Stargate Finance attracts $1.9B in six days

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Stargate Finance became a top 10 DeFi project in 6 days, following news that Alameda Research purchased all outstanding pre-launch tokens at auction.

Stargate Finance, a cross-chain protocol designed to assist users in transferring assets between different blockchains, has accrued over $1.9 billion in total value locked in less than a week after launching.

The rapidly growing TVL is probably down to the"up to 26% APY" being offered farming stablecoin deposits. In a Twitter thread to his 150,000 followers, Trabucco announced that Alameda Research had purchased all available Stargate tokens that were auctioned off during Stargate’s launch on March 17.auction, and I wanted to clarify a few things about Alameda's involvement.According to LayerZero, the protocol that Stargate runs on, 10% of the total supply of STG or 100 million tokens, were auctioned off to generate liquidity across the seven blockchains that Stargate is launching on.

 

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