Protocol for interoperability LayerZero is getting ready to unveil Stargate, a system for transferring tokens between blockchains.
According to a Medium article, Stargate will go online when the token sale, which begins on March 17, is completed. The token sale’s goal is to raise liquidity across the seven blockchains that Stargate will debut on. Maki, the co-founder of SushiSwap, has also joined the team to oversee commercial growth. In 2020, 0xMaki took over the decentralised exchange before stepping down at the end of the year.
Want to know what Stargate is?
The Stargate protocol is an application built on top of the LayerZero protocol with the goal of allowing funds to be transferred between multiple blockchains. It will compete with existing multichain bridge projects like Hop Protocol, Connext, Multichain, and Synapse once it is released. According to the researchers, Stargate was the first to answer “the bridging trilemma,” a triple set of properties that make any multichain bridge ideal for use. Some of these qualities are unified liquidity pools between chains, instant assured transaction finality, and the utilisation of native assets for cross-chain swaps. Stargate promises to make it easier to move assets from one blockchain to another in a single transaction, eliminating the need for several time-consuming steps such as locking, minting, and burning assets, as well as redeeming them.
Shortly after the token sale, Stargate will go live on seven chains that are compatible with the Ethereum Virtual Machine (EVM), including Ethereum, Avalanche, Polygon, BSC, Fantom, Arbitrum, and Optimism. Other chains such as Solana, Terra, Cosmos Hub, and Osmosis will be supported in the coming months, according to the team.
Quick bites about token sales:
- LayerZero is auctioning off 10% of the total token supply of stargate tokens (STG), or around 100 million tokens, in a bonding curve auction. At a maximum price of $0.25 per token, the auction aims to raise $25 million in USDC from the general public.
- The token sale will terminate after traders have bought $25 million in USDC or 48 hours have passed, whichever comes first.
- The $25 million will be matched with 50 million STG tokens and placed in a pool on the Curve decentralised exchange. Swaps will begin at $0.50 per STG token.
- The 100 million stargate tokens sold during the auction will be frozen for up to a year before being linear vested for another six months.
That’s all from LayerZero for now.
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