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.
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The post DeFi Altcoin Defies Crypto Downturn, Surges Over 202% in 24 Hours Days After Binance Listing appeared first on The Daily Hodl.