Stargate Finance (STG) Surges 13% on Trader Joe Partnership News

The price of STG tokens for the cross-chain protocol Stargate Finance has jumped approximately 13% following news of its partnership with Trader Joe, the largest DEX on Avalanche.

As reported by Coin68 on February 7, Trader Joe officially partnered with LayerZero, the infrastructure solutions platform behind Stargate Finance, to enhance the multi-chain interoperability of its JOE token using LayerZero's cross-chain solution.

Following this, Trader Joe also announced a direct collaboration with Stargate to leverage its cross-chain bridging solution for inter-blockchain token transfers.

The STG token responded positively, rising from $0.60 to $0.95 since the announcement, and is currently trading around $0.86. The token has surged approximately 120% since the beginning of the year.

See also: Aero Token

STG/USDT 1D Chart on Binance at 1:00 PM February 9, 2023

STG's upward momentum has also been fueled by Stargate DAO’s proposal to "reissue" its tokens to mitigate the fallout from the FTX hack late last year.

See also: Stargate Finance (STG) to Reissue All Tokens Due to FTX Hack

The proposal specifies that Alameda had purchased 10% of the total STG supply during the March 2022 sale and committed to locking all tokens until March 2025. However, following the $400 million theft from FTX, on-chain data indicated that "Alameda did not have full control over its wallets and an adversary or hacker was exploiting Alameda’s funds."

As a result, Stargate has decided to reissue the entire STG supply and airdrop the new tokens at a 1:1 ratio to current STG holders. The snapshot date for the airdrop is set for March 15, 2023.