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Information about Stargate Finance (STG)
Stargate Finance is a cross-chain bridge solution built on LayerZero that makes cross-chain token trading easy, simple, and seamless between various blockchains. As a Multi-blockchain, Stargate Finance supports multiple platforms, including Ethereum, BNB Chain, Avalanche, Optimism, Polygon, Arbitrum, and Fantom. Not only that, but Stargate Finance also takes advantage of LayerZero’s infrastructure to open liquidity pools with interest rates that attract investors, making this project a bright spot in the DeFi market.
Stargate Finance solves some big problems compared to other cross-chain bridges, which is security thanks to cross-verification technology between Oracle and LayerZero. In addition, Stargate also does not use the wrap-token method to move assets (create an SPL representing ETH for transactions on Solana) but uses the “omni-chain token” (the original asset on LayerZero) to increase security for blockchain.
STG is a native token of the Stargate Finance ecosystem and can be used to:
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News
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.
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