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

Stargate Finance’s native token, STG, surged 77% within two hours after it was listed on Upbit, South Korea’s leading crypto exchange.

At the time of writing, STG was trading at $0.6873, up 42% in the last 24 hours, according to CoinMarketCap data. The token reached a daily transaction volume of 788 million and a total market value of $140 million.

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

On May 30, on-chain analysis platform Spot On Chain attributed the recent rise to the introduction of the STG/KRW trading pair on Upbit, which significantly increased investor interest and trading activity.

Amidst this price increase, an investor associated with Wallet 0x22d deposited 10.25 million STG tokens worth $8.8 million to Binance at a price of $0.859 per token. These tokens were first acquired from Stargate: Team and Investors Vesting Multisig on April 9, 2024, and at that time the token price was $0.792, which was $8.12 million.

Another important factor behind this increase is the Stargate Finance team’s May 29 announcement regarding the launch of Stargate V2, touted as “DeFi’s cheapest bridge.”

The team confirmed the launch of Stargate V2 Pools and Incentives on May 28, which allows 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 chains, operating without permission, and that incentives are being gradually reduced. Users can keep their assets in V1 Pools for as long as they wish.

Stargate Finance (STG) is a multi-chain native asset bridge designed to address 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 almost instantly transfer and exchange assets between various blockchains, Layer-2 networks, and dApps.

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.