STG Token Soars 50% on Trader Joe Partnership, Re-Issuance

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• Stargate Finance’s native STG token surged 13% over the past 24 hours following its announced plan to team up with Avalanche-based decentralized exchange Trader Joe.
• The partnership with Trader Joe means that Stargate will support the increasingly popular JOE token, without requiring Trader Joe to maintain a liquidity pool on the platform.
• The Stargate DAO also passed a token re-issuance proposal following security concerns tied to an entanglement with Alameda Research.

Stargate Finance Token Surges

The Stargate DAO’s native STG token surged 13% over the past 24 hours following its announced plan to team up with Avalanche-based decentralized exchange Trader Joe. According to crypto data aggregator CoinGecko, it has risen about 50% in the past seven days and 150% this year, outperforming most altcoins in the current broader digital asset rally.

Trader Joe Partnership

The partnership with Trader Joe means that Stargate will support the increasingly popular JOE token, without requiring Trader Joe to maintain a liquidity pool on the platform. On Monday, Trader Joe announced its integration with LayerZero, making JOE a multichain token to be natively sent between blockchains.

Re-Issuance Proposal

The Stargate DAO also passed a token re-issuance proposal following security concerns tied to an entanglement with Alameda Research; bitcoin and ether trade slightly in the red. The decentralized autonomous organization’s community had been raising concerns about protocol-owned liquidity (POL) and STG holder security stemming from its entanglement with Alameda Research, the trading arm of disgraced crypto exchange FTX.

Security Concerns

Without a token re-issuance, a malicious actor or hacker could have misappropriated funds from Alameda’s wallets due to their lack of full control over them. As such, by passing this proposal, all STG holders would be provided protection against any potential malicious activity involving these tokens and their underlying assets.

Conclusion

In conclusion, trader joe’s integration into cross chain bridge protocol stargate finance is proving beneficial for STG holders as they are being provided protection against malicious activity while being able to take advantage of omnichain fungible tokens enabled by this partnership.