STG, the native token of Stargate Finance, has experienced a significant surge, rising by 77% within two hours following its listing on South Korea’s major crypto exchange, Upbit.

As of the latest data, STG is trading at $0.6873, reflecting a 42% increase over the past 24 hours. The token has recorded a daily trading volume of 788 million, with a total market capitalization of $140 million. Despite this recent spike, STG is still 83% below its all-time high of $4.13, which was reached on April 2, 2022.

On May 30, the on-chain analytics platform Spot On Chain linked the recent surge to the introduction of the STG/KRW trading pair on Upbit, which has significantly boosted investor interest and trading activity.

The price of $STG soared by 73% after Upbit listed the STG/KRW pair today!

An investor associated with Wallet 0x22d took advantage of this price increase, depositing 10.25 million STG tokens, valued at $8.8 million, to Binance. These tokens were initially vested from the Stargate: Team and Investors Vesting Multisig on April 9, 2024, when the token price was $0.792, totaling $8.12 million at that time.

Another factor contributing to this surge is the May 29 announcement by the Stargate Finance team regarding the launch of Stargate V2. This update, described as “DeFi’s cheapest bridge,” has garnered significant attention.

The team confirmed the launch of Stargate V2 Pools and Incentives on May 28, enabling users to deposit their liquidity into V2 pools. Concurrently, the team announced that Stargate V1 would continue to operate normally across twelve chains, albeit with gradually reduced incentives. Users can maintain their assets in V1 Pools for as long as they wish.

Stargate Finance (STG) is an omnichain-native asset bridge designed to address the blockchain trilemma, which asserts that no blockchain can be decentralized, secure, and fast simultaneously. The protocol simplifies cross-chain DeFi transactions, allowing users to transfer and swap assets between various blockchains, Layer-2 networks, and dApps almost instantly.

Stargate users can 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.

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