate Finance’s native token, surged by 77% within two hours of being listed on Upbit.
- The surge is attributed to the introduction of the STG/KRW trading pair on Upbit and the launch of Stargate V2.
The native token of Stargate Finance, STG, experienced a significant boost, shooting up by 77% within two hours following its listing on South Korea’s leading cryptocurrency exchange, Upbit.
At the time this report was written, STG was trading at $0.6873, representing a 42% increase over the past 24 hours, according to data from CoinMarketCap.
Trading Volume and Market Capitalization
The token saw a daily trading volume of 788 million and boasted a total market capitalization of $140 million. However, despite this impressive rise, STG is still 83% below its all-time high of $4.13, which it achieved on April 2, 2022.
Spot On Chain, an on-chain analytics platform, linked the recent surge to the introduction of the STG/KRW trading pair on Upbit, which significantly increased investor interest and trading activity.
Investor Movements and Stargate V2 Launch
In the midst of this price increase, an investor linked with Wallet 0x22d transferred 10.25 million STG tokens, worth $8.8 million, to Binance at a price of $0.859 per token. These tokens were initially obtained 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 key factor contributing to this surge was the May 29 announcement by the Stargate Finance team about the launch of Stargate V2, hailed as “DeFi’s cheapest bridge.” The team confirmed the launch of Stargate V2 Pools and Incentives on May 28, enabling users to deposit their liquidity into V2 pools.
The project’s team also announced that Stargate V1 continues to operate normally across twelve chains, operating without permission, with incentives being gradually reduced. Users can keep their assets in V1 Pools as long as they desire.
Stargate Finance (STG) is an omnichain-native asset bridge designed to tackle the blockchain trilemma, which suggests that no blockchain can be decentralized, secure, and fast at the same time. The protocol simplifies cross-chain DeFi transactions, allowing users to transfer and swap assets between different 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.
