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

STG,
the
native
token
of

Stargate
Finance,
has
skyrocketed
by
77%
within
two
hours
of
its
listing
on
South
Korea’s
premier
crypto
exchange,

Upbit.

At
the
time
of
writing,
STG
was
trading
at
$0.6873,
marking
a
42%
increase
over
the
past
24
hours,
per
data
from
CoinMarketCap.
The
token
recorded
a
daily
trading
volume
of
788
million,
with
a
total
market
capitalization
of
$140
million.

Despite
this
surge,
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
surge
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,
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,
amounting
to
$8.12
million
at
that
time.

Another
significant
factor
behind
this
surge
is
the
May
29

announcement
by
the
Stargate
Finance
team
about
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,
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
across
twelve
chains,
operating
without
permission,
with
incentives
being
gradually
reduced.
Users
can
maintain
their
assets
in
V1
Pools
as
long
as
they
wish.

Stargate
Finance
(STG)
is
an
omnichain-native
asset
bridge
designed
to
address
the

blockchain
trilemma,
which
posits
that
no
blockchain
can
be
decentralized,
secure,
and
fast
simultaneously.

The
protocol
simplifies
cross-chain
DeFi
transactions,
enabling
users
to
transfer
and
swap
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.