Stargate Finance's STG Tanks 9% After Delisting On Coinbase