Stargate - our newest token

HYVE

Oct 24, 2023 • 2 min read

DeFi protocols have been at the forefront of the web3 revolution, allowing people to further diversify their income strategies with innovative ways to gain new assets.

Whenever we find a new protocol that catches our attention, we will collaborate with them, either through a token integration or something different. This time we found a truly exciting project, namely Stargate, which aims to become an Omnichain protocol, supporting as many blockchains as possible.

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Before we dive into our well-rounded blog, make sure to add the many contract addresses of $STG into your digital wallets for payments on the HYVE platform!

ETH: 0xaf5191b0de278c7286d6c7cc6ab6bb8a73ba2cd6

BNB: 0xb0d502e938ed5f4df2e681fe6e419ff29631d62b

AVAX: 0x2F6F07CDcf3588944Bf4C42aC74ff24bF56e7590

Polygon: 0x2f6f07cdcf3588944bf4c42ac74ff24bf56e7590

FTM: 0x2f6f07cdcf3588944bf4c42ac74ff24bf56e7590

What are you waiting for?

Walk through the Stargate!

Stargate is a community-led entity constructing the inaugural fully composable native asset bridge, and it stands as the first dApp developed on LayerZero. The ambition of Stargate is to simplify cross-chain liquidity transfers into a smooth, one-step transaction.

While Stargate provides many use cases, it can be simply explained in the following steps. Any DeFi user can exchange native assets across chains using Stargate in just one transaction. For instance, one can trade $USDC on Ethereum for $USDT on BNB.

Apps utilize Stargate to facilitate native transactions between chains at the application layer. A simple example can be your most preferred DEX can integrate with Stargate to conduct cross-chain swaps in a singular transaction (for example, trading AVAX for ETH within the same interface of your chosen DEX).

Moreover, even your top yield aggregator can incorporate Stargate to transfer assets between chains, unveiling fresh APY avenues.

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These inter-chain exchanges are backed by the community-managed unified liquidity pools of Stargate.

Three reasons why Stargate stands out

Instant Guaranteed Finality: Users & Apps can trust that when they successfully commit a transaction on the source chain, it will arrive on the destination chain.
Native Assets: Users & Apps swap in native assets as opposed to wrapped assets that require additional swaps to acquire the desired asset and corresponding fees.
Unified Liquidity: Shared access of a single liquidity pool across multiple chains creates deeper liquidity for users & apps that trust in the bridge's reliability.

More on the $STG token!

Stargate's native token, $STG provides users with many utilities. First, it enables holders to be voters and govern the entire ecosystem. The voting process, however, is all dependent on a holder's $veSTG balance (the voting token), enabling users to cast their decisions on proposals and much more.

What is veSTG and how can I get it?

veSTG is the unit of Stargate governance voting power. It is received by staking locked Stargate tokens and is non-transferable. The veSTG balance decays linearly as the remaining time until the staked or locked STG unlock decreases.

Thrive with HYVE!

Platform updates, new tokens and a lot more blockchains are coming your way! Our dev team has been silently doing the work in order to make HYVE a better place for freelancers, not only by improving the overall user experience, but also for by diversifying our infrastructure to facilitate unlimited payment options.

Don't sit too comfy, as we have another partnership in the mix, which will be announced in the coming weeks on X! We are not talking token or blockchain integrations - this time it will be much more! Can you guess it?