1. Basic situation

Official website:

Twitter:

1. Stargate’s native asset cross-chain bridge built on LayerZero solves the difficult triangle that existing cross-chain bridges cannot solve, and now supports 13 public chains.

2. Stargate currently has a TVL of 355 million US dollars, ranking first among cross-chain bridges. The most chains are Arbitrum, ETH, and Avalance, and the largest coins are mainly USDT, USDC, and ETH. Possibly benefiting from the interaction of LayerZero airdrops, the revenue of the agreement in March was more than 10 times that of the beginning of the year.

3. The number of STG in circulation is 204 million, with a circulating market value of US$110 million. 43 million of them are locked, and in January, the number was 25 million. An increase of 72%. Regarding STG treasury chips, only 5.6 million STG have been used in the past year or so, which can be said to be quite economical.

4. STG’s team and investors have unlocked 29.72 million chips, and the monthly unlocking amount is 6 million. Now holds a total of 15.89 million, and the holdings have been reduced to 14 million. From this point of view, neither good nor bad.

2. Introduction to StarGate

Stargate is a fully composable native asset cross-chain bridge built on LayerZero. Users and dApps can transfer native assets across chains while accessing the protocol’s unified liquidity pool with instant guaranteed finality. Stargate runs on LayerZero’s cross-chain protocol, which is a protocol that can transfer assets between multiple blockchains. Stargate’s vision is to make cross-chain liquidity transfer a seamless single transaction process.

Stargate 痴手机Ethereum、BNB、Avalanche、Polygon、Fantom、Arbitrum、Optimism、Metis、zkEVM、zkSync、Base、Linea、Kava。

#StargateAdvantages

Compared with the difficult triangle of other cross-chain bridges, Stargate is the first cross-chain bridge that satisfies both. 1 Instant Guaranteed Finality: Users and applications can trust that when they successfully submit a transaction on the source chain, the transaction will reach the target chain. 2 Native Assets: Users and applications exchange native assets, rather than wrapper assets that require additional exchanges to obtain the desired assets and corresponding fees. 3 Unified Liquidity: Shared access to a single liquidity pool across multiple chains creates deeper liquidity for users and applications that trust the reliability of the bridge.

#Stargate Features

• DeFi users can exchange native assets across chains on Stargate in a single transaction. For example, users can exchange USDC on Ethereum for USDT on BNB.
• Applications form Stargate to create native cross-chain transactions at the application level. For example:
• Your favorite DEX can form Stargate to complete single transaction cross-chain swaps (i.e. exchange AVAX with ETH in a single transaction, all within the user interface of your favorite DEX.)
• Your favorite revenue aggregators can form Stargate to deploy assets across chains, opening up new APY opportunities.
• These cross-chain exchanges are supported by the community-owned Stargate unified liquidity pool.

Based on LayerZero

LayerZero is a full-chain interoperability protocol designed for cross-chain lightweight messaging. LayerZero provides authentic and guaranteed messaging with configurable trustlessness. It enables messages to be sent between blockchains, connecting assets, messages, data and contracts on different blockchains. This breaks the isolation of blockchains from each other. LayerZero provides a powerful underlying communication network structure on which various cross-chain application sets can be built. With LayerZero, enable seamless inter-chain applications such as cross-chain DEX or multi-chain yield aggregators without having to rely on trusted escrow or intermediary transactions.

Compared with other cross-chain bridges, LayerZero has the advantage of enabling direct transactions of native assets on different chains. While existing cross-chains require some intermediate medium to complete, LayerZero can achieve effective direct cross-chain communication without the need for intermediate coins or intermediate chains. LayerZero terminal design can be easily extended to support any chain. In addition, the node is designed to be lightweight enough to run on Layer 1 (such as Ethereum) at low cost.

3. Current status of StarGate

According to data from DefiLlama, Stargate’s TVL within the cross-chain bridge is US$353 million, which is much higher than other cross-chain bridges. Compared with itself, TVL in January this year was 380 million US dollars, which basically did not change much. Ranked second is Hop protocol, with a TVL of US$60 million.

From the specific data, the chains with the most TVL are Arbitrum, ETH, and Avalance, with 80m, 78m, and 40m respectively. In terms of specific currencies, they are mainly USDT, USDC and ETH, of which stable USDT and USDC account for the majority.

Although stargete’s TVL has basically remained unchanged in 2023, it has even dropped a bit. But its income has increased significantly. From January to March of 2023, the daily income probably fluctuated around 5K. After April, the daily income increased by about 10 times. Yesterday’s income has already increased by 166K. Since Stargate has no changes in fees, the increase in revenue mainly comes from the increase in users.

However, this growth remains to be seen, especially after the arb airdrop in March. The anticipation for the layerzero airdrop has led to the entry of a large number of studios. Stargate is basically used in their interactions.

