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.
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.
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?