A low-cap decentralized finance (DeFi) altcoin has skyrocketed by more than 130% in the past 24 hours after being listed by top crypto exchange Binance.
On Thursday, Binance rolled out support for Stargate Finance (STG), an Ethereum-based DeFi protocol that enables the transfer of virtual assets across different blockchains.
The exchange listed the token in its “Innovation Zone,” a dedicated trading space for assets that could be more prone to rapid price swings.
Stargate Finance aims to make the process of swapping crypto assets across blockchains simpler and more efficient by eliminating the need to use wrapped tokens. Wrapped tokens represent digital assets on blockchain networks they are traditionally not compatible with.
STG, the project’s native governance token, skyrocketed to $1.03 up from around $0.33 in a 24-hour span for gains of over 202%. However, the 224th-ranked crypto asset by market cap still remains down more than 78% from its all-time high of $4.27, which it hit in April.
At time of writing, STG is trading for $0.87.
Binance isn’t the first major exchange to list STG this month. Earlier in August, Coinbase officially rolled out trading services for Stargate Finance after adding the project to its listing roadmap in late July.
Coinbase created the listing roadmap earlier this year to increase transparency and reduce the possibility of frontrunning their listing announcements.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/JLStock/Sensvector
Source: https://dailyhodl.com/2022/08/20/defi-altcoin-defies-crypto-downturn-surges-over-202-in-24-hours-days-after-binance-listing/