In just six days, Stargate Finance has raised $1.9 billion

In less than a week since its inception, Stargate Finance, a cross-chain protocol meant to allow users transfer assets between different blockchains, has collected more than $1.9 billion in total value locked (TVL).

In just six days, Stargate Finance has raised $1.9 billion

Stargate bills itself as a liquidity transfer protocol that enables users to transact native cross-chain assets while also allowing DeFi users to stake stablecoins in pools and be compensated in tokens. Stargate for Natives (STG).

The "up to 26 percent APY" promised for agricultural stablecoin deposits is most likely to blame for the quickly rising TVL.

According to benchmark data from DeFi Pulse, Stargate has solidified itself as one of the top 10 DeFi projects, attracting approximately $2 billion in TVL at the time of writing.

Alameda Research CEO Sam Trabucco, a prominent proponent of Stargate, is the CEO of a quantitative crypto trading firm.

Trabucco stated to his 150,000 Twitter followers that Alameda Research has purchased all the Stargate (STG) tokens that were auctioned off during the Stargate launch on March 17 in a Twitter thread.

According to LayerZero, the protocol that Stargate works on, 10% of the total STG supply, or 100 million tokens, were auctioned off to establish liquidity across the seven blockchains on which Stargate will start.

LayerZero bills itself as a "interoperability protocol that actually works."

The Stargate protocol, according to a blog email from LayerZero Labs co-founder and CTO Ryan Zarick, solves the "bridge trilemma" by combining unified cross-chain liquidity pools, guaranteed immediate finality of transactions, and native assets for cross-chain exchanges.

Stargate intends to allow any user to transfer assets from one blockchain to another in a single transaction, eliminating the need for complex and cumbersome processes like as locking, minting, burning, and swapping assets.

Maki, the co-founder of SushiSwap, has been engaged by the LayerZero team to oversee business development at Stargate.

Ethereum, Polygon, Avalanche, BSC, Fantom, Optimism, and Arbitrum are among the seven major chains on which Stargate is now available. Other strings such as Solana, Terra, and Cosmos will be supported by the LayerZero team in the future.

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