DeFi Altcoin Defies Crypto Downturn, Surges Over 202% in 24 Hours Days After Binance Listing

A low-cap decentralized finance (DeFi) altcoin surged more than 130% in the past 24 hours after being listed on top crypto exchange Binance.

Thursday, Binance roll out Stargate Finance support (STGs), an Ethereum-based DeFi protocol that allows the transfer of virtual assets between different blockchains.

The exchange has listed the token in the Innovation Zone, a trading space dedicated to assets prone to rapid price movements.

Stargate Finance aims to make the process of exchanging crypto assets across blockchains simpler and more efficient by eliminating the need to use wrapped tokens. Wrapped tokens represent digital assets on traditionally incompatible blockchain networks.

The project’s native governance token, STG, surged from around $0.33 to $1.03 in 24 hours, a gain of over 202%. However, the 224th largest crypto asset by market capitalization is still down more than 78% from its all-time high of $4.27 in April.

At the time of writing, STG is trading at $0.87.

Binance is not the first major exchange to list STG this month. In early August, Coinbase officially launched roll out Trading services for Stargate Finance after adding the project to its listing roadmap in late July.

coin base Created A listing roadmap earlier this year to increase transparency and reduce the likelihood of a listing announcement being ahead of schedule.

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