Cross-chain protocol Stargate Finance has raised more than $1.9 billion in TVL in just six days after being acquired by investment fund Alameda Research.
Stargate Finance positions itself as allowing users to conduct cross-chain transactions with their own assets, the Total Value Locked (TVL) liquidity transfer protocol. The protocol offers decentralized finance (DeFi) users the ability to stake stablecoins in pools where they are paid out in Stargate’s native token (STG).
Stargate declares the ability for any user to transfer assets from one blockchain to another in a transaction, bypassing the need for complex methods such as blocking, burning, redemption, and the like.
Alameda Research CEO Sam Trabucco announced on Twitter that Alameda Research has acquired all of the available STG tokens that were auctioned off during the Stargate launch on March 17th.
There’s been some chatter about the recent @StargateFinance auction, and I wanted to clarify a few things about Alameda’s involvement.
— Sam Trabucco (@AlamedaTrabucco) March 22, 2022
Under the LayerZero protocol that Stargate runs on, 10% of STG’s total supply, or 100 million tokens, was auctioned off to create liquidity across the seven blockchains Stargate runs on.
Stargate currently operates on seven major chains including Ethereum, Polygon, Avalanche, BSC, Fantom, Optimism and Arbitrum. In the future, the project should also combine Solana, Terra and Cosmos.
In January 2022, the 1inch service announced the deployment of aggregation protocols and setting limit orders on the Avalanche and Gnosis blockchains, formerly known as xDai. Support for Avalanche and Gnosis Chain will provide users of the decentralized exchange aggregator 1inch with the ability to make low-cost, high-speed transactions.
Source: Bits
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