Stargate Finance (STG) surges 77% following Upbit listing and V2 launch

As a researcher with experience in the crypto market, I find this sudden surge in STG‘s price intriguing. The introduction of the STG/KRW trading pair on Upbit seems to have ignited significant investor interest and trading activity, leading to an impressive 73% price increase within hours. This is a clear indication of the strong demand for STG among South Korean investors.

As a financial analyst, I’ve noticed an impressive surge in the value of STG, the native token of Stargate Finance. Within just two short hours following its debut on Upbit, South Korea’s leading cryptocurrency exchange, STG experienced a remarkable 77% price increase.

As I pen this down, STG was priced at $0.6873 based on current market information from CoinMarketCap, representing a substantial 42% surge in value over the preceding 24-hour period. The token saw a significant trading volume of approximately 788 million dollars during this timeframe. With a total market capitalization estimated at $140 million, STG presented a noteworthy presence within the cryptocurrency landscape.

Despite this surge, STG remains 83% below its all-time high of $4.13, reached on April 2, 2022.

May 30th saw a spike in activity on the cryptocurrency platform Spot On Chain, according to their on-chain analysis. This surge can be linked back to the launch of the new STG/KRW trading pair on Upbit, which generated heightened investor attention and increased trading volume.

The price of STG surged by 73% following its addition to #Upbit’s trading platform today.An investor with a substantial holding (approximately $8.8M worth) sold off 10.25 million STG tokens on Binance.It is important to note that these tokens had been locked in, or vested, from Stargate Finance as of April 9, 2024, at a price of $0.792 ($8.12M).Keep an eye on further developments…— Spot On Chain (@spotonchain) May 30, 2024

During the surge in prices, an investor linked to wallet 0x22d transferred 10.25 million STG tokens, worth approximately $8.8 million based on the current price of $0.859 per token, to Binance. These tokens had been obtained from the Stargate: Team and Investors Vesting Multisig on April 9, 2024, when the token price was $0.792, equating to around $8.12 million at that time.

One noteworthy reason for this upward trend is the May 29 declaration from Stargate Finance regarding the debut of Stargate V2. Known as “DeFi’s most affordable bridge,” this new version has generated considerable excitement.

As a member of the research team, I’m excited to announce that we successfully initiated the Stargate V2 Pools and Incentives on May 28. Now, users have the opportunity to contribute their liquidity into V2 pools.

The project team reported on the same day that Stargate V1 remains functional on all twelve supported chains, running autonomously without approval and with decreasing incentives. Users are free to keep their assets in the V1 Pools for as long as they prefer.

As a financial analyst, I would explain that Stargate Finance (STG) is a unique asset bridge specifically engineered to tackle the blockchain trilemma – a challenge in the crypto world stating that it’s impossible for a single blockchain to be both decentralized, secure, and fast at the same time. By employing an omnichain-native design, Stargate Finance aims to provide solutions that address these three critical aspects of blockchain technology, offering users the best of all worlds.

As a crypto investor, I can tell you that one protocol I’ve come across significantly streamlines the process of conducting decentralized finance (DeFi) transactions across different blockchains, Layer-2 networks, and decentralized applications (dApps). With this solution, I can easily transfer and swap my assets between these platforms in a snap.

Stargate users have the ability to shift their assets among various liquidity pools on different DEFI platforms and applications. At present, this protocol enables transfers across eight distinct blockchain networks: Ethereum, Avalanche, Polygon, Metis, BNB Chain, Arbitrum, Optimism, and Fantom.

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2024-05-31 11:20