Binance, the world’s largest cryptocurrency exchange by trading volume, has increased the value of an altcoin with a new announcement. The exchange announced that it will list Stargate (STG) in the Innovation Zone. Here are the details…
Binance adds new altcoin to Innivation Zone
According to the stock market’s statement, Stargate (STG) is on August 19, 2022, at 12 CET; Bitcoin (BTC), Binance USD (BUSD) and Tether (USDT) pairs will be traded. Users can now deposit STG in preparation for trading. Withdrawals will begin when trading begins. We will explain in more detail below, however; In short, Stargate Finance is a cross-chain bridge. STG is a local government token that can be staked to receive protocol revenue.
Meanwhile, there are some points that users should keep in mind about the Innovation Zone. The Innovation Zone is where altcoins that are likely to have higher volatility are listed. The potential of these altcoins to pose a higher risk than others is also considered. Before taking action in the Innovation Zone, users even have to read the terms of use and fill out a questionnaire. The stock market includes the following statements in its statement:
STG is a relatively new token that poses a higher-than-normal risk. Therefore, it will likely be subject to high price volatility. Please ensure that you have implemented adequate risk management, done your own research on the fundamentals of STG, and fully understood the project before choosing to trade the token.
STG price jumps
Following Binance’s announcement, the STG token jumped from $0.33 to $0.51. At the time of writing, it is up over 50 percent. The volume of the cryptocurrency has increased by 515% in the last 24 hours. At the time of writing, it continues to change hands above $0.50. It is also worth noting that the coin last recorded its all-time high on April 2, 2022. The coin, which had risen to $4.28 at that time, is now about 80 percent below that level. Still, you can see the notable jump in the last day in the chart below:
Stargate is built on LayerZero, which enables local asset transfers between different Blockchain networks. It is an inter-chain bridge protocol. A major shortcoming of most existing bridges is their inability to send local assets from one chain to another. Instead, they rely on the use of a wrapped or “intermediate” token to complete the bridging process. The problem with this approach is that it is extremely inefficient and makes the user experience cumbersome.
Stargate was specifically designed to eliminate the need for wrapped tokens. It allows users to send their native tokens directly to non-native chains. The protocol is built around pools of shared liquidity across chains that provide instant guaranteed certainty. Stargate’s goal is to make cross-chain bridging a seamless, single transaction process.
