What is Stargate Finance ? and why is it significantly up today ?
Stargate Finance (STG) is an omnichain-native asset bridge that was designed to solve the blockchain trilemma, which said that no blockchain could be decentralized, secure, and fast simultaneously.
It does this by simplifying cross-chain DeFi transactions that allow users to transfer and swap their 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 supports transfers between eight chains: Ethereum, Avalanche, Polygon, Metis, BNB Chain, Arbitrum, Optimism, and Fantom.
why is it up ?
On May 28, the team at Stargate Finance announced Stargate V2 Pools and Incentives that went official live. Users were able to deposit their liquidity into V2 pools.
They were also announcing the 24-hour countdown to DeFi’s cheapest and most interoperable bridge.