Stargate: Bridging Protocol
No this is not a movie review
You should introduce Stargate Finance (STG) to your portfolio watch list. There is a lot of promise being discussed over what some are calling a whole new feature/functionality yet to be seen on the DeFi stage. Gone are the days of cloodgey bridge practices getting your assets from one chain to the next, as you stutter along wrapping tokens and waiting impatiently crossing your fingers for funds to arrive at their destination. Stargate’s “omnichain” future contains a composable native asset bridge solving the “bridging trilemma”. You can read the white paper here.
In under a month the platform has already attracted over $3.5B in TVL. The protocol has a large initial investment from Alameda Research who apparently plans to lock their stake for 3 years in the platform. This isn’t the first protocol with a promise of seemingly centralizing your cross-chain bridging needs, but it’s built on the ever so interesting layerzero platform we’ve been hearing more about. More importantly, the platform is live here. You can try it for yourself and join our discord to tell us about your experience.
While cross-bridging options such as Multichain’s and our of our favorites Across (affiliate link) have existed for some time now Stargate offers: “A composable native asset bridge with unified liquidity and instant guaranteed finality”. Stargate’s site comes with all the usual feature/functionality you’d expect from a token launch of this style, ability to farm your stables and earn the native STG token which can be leveraged for governance. The UI is flashy and smooth, it will be interesting to see what happens in this space over the coming weeks. If you haven’t been paying attention to the world of decentralized finance in the last several months, you’re not alone. If the recent price rise in BTC and ETH run continues, you’re likely to see STG’s marketcap rise with them.
Always proceed with caution in crypto, because as Stargate say’s it comes with “guaranteed finality”. So, when something goes wrong it goes wrong with guaranteed finality. Bridge protocols in crypto have a history of being exploited. Look no further than the recent Ronin Bridge exploit if you need a warning sign to proceed with caution.
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