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What is Stargate Finance?
Stargate Finance is a Cross-Chain Bridge built on LayerZero. This project is also the first dapp to work on LayerZero, Stargate takes advantage of LayerZero’s infrastructure to build liquidity pools on supported blockchains; thereby forming a cross-chain liquidity network connecting all the blockchains that LayerZero supports.
Stargate is developed by LayerZero Labs and launched in 2022.
LayerZero has raised $135 million in a Series A funding round led by Sequoia Capital, a16z, and FTX Ventures.
In addition, LayerZero is also funded by large investment funds such as Coinbase Ventures, PayPal Ventures, Tiger Global and Uniswap Labs.
How does Stargate work?
Liquidity providers deposit money into Stargate and receive transaction fees from traders.
STG token’s use case:
– LP reward: Liquidity providers can also fund Stargate Protocol for STG rewards.
– veSTG: STG holder locks STG tokens to receive veSTG, the longer the lock time, the more veSTG users receive. veSTG has the right to participate in the administration of Stargate Protocol and many other benefits.
STG Token Sale
Stargate Finance launches the project by organizing the STG token sale, the token sale is divided into 2 different phases: Launch Auction & Bonding.
Launch Auction:
100M STG tokens will be auctioned, locked for 12 months, linear vesting for 6 months.
The maximum price per STG is 0.25 ($25M Hardcap).
Bonding:
Bonding Curve will run from $0.5 – $1.5, Bonding Curve will be live on all 7 blockchains, users can buy STG directly from this round, unlock 100% but with quite high price from x2 – x6 times the price
Token sale price: From 0.25-1.5
VCs including Alameda Research
Stargate Finance – Update 2/2023
The cross chain bridge protocol with the highest TVL ($390M)compared to other competitors
Significant growth in revenue from traders’ transaction fees in October 2022
The average number of Daily active users is always above 1k people. It has reached 12k8 at the beginning of 2023, which is the highest among cross chains projects.
Monitor STG holder’s wallet on Depocket: https://app.depocket.com/dashboard?w=a1e4b75d-12b8-4316-949a-0d257738d353
The Re-issuance of STG Token on 3/15/2023
Stargate are facing a significant threat to their POL, due to potential security issues in Alameda Research. To ensure the safekeeping of the Stargate Launch Auction tokens, StargateDAO proposes to reissue all Stargate (STG) tokens. By reissuing STG, StargateDAO will eliminate the risk of illegal STG transfers from compromised Alameda wallets and will ensure the benefits for all token holders.
On March 17, 2022, Alameda purchased 10% of the total STG supply from the Stargate Community sale. Alameda then publicly committed to locking all these tokens until March 2025
For the same reasons, we won't be selling any of the tokens we bought for at least 3 years. This was not a cash grab or anything like that, we truly believe in this project and this team, and our only goal was making a long-term investment in both.
— Sam Trabucco (@AlamedaTrabucco) March 22, 2022
Recent online transfers from known Alameda wallets reveal that Alameda does not have full control of its wallets and a hacker is misusing Alameda funds. Read the full report here.
Sharp-eyed users may have noticed a number of interesting movements from Alameda wallets in the past 24 hours.
These wallets had been inactive for multiple weeks before they 'woke up' last night.
Over $1M has been sent through crypto-mixers by Alameda wallets.
What gives?
👇 pic.twitter.com/rUbqCMPjNX— Arkham (@ArkhamIntel) December 28, 2022
The data on the chain shows that in the past two days, the Alameda wallet has been trading a large amount of altcoins into ETH and USDT, and then converting them into BTC, and using currency mixers FixedFloat and ChangeNow. https://t.co/4UYYoUUHLf
— Wu Blockchain (@WuBlockchain) December 28, 2022
It is undeniable that this situation will have a tremendous impact on STG holders. Without re-issuing the tokens Propose, a malicious hacker with access to Alameda’s private key could claim Stargate tokens from the contract and appropriate them the same way they have with other funds. If such an actor were to claim and sell STG on the market, in violation of the three-year lock-in agreement, the following could happen.
Hypothetically, the token will be transferred to the wallet over a period of 6 months for example. This will bring 100,000,000 STG (10% of total supply) into the circulating supply over the next 6 months. This can be poured into an existing LP, steadily withdrawing from the POL as Stargate owns its own liquidity.
As such, the Stargate Foundation proposes to reserve these tokens in a separate wallet, where they will remain untouched until there is enough clarity or court order from one or both parties.
Propose
Stargate will re-release STG on March 15, 2023.
Performing this reissue will ensure that 100,000,000 tokens (10% of the total supply) that Alameda bought before will not be stolen and sold to the market, negatively impacting STG token.
Stargate will reissue STG on March 15, 2023 on a 1:1 basis to the current STG token. Existing holders will receive new STG tokens airdropped to them (based on the snapshots taken on the same day at a pre-announced time), including any unclaimed rewards earned on any farm on the day of the snapshot. Any unassigned tokens in any contract will be returned to the Stargate DAO to ensure a clear conversion.
24 hours before the snapshot, all LPs in the protocol will be removed from whatever location on the chain it resides within. All exchanges currently supporting STG will be required to suspend deposits and withdrawals for the same 24-hour period. Once the new token exists, the LP will be re-added with the new token as a pair and all exchanges will be required to continue depositing and withdrawing in honor of the new token.
Summary
Stargate Finance is currently one of the top cross chain projects. However, investors are worried that the Alameda bankruptcy will affect the price of STG token. But in fact, the project has handled the issue extremely cleverly to help the token holders secure their benefits and minimize risks.
