STG, the native token of Stargate Finance, experienced a remarkable surge of 77% just two hours after being listed on Upbit, South Korea’s top crypto exchange.
As of now, STG is trading at $0.6873, showing a 42% increase in the last 24 hours according to CoinMarketCap data. The token has seen a daily trading volume of 788 million and has a total market capitalization of $140 million.
Despite this impressive growth, STG is still 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, credited the surge to the introduction of the STG/KRW trading pair on Upbit, which sparked a significant increase in investor interest and trading activity.
During this spike in price, 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 key driver behind this surge was the announcement made by the Stargate Finance team on May 29 regarding the launch of Stargate V2, promoted 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. Additionally, they announced that Stargate V1 is still operational across twelve chains, running without permission, with incentives gradually decreasing. Users can keep their assets in V1 Pools for as long as they desire.
Stargate Finance (STG) serves as an omnichain-native asset bridge created to tackle the blockchain trilemma, which suggests that no blockchain can be decentralized, secure, and fast simultaneously.
The protocol streamlines cross-chain DeFi transactions, enabling users to transfer and swap assets between different blockchains, Layer-2 networks, and dApps almost instantly. Users of Stargate can also transfer their assets between various liquidity pools on different defi protocols and dApps. Presently, the protocol supports transfers between eight chains: Ethereum, Avalanche, Polygon, Metis, BNB Chain, Arbitrum, Optimism, and Fantom.
For more information, read about how crypto exchange Upbit has secured a full operational license in Singapore.