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.
The $STG price soared by 73% after #Upbit listed the STG/KRW pair today!A wallet (likely investor) took the chance to unload 10.25M $STG ($8.8M) to #Binance.Notably, these tokens were vested from @StargateFinance on April 9, 2024, when the price was $0.792 ($8.12M).Follow… pic.twitter.com/rqwaigyNtJ
— Spot On Chain (@spotonchain) May 30, 2024
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.”
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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.
Read more: Crypto exchange Upbit secures full operational license in Singapore
