Stargate, built on LayerZero, stopped functioning for over 16 hours due to decentralized verification network issues, impacting transaction processing across various blockchains.
PeckShield, a blockchain security company, reported the failure, advising users to pause cross-chain transactions until the situation improves.
The native token STG is currently trading at 0.30 USD, reflecting a 2% increase after it dropped to 0.26 USD prior to the incident.
The Stargate bridge faced a 6-hour outage starting at 03:00 PM due to a malfunction in the Decentralized Verifier Network, which halted cross-chain transactions and left users’ assets stuck.
The trading price of the STG token fell by about 7%, reaching around 0.28 USD, as the market declined, raising concerns about the bridge’s reliability for future transactions.
Token Spotlight: Stargate Finance (STG), a bridge with superior asset transfer
Based on LayerZero’s technology, Stargate Finance allows users to interact with the liquidity pool of 1 token but on multiple chains.
This gives users access to a stronger source of liquidity.
Details: https://bit.ly/40CZIDf
Crypto protocol LayerZero raises $120 million at $3 billion valuation
LayerZero Labs has raised $120 million in a Series B funding round at a valuation of $3 billion, tripling its valuation from its $135 million round in March 2022.
The capital will go toward growth initiatives, including hiring and expanding the company’s presence in the Asia-Pacific region.
Cross-chain protocol Stargate Finance’s token surges by double digits on Trader Joe partnership
The partnership with Trader Joe means that Stargate will support the increasingly popular JOE token, without requiring Trader Joe to maintain a liquidity pool on the platform.
STG has recently climbed from roughly 60 cents a day ago to 92 cents. STG has risen about 102% after 1 month.
Cross-Chain bridge protocol Stargate partners with Metis for more efficient interoperability
Cross-chain bridge protocol Stargate Finance will work with Ethereum layer 2 platform Metis to enable more flexible and secured cross-chain applications for users.
The partnership is being pitched as a way to allow Stargate – a protocol built by LayerZero Labs – to give projects more flexibility when building decentralized finance (DeFi) applications across different blockchains.
Stargate Finance attracts $1.9B in six days
Stargate Finance, a cross-chain protocol designed to assist users in transferring assets between different blockchains, has accrued over $1.9 billion in total value locked (TVL) in less than a week after launching.
By attracting nearly $2 billion in TVL, Stargate has cemented itself as one of the top 10 DeFi projects, according to comparative data from DeFi Pulse.