Binance stated that the Stargate Finance contract swap has been completed successfully, increasing the price of STG by more than 15%.
On March 17, 2023, Binance, the largest cryptocurrency exchange in the world based on trade volume, finished the Stargate Finance (STG) contract swap. On its official website, Binance made the announcement.
Binance has opened STG deposits and withdrawals and has successfully completed the STG contract swap, according to the release. All STG balances owned by Binance customers have been switched to the new STG contract in a 1:1 exchange of the STG contracts.
Stargate Finance’s (STG) stock price rose 15% as a result of Binance’s successful contract swap, signaling a turn for the better. With a market capitalization of $132 million, it is presently trading at $0.8277.
Over the past 24 hours, trading volume climbed by more than 80%. As the project works to increase its presence in the decentralized finance (DeFi) market, this accomplishment represents a key milestone.
The Stargate Finance protocol, a decentralized finance (DeFi) network built on the Binance Smart Chain, uses the STG token as its governance token. Users of the platform can engage in yield farming as well as lend, borrow, and stake cryptocurrency.
The STG contract switch, which signifies the changeover to a new and enhanced smart contract, is a significant turning point for the Stargate Finance protocol.
Users of the platform will benefit from improved security and effectiveness thanks to the new contract. Together with the contract switch, Stargate Finance has also unveiled a number of fresh projects.
A new liquidity mining program has been introduced by the platform, rewarding users for supplying liquidity to the STG-BNB and STG-BUSD trading pairs on PancakeSwap.
A new staking program that will enable users to stake their STG tokens and earn rewards has also been announced by Stargate Finance. Two phases will be used to commence the staking program, with the first step beginning on March 25.