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, rising about 50% in the past seven days and 150% this year. The partnership between Stargate Finance and Trader Joe will enable users to trade tokens across different blockchains, providing a more seamless and secure experience. The collaboration is expected to further increase the adoption of STG and other digital assets, as well as provide users with access to a wider range of tokens. With the increasing demand for digital assets, the partnership between Stargate Finance and Trader Joe is likely to be a major boost for the STG token.
A recent proposal was passed to reissue the STG token and airdrop it to all STG holders, in order to address concerns about protocol-owned liquidity and STG holder security. This partnership and token reissue have caused the STG token to climb in value, making it an attractive investment opportunity for crypto traders.The Stargate DAO has recently partnered with Trader Joe to support the increasingly popular JOE token. This integration with LayerZero allows JOE to be natively sent between blockchains. Additionally, the Stargate DAO has passed a proposal to reissue the STG token and airdrop it to all STG holders, in order to address concerns about protocol-owned liquidity and STG holder security. This partnership and token reissue have caused the STG token to climb in value, making it an attractive investment opportunity for crypto traders.
The Stargate DAO is now taking steps to protect the Stargate Community and its investors, including investigating the incident and taking action to ensure the safety of the funds. They are also working to ensure that the malicious actor is held accountable for their actions.The Stargate DAO recently revealed that Alameda, a major investor in the Stargate Community sale, does not have full control of its wallets and that a malicious actor or hacker is misappropriating Alameda’s funds. 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. The Stargate DAO is now taking steps to protect the Stargate Community and its investors, including investigating the incident and taking action to ensure the safety of the funds. They are also working to ensure that the malicious actor is held accountable for their actions.
Stargate (STG) token holders have recently proposed a token re-issuance to protect against malicious actors with access to Alameda’s private keys. The re-issuance is scheduled for March 15 and is expected to help protect against potential misappropriation of funds. In addition, a short squeeze over the past 48 hours has pushed STG’s price higher. Data sourced from crypto futures data platform Coinglass showed that traders liquidated some $342,000 of STG short positions versus around $126,000 of STG long positions. The token re-issuance and short squeeze have both contributed to the increased price of STG and the increased security of the token.
The Layer 1 blockchain NEAR Protocol has seen a 9% increase in its NEAR token over the past 24 hours. This follows the announcement of a collaboration with New York University to start a Web 3 learning workshop. Meanwhile, the token of metaverse game The Sandbox, SAND, has seen a 2% decrease in its recent momentum, following the announcement of a partnership with the Saudi Arabia Digital Government Authority. The NEAR Protocol is a Layer 1 blockchain that is designed to enable developers to build decentralized applications with scalability, usability, and security. It is a platform that allows developers to create applications that are secure, reliable, and cost-effective. The Sandbox is a metaverse game that allows players to create, own, and monetize their gaming experiences. The partnership with the Saudi Arabia Digital Government Authority will help to further expand the reach of The Sandbox.
Despite the slight dip, the crypto market remains strong, with Bitcoin and Ether continuing to demonstrate resilience and stability. Investors are encouraged to stay informed and monitor the market for any further changes.The two largest cryptocurrencies by market capitalization, Bitcoin (BTC) and Ether (ETH), have recently held their most recent support, trading just below $23,000 and above $1,650 respectively. The CoinDesk Market Index, which measures the overall crypto market performance, was also down 1.4% for the day. Despite the slight dip, the crypto market remains strong, with Bitcoin and Ether continuing to demonstrate resilience and stability. Investors are encouraged to stay informed and monitor the market for any further changes.
