Arslan Butt
Stargate Finance is on a bullish streak, rising more than 30% to 1.06 before reverting to $0.9404. Since its inception, Stargate Finance has been one of the most rapidly expanding cryptocurrencies. With the proliferation of new users and tokens on blockchain networks, bridging them is becoming increasingly common; this protocol promises to solve many problems that have plagued this practice so far.
Investors and venture capitalists (VC) have taken note of Stargate’s earth-shattering technology, investing roughly $2 billion in the protocol in its first few days of operation. Speculation regarding the STG cryptocurrency has increased due to the project’s sudden success.
What is Stargate Finance (STG)?
Stargate Finance is a LayerZero-based cross-chain bridge solution that enables quick, simple, and seamless cross-chain trading between multiple blockchains. The Stargate Finance ecosystem is powered by the STG coin, which runs on Ethereum. The STG token compensates liquidity providers for funding Stargate Protocol activities in addition to locking and receiving the Stargate Protocol governance token.
Listing on Binance
Binance confirmed on August 19 that it would include Stargate (STG) in the Innovation Zone and allow trading for STG/BTC, STG/BUSD, and STG/USDT trading pairs. Binance listings have had the second greatest impact on prices.
The price of STG/USD rose the following day after Binance declared support for STG.
Introducing PancakeSwap Bridge
This year has seen the development of several multi-chain Decentralized Exchanges. DEX PancakeSwap, a major B&B chain, has decided to participate. The exchange announced the launch of PancakeSwap Bridge, a native asset cross-chain bridge backed by Stargate Finance, on August 23. It’s worth noting that the PancakeSwap Bridge only works in one direction right now. Backward bridging from supported chains to BNB chains is not permitted.
According to the blog post, PancakeSwap created this structure to allow the DEX to develop the BNB Chain ecosystem. Several Twitter users, however, have criticized this, claiming that a one-way bridge completely invalidates the concept of blockchain bridges. The PancakeSwap Bridge’s launch significantly impacted STG/USD, which was rising due to the news.
Using Guildxyz for Roles in Discord
Stargate Finance’s official account tweeted on August 26. According to the tweet, the network is pleased to announce that they are now using guildxyz for roles in Discord and other areas. Guildxyz is the community’s current automated membership management platform for the systems.
Stargate is pleased to announce it is now using @guildxyz for roles in Discord and more!
Hop over to https://t.co/NhPbAlpZrJ and join now! You can also find the #︱guild-join channel in Discord and join from there as well.
— Stargate (@StargateFinance) August 25, 2022
Users can join the guild by linking their wallet and Discord account on the Stargate Guild page. On-chain verification of Stargate dedication may grant users access to elite Discord roles and secret channels.
Guild assigns roles based on a combination of on-chain and off-chain variables. Furthermore, the network states that additional Guild roles will be introduced soon to recognize more of your Stargate activities. Finally, because the announcement has increased the value of STG/USD, the network benefits from using guildxyz for positions in Discord.
Stargate Finance Price and Tokenomics
The current price of Stargate Finance is $0.935374, with a 24-hour trading volume of $343 million. In the last 24 hours, Stargate Finance has dropped 9.52% after gaining more than 30%. CoinMarketCap currently ranks #242 with a live market cap of $124.6 million. The coin’s high value was $1.1531, and its low value was $0.9824.
There are 133,272,369 STG coins in circulation, with a maximum supply of 1,000,000,000 STG coins. The STG/USD opening price on August 26th was $1.0283.
Stargate Finance Technical Outlook
On the technical front, the STG/USDT encountered significant resistance at $1.1456 after entering the overbought zone. As a result, investors triggered a bearish correction, causing the STG/USDT price to fall. As a result, the STG/USDT pair has reached a 50% Fibonacci retracement at $0.9340. STG has formed a double bottom pattern on the 2-hour timeframe at 0.9219, extending immediate support.
A break below this level may allow for additional selling until the $0.8837 or $0.8239 level. The RSI and MACD show divergence because the RSI is above 50 (indicating a bullish trend), and the MACD is still above zero (showing a bearish trend). STG will likely face immediate resistance at $1.0363 and $1.1456 on the upside. A break above this level can push the STG price to $1.2350.
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This article was written for Business 2 Community by Arslan Butt.
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