4. Token Economy

4.1 Token Distribution

The initial amount of STG is 1 billion, and the TGE time is March 18, 22

1. 17.50% - Stargate core contributors (locked for 1 year and unlocked linearly in the next 2 years).

2. 17.50% — Investors (locked for 1 year, then linearly unlocked for 2 years).

3. 65.00% — Allocated by the Stargate community, committed to realizing the vision of the protocol: making cross-chain liquidity transfer a seamless single transaction process. Here’s a breakdown of the community allocation:

• 15.00% — Stargate protocol launched.
• 10.00% to STG initiated auction buyers. The price is 0.25U, locked for 1 year, reserved by Alameda
• 5.00% to the STG-USDC pool on Curve.fi.
• 15.95% — Initially, the joint sales curve will be released on each chain, and the sold STG will be unlocked immediately.
• 2.11% — Founding Mining. (Ended, all in circulation)
• 1.55% - for DEXs on BNB, Avalanche, Polygon, Arbitrum, Optimism and Fantom
• 30.39% - for future community incentives and long-term development of Stargate.

Note:

1. The 15.95% bonding curve sells STG, and it ends after reaching 3 times the price. It is not necessarily all sold, so the specific amount of circulation is unknown. Starting from 0.5U, ending at 3U, the cost is 1.5U

2. After the project was launched, a community auction began, with a quota of 2% of STG, locked for 1 year, and then linearly unlocked for 6 months. The 2% of tokens are not in the white paper and may be the unsold portion of the 15.95% bonding curve sale.

4.2 Circulation and Unlocking

Since we cannot find out the actual sales situation at the time of the joint release, we cannot count the circulation of STG by ourselves. According to official data, the number of STG in circulation on August 30, 2023 will be 204 million, accounting for 20.43% of the total

There are now 43.16 million STG pledged, 21.12% of the circulating supply. This ratio is considered medium. However, the average staking time is as long as 448 days, which is a very scary data, indicating that this part of STG stakers is extremely optimistic about the future of the project.

4.3 Token function

Users can stake STG to obtain veSTG, and the weight of veSTG is allocated according to the lock-up time. veSTG can be used for

1. Governance, veSTG can be used for voting governance.

2. Handling fee dividend, each non-STG transfer made through the Stargate protocol will incur a 6 basis point fee. Fee allocation breakdown for transaction fees:

• Treasury agreement: 4 bps
• veSTG holders: 1 basis point *Liquidity Provider: 1 basis point

5. On-chain analysis

5.1 Distribution of holding addresses

Currency holding address 1: For the core contribution value and investors, the position is locked for 1 year and the initial allocation is 35%. Unlocked from 4/18/23. 29.72 million coins have been unlocked, with an average of about 6 million coins unlocked every month

Currency Holding Address 2: Corresponding to community incentives and the long-term development of Stargate, the initial allocation is 30.39%. Now 29.83%. Used for more than a year

Coin holding address 3: STG tokens on other chains

Coin-holding address 4: Alameda Research, unlocked from currency-holding address 7

Coin holding address 5: Locking address

Currency holding address 7: Auction chips, locked for 1 year, initial allocation of 10%. 900 million has been unlocked and transferred to currency holding address 4

Coin holding address 8: 2% of the community auction, locked for 1 year. 10 million have been unlocked, and the remaining 10 million have not been unlocked.

Currency holding address 9: curve: stg-usdc

Coin holding address 10: Alameda Research

Currency holding address 14: reflected by FTX, it is expected to be the STG token that was originally market-making on FTX.

5.2 Main address analysis

0x65bb797c2b9830d891d87288f029ed8dacc19705

This address is the second largest address holding coins, used for community incentives and Stargate’s long-term development, the initial allocation is 30.39%, and now it is 29.83%. That is to say, 0.56% has been used since its launch, which can be said to be very frugal.

We analyzed the STG flow of this wallet in the last six months and found that it mainly flows to two places. The first one is Balancer: Vault, the second one is used for LP mining rewards, and the third one is a wallet for community rewards.

5.3 Investor and team unlock analysis

According to the token white paper, the team investor share is 17.5%+17.5%, totaling 35%. It will be locked for one year after going online, and will be unlocked from April 18, 2023, according to on-chain queries. 29.72 million coins have been unlocked, with an average of about 6 million coins unlocked per month.

The author tracked the addresses on the chain and found a total of 98 transfer addresses. A total of 15.89 million are now held. The holdings were reduced to 14 million stg, some of which were transferred to other addresses, and some were pledged.

Among them, there are 12 addresses that unlock 100,000 STG every month. It can be seen that 4 of them have no operations at all. Six addresses have reduced their holdings, and two addresses have been cleared.

Generally speaking, from the analysis of the chips unlocked by investors and teams, it is neither good nor bad.