Binance, the world’s largest cryptocurrency exchange with daily trading volume, came up with an announcement for an altcoin. With the development in the announcement, the altcoin price rose. Here are the details…
Binance announcement raises prices
Binance, the world’s largest cryptocurrency exchange by trading volume, completed its Stargate Finance (STG) contract exchange (swap) on March 17, 2023. The announcement was made by Binance on its official website. According to the announcement, Binance successfully completed the STG contract exchange and opened STG deposits and withdrawals. The STG contract swap was carried out at a ratio of 1:1 and all STG balances held by Binance users were transferred to the new STG contract.
Stargate Finance (STG) made a positive return with a 15% increase after a successful contract swap by Binance. It is currently trading at $0.8407 with a market cap of $132 million. Transaction volume has increased by over 80% in the last 24 hours. This achievement is crucial for the project, which aims to expand its footprint in decentralized finance (DeFi).
There are many innovations in the Stargate Finance ecosystem
The STG token is a management token for the Stargate Finance protocol, a decentralized finance (DeFi) platform built on BNB Chain. The platform allows users to lend, borrow and stake cryptocurrencies as well as participate in yield farming. The STG contract swap is an important milestone for the Stargate Finance protocol as it marks the transition to a new and improved smart contract. The new contract is designed to provide better security and efficiency for platform users.
In addition to the contract swap, Stargate Finance also announced several new initiatives. The platform has launched a new liquidity mining program that will reward users for providing liquidity to the STG-BNB and STG-BUSD trading pairs on PancakeSwap. Stargate Finance also announced that it has launched a new staking program that will allow users to stake STG tokens and earn rewards. The staking program will be launched in two phases and the first phase will begin on March 25.
Stargate was wary of Alameda selling STG tokens
As we reported as Kriptokoin.com, previously StargateDAO referred to crypto trading firm Alameda, where roughly 10 percent of STG tokens are held. Pointing to the security risks posed by “illegal STG transfers from compromised Alameda wallets,” the group came up with a solution. After the security risk was revealed, the DAO initially voted in favor of reprinting all STG tokens by March 15. However, the DAO suspended the plan, arguing that the liquidators of Alameda’s sister company, FTX, violated the automatic stop granted in the FTX bankruptcy case.
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