Stargate Finance (STG) is the token underlying the cross-chain bridge protocol, which LayerZero Labs build. However, Coinbase has announced it will delist STG ahead of the platform’s migration to version 2 (v2).
STG Experiences Downturn in Price
Over the past 24 hours, STG has experienced a 7.9% price downturn in price, according to Cryptowatch. This decline adds to a more significant trend of lower prices over the past eight days, with STG falling 38.5% to its current price of $0.7070.
Coinbase Suspends All Trading of STG
Coinbase has stated in an email to its clients that all trading of STG will be suspended on March 14 at noon. Currently, STG trading has been moved to limit-only mode, meaning that users cannot market buy or market sell – they can only add orders to the book. Coinbase has also announced that it will not be airdropping its users the newly-issued token.
Users Holding STG in Self-Custodied Wallets to Receive STGv2 Tokens
Users holding STG in self-custodied wallets will be airdropped an equivalent amount of STGv2 tokens after the protocol migrates to a new smart contract. However, it is still being determined whether the delisting of STG is permanent or temporary.
STG’s Previous Success
In February, STG had made a sizable move higher, partly due to its partnership with Avalanche-based decentralized exchange Trader Joe. During the February bull run, STG’s price reached $1.09, prompting an anonymous trading firm CEO to tweet, “I am once again looking for STG to borrow $5MM+. It’s that time of year again.”
Uncertainty Surrounding the Future of STG and Stargate Finance
The delisting of STG by Coinbase comes at a crucial time for the Stargate Finance protocol as it migrates to version 2. The recent downturn in STG’s price and Coinbase’s decision to delist it have raised user concerns. It remains to be seen what the future holds for STG and the Stargate Finance protocol.