Stargate bridge attracts $2 billion of liquidity within a week of launch (by _VishalChawla)
The bridge’s liquidity has risen just days after raising $25 million in a token auction.protocol, has risen to a couple of billions of dollars within a week of launch, according to data tracking site DeFi Llama.
On 18 March, Stargate auctioned off 100 million stargate tokens and used the proceeds to create the bridge's initial liquidity. In the auction, the team raised $25 million using a bonding curve . Unlike other bridges, it does not rely on wrapping — a process where tokens have to be continuously minted and burned in order to move assets from one chain, and uses a 'omni-chain token' called stargate.“Native assets reduce the surface of attack vs traditional bridges by orders of magnitude and offer the ideal end user experience both at the application and consumer levels,” LayerZero Labs CEO Bryan Pellegrino told The Block.
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