#Stargate Foundation has advised against reissuing Stargate Finance's (STG) native token due to concerns raised by FTX liquidators. The liquidators are of the opinion that doing so would be a breach of the automatic stay, which could have serious legal consequences.

In March 2022, #AlamedaResearch purchased the entire STG auction for $25 million. However, in November of the same year, FTX declared bankruptcy, and FTX and Alameda's wallets were hacked for roughly $500 million. The assets were eventually moved to fresh bank accounts by the liquidators.

Because of this, Stargate DAO wants to reissue the STG token so that the funds can be moved from the vulnerable wallet to a safer one. But the people in charge of closing down FTX have turned down this idea.

The Foundation continues to urge against reissuing the #STG token in light of the opinion of #FTX liquidators, despite its best efforts to assure the safety of the money. According to a Stargate tweet, "nothing in any engagement the foundation has had with the liquidators shows that they have a strong grasp of the realities of the smart contracts, how the contracts operate, or how they'll interact to secure payment."

The foundation believes that reissuing the token would not violate the automatic stay and that the liquidators' concerns are unfounded. However, they are not willing to risk the safety of their decentralized autonomous organization (DAO) and the potential legal repercussions.

It is important to note that the STG token is not the only asset at risk in this situation. Exchanges, protocols, and external parties have also been affected by the FTX liquidation and hacking incident. Therefore, it is crucial for all parties involved to work together to ensure the safety and security of all assets involved.

In summary, Stargate Foundation has advised against reissuing the STG token due to concerns raised by FTX liquidators. The foundation believes that the liquidators' concerns are unfounded but is not willing to risk the safety of their DAO and the potential legal repercussions. It is crucial for all parties involved to work together to ensure the safety and security of all assets involved.

#coingabbar

In recent news, the Santiment report has revealed an explosion in on-chain activity for Stargate Finance on Arbitrum. This sudden surge in activity has sparked interest and speculation among traders and investors.

The report suggests that the increase in activity could be related to active voting within the Stargate DAO. However, the exact reason for the sudden burst in activity remains unknown. What is clear is that people are spending their time and resources on the platform, indicating a sense of commitment and anticipation for something significant.

@azcoinnews

As the market continues to decline, the sudden influx of activity on Stargate Finance may seem risky. However, such high-risk investments have the potential for high rewards, and the platform seems best prepared to withstand any potential crashes or fluctuations in the market.

While it is impossible to predict the future, the current surge in activity on Stargate Finance indicates the possibility of a significant shift in the market. If this happens, those who have invested in STG will be well-prepared to harvest the rewards of their commitment.

In conclusion, the sudden increase in on-chain activity for Stargate Finance on Arbitrum has piqued the interest of traders and investors alike. While the reason for the surge remains unknown, the commitment and anticipation of the platform’s users suggest the potential for high-risk-reward investments. As the market continues to fluctuate, the surge in activity on Stargate Finance could indicate a significant shift in the market, offering those who have invested in the platform the opportunity for a fruitful harvest.

#Stargate #Santiment #STG #azcoinnews #Arbitrum

This article was republished from azcoinnews.com

Stargate wants to transfer $1.5 million in protocol-owned liquidity to Layer 2 DEX of Velodrome in exchange for more VELO emissions and a higher APR.

Stargate is proposing to transfer $1.5 million worth of protocol-owned liquidity (POL) to Velodrome, the leading Ethereum Layer 2 DEX, in an effort to broaden its reach. By directing VELO emissions to their liquidity pools and rewarding voters with veVELO tokens or other incentives, Velodrome's voting system enables protocols to draw liquidity. Voters' VELO bribe multipliers from the previous voting round produced a $3.5 VELO payoff for every $1 in bribes.

Under the "Tour de OP" incentive program, Velodrome has pledged to match 40% of Stargate's bribes in an effort to entice Stargate. This has the potential to have a 4X+ impact on STG-liquidity USDC's incentives when paired with the bribe multiplier. The LP can still be used by Stargate's liquidity providers, who can then route it through all aggregators for the same execution. The APR paid, nevertheless, will be greater than what Uniswap is currently providing.

In the event that it is effective, Stargate can move more POL to Velodrome, increasing its liquidity and gaining more VELO emissions. Stargate can drastically reduce the requirement for STG emissions in the future while retaining a strong liquidity layer on Optimism by locking VELO payouts as veVELO. Moreover, locking veVELO will make Stargate eligible for a Lock Bonus, which is normally worth 30% to 40% of the VELO locked and is given in OP.

By promoting Stargate through its ecosystem and onboarding new users to the network, Velodrome will match Stargate with its sizable and active DeFi user base. Following the conclusion of a vote period, VELO emissions will move to Stargate's LP, increasing the APR for its liquidity providers and gradually lowering STG emissions.

#STG #Stargate #crypto2023