Stargate Finance Reaches $4 Billion in TVL; The Layer Zero Protocol Has Grown Rapidly
Stargate Finance’s TVL has exceeded $4 billion
Stargate Finance is nothing but simply a community-driven institution that is focused on creating the very first exclusively composable native asset bridge as well as the first decentralized applications (DApp) that have been built over LayerZero.
According to the data tracking site DeFi Llama, the total value locked (TVL) on Stargate protocol, Layer Zero’s first cross-chain liquidity application, has risen to $4 billion in about half and a month after its launch.
On 18 March, Stargate Finance auctioned off 100 million STG tokens and used the proceeds to create the bridge’s initial liquidity. In the auction, the team raised $25 million using a bonding curve (where the prices of tokens increase during the sale).
Notably, the sole purchaser of all the tokens was Alameda Research, reflecting how the project has attracted the interests of the VC firms
The auction was open to all investors who could buy stargate tokens at a price of $0.25 per tokens vested for up to a year. Meanwhile, the developers had to reallocate tokens to the users who missed out on the auction event. These incidents could have created hype about the project among the investors.
At the present, the stablecoin mining APY on Stargate Finance is maintained at about 16%-20%.
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