Stargate Finance's native token, STG, has witnessed a remarkable surge of 77% within just two hours of its listing on South Korea's prominent crypto exchange, Upbit.

As of the latest update, STG is trading at $0.6873, reflecting a substantial 42% increase in the past 24 hours, according to CoinMarketCap data. The token has recorded a robust daily trading volume of 788 million, contributing to a total market capitalization of $140 million.

Despite this impressive surge, STG still trails 83% below its all-time high of $4.13, achieved on April 2, 2022.

On May 30, on-chain analytics platform Spot On Chain attributed the surge to the introduction of the STG/KRW trading pair on Upbit, which ignited significant investor interest and trading activity.

In tandem with the price increase, an investor associated with Wallet 0x22d deposited 10.25 million STG tokens, valued at $8.8 million, to Binance at a rate of $0.859 per token. These tokens originated from the Stargate: Team and Investors Vesting Multisig on April 9, 2024, when the token price stood at $0.792, totaling $8.12 million at that time.

Another pivotal catalyst behind this surge is the announcement made by the Stargate Finance team on May 29 regarding the launch of Stargate V2, acclaimed as "DeFi's cheapest bridge."

The team confirmed the rollout of Stargate V2 Pools and Incentives on May 28, enabling users to deposit liquidity into V2 pools seamlessly.

Simultaneously, the project team also affirmed the continued operation of Stargate V1 across twelve chains without permission, gradually reducing incentives. Users are free to maintain their assets in V1 Pools for as long as they desire.

Stargate Finance (STG) serves as an omnichain-native asset bridge, aiming to tackle the blockchain trilemma by simplifying cross-chain DeFi transactions. The protocol empowers users to transfer and swap assets across various blockchains, Layer-2 networks, and dApps almost instantly.

Furthermore, Stargate users have the flexibility to move their assets across different liquidity pools on diverse DeFi protocols and dApps. Presently, the protocol supports transfers between eight chains, including Ethereum, Avalanche, Polygon, Metis, BNB Chain, Arbitrum, Optimism, and Fantom.