Leading cryptocurrency exchange Coinbase has suspended trading STG, the native token of Stargate Finance, whose main feature is designed to be cross-chain composability. After the news, altcoin price headed south.
Coinbase delists SGT!
In the crypto world, not only entering the important stock market lists, but also getting out is newsworthy. Because, just as listing decisions are interpreted as adoption and cause an increase in altcoin price, de-list decisions have the opposite effect. Today, Coinbase, a leading cryptocurrency exchange, announced that it will suspend STG trading, the native token of Stargate Finance, a DeFi protocol. Coinbase made the following statement in its announcement on its Twitter account:
We regularly monitor assets on our exchange to ensure they meet our listing standards. According to our latest reviews, Coinbase will suspend trading for Stargate Finance V1 (STG) on or around 12:00 PM ET on March 14, 2023.
https://twitter.com/CoinbaseAssets/status/1633182525010092032
As we have reported as Kriptokoin.com, the crypto exchange will suspend the token of the altcoin project, which it decided does not meet its standards during the review phase, on Coinbase Pro, Coinbase Exchange and Coinbase Prime. Meanwhile, Coinbase stated that access to STG funds will continue and users have the ability to withdraw their funds at any time. Also, Coinbase mentioned the upgrade of the altcoin project, noting that they will not support the upgrade:
On March 15, 2023, Stargate Finance is releasing Stargate Finance V2 with a new contract address. Coinbase will not support any Stargate Finance (V1 or V2) airdrops. Coinbase will not facilitate upgrading from Stargate Finance V1 to Stargate Finance V2 at this time. STG funds held in a Coinbase exchange or Custody account before, during or after the scheduled snapshot do not entitle you to receive any Stargate Finance V2 through potential airdrops.
After the news, the altcoin price started to decline. At press time, SGT was trading at $0.7612, down 2.85% on a daily basis.
SGT daily price chart / Source: CoinMarketCapCross-chain formability: Stargate Finance
Interoperability has been a growing theme in the cryptocurrency ecosystem, and this theme continues to expand as investors realize that the future Metaverse will consist of multiple interconnected Blockchains. While most legacy DeFi protocols have not yet developed a plan to integrate the most popular Blockchains, Stargate Finance is designed with cross-chain composability as its main feature. This allows cross-chain transfer to be established with smart contracts on the target Blockchain.
According to Startgate Finance, this helps simplify the clearing process and maximizes the degree of flexibility by making the process more convenient for users and opening up new opportunities for cross-chain applications. The project also offers instant guaranteed certainty that any transfer request processed on the initial Blockchain is processed on the destination Blockchain. Unified liquidity eliminates the need for intermediate tokens as each supported blockchain has a liquidity pool for supported native assets. Networks currently supported by Stargate Finance include Ethereum, BNB Smart Chain, Polygon, Avalanche, Arbitrum, Optimism and Fantom.
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