Stargate: A Native Asset Bridge Revolutionizing Cross-Chain Transactions
In the rapidly evolving world of blockchain technology, seamless interoperability between different chains has been a long-standing challenge. Traditional methods of bridging between chains often come with significant drawbacks such as high fees, bridging risks, and slow transaction times. However, in 2022, a groundbreaking solution emerged in the form of Stargate, a native asset bridge built on LayerZero.
Before Stargate, bridging assets between different chains was far from ideal due to downsides like costly fees, bridging risks (exploits), and lengthy transaction times. One of the key strengths of Stargate lies in its utilization of LayerZero, a powerful infrastructure that unifies liquidity across all chains. As a result, assets transferred from Chain A are received on Chain B, mitigating the risks associated with cross-chain transactions. Features such as speed, the ability of participants to stake their assets into single-sides pools and the ability for transacting in native assets (eliminating the need for intermediary tokens such as WETH) give this project a competitive edge and make it an interesting proposition for 22/7 LP.
The project is led by Bryan Pellegrino, the CEO, and Co-Founder, along with Ryan Zarick, Co-Founder, and CTO. Their expertise and commitment have driven the platform's innovation and growth which has been remarkable. Revenue has been surging throughout 2023, reaching an ARR of $20.83 million. Additionally, active daily users have surpassed 52,600 users. The platform's daily transactions have skyrocketed from under 4,000 in March to over 200,000 currently, accompanied by a surge in daily volume from $4 million to $100 million.
Having garnered support from reputable investors, including Sequoia Capital and a16z, the platform's native tokens, $STG and $veSTG, play a crucial role in its ecosystem. $STG token holders have governance rights over the protocol and can participate in providing liquidity.
In summary, Stargate has revolutionized cross-chain transactions, providing a solution that addresses the shortcomings of traditional bridging methods. As the platform continues to expand its capabilities and reach, it promises to shape the future of cross-chain liquidity. With its impressive growth, dominant position in the market, and strong team of supporters, Stargate Finance is poised to lead the way in the rapidly evolving blockchain landscape.
