Cross-chain Bridge Liquidity Stargate Raises $2 Billion Within a Week After Launch

The total value of locked funds (TVL) involved in the cross-chain bridge based on the LayerZero protocol Stargate has reached $2.5 billion a week after the launch, DeFi Llama reports.

On March 18, the Stargate team sold 100 million native STG tokens during an auction. The proceeds are used to provide the initial liquidity of the protocol. In total, the project managed to raise $25 million.

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

The price of the Stargate project token is currently $3.50. Over the past day, the asset has increased by 66.4%.

The cross-chain protocol supports the Ethereum, BNB Chain, Avalanche, Polygon, Fantom networks, as well as second-tier Arbitrum and Optimism solutions.