Stargate cross-chain bridge liquidity tops $2 billion within a week of launch

Total value locked (TVL) deployed in the Stargate cross-chain bridge built on the LayerZero protocol reached $2.5 billion a week after launch. Data from DeFi Llama.

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On March 18, the Stargate team sold 100 million native STG tokens at auction. The proceeds were directed toward providing initial liquidity for the protocol. In total, the project raised $25 million.

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The initial price of STG during the auction was $0.25. Investors were offered a vesting period of one year.

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As of writing, the token price of Stargate is $3.50, according to CoinGecko. Over the last 24 hours the asset rose 66.4%.

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The cross-chain protocol supports the Ethereum network, BNB Chain, Avalanche, Polygon, Fantom, and layer-2 solutions Arbitrum and Optimism.

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The platform offers yield farming on popular stablecoins with annual yields of 25%–31%.

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Unlike many other cross-chain bridges, Stargate does not use token wrapping—a process in which assets must be minted and burned continuously to transfer them from one network to another. Instead, an omnichain token is employed, which, according to the developers, enhances security and simplifies moving coins between different ecosystems. Earlier in September, the developers of LayerZero’s omnichain protocol raised $6 million from Binance Labs, Multicoin Capital and other well-known venture firms.

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