• Stargate Finance’s token STG surged 13% following its partnership with Trader Joe.
• The project also recently passed a token re-issuance proposal due to security concerns related to Alameda Research.
• Bitcoin and Ether traded slightly in the red at the time of writing.
Stargate Finance’s Token Surges
Stargate Finance’s native STG token surged 13% over the past 24 hours following its announced plan to team up with Avalanche-based decentralized exchange Trader Joe to unlock omnichain fungible tokens. STG has recently climbed from roughly 60 cents a day ago to 92 cents, according to crypto data aggregator CoinGecko, rising about 50% in the past seven days and 150% this year.
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. On Monday, Trader Joe announced its integration with LayerZero, making JOE a multichain token to be natively sent between blockchains.
Token Re-Issuance Proposal
STG’s climb also follows the Stargate DAO’s passage of a proposal to reissue the token and airdrop it to all STG holders. This was due to security concerns stemming from its entanglement with Alameda Research, the trading arm of disgraced crypto exchange FTX. Alameda had purchased 10% of the total STG supply from the Stargate Community sale on March 17, 2022 and committed to lock up all these tokens until March 2025; however recent on-chain transfers revealed that “Alameda does not have full control of its wallets and that a malicious actor or hacker is misappropriating Alameda’s funds.”
Bitcoin & Ether Trading Slightly in Red
At the time of writing Bitcoin and Ether traded slightly in red.
Stargate Finance’s native token STG has seen impressive growth over the past 24 hours following an announcement of a partnership with Trader Joe as well as passing a re-issuance proposal due security concerns related to Alameda Research. Bitcoin and Ether traded slightly in red at this time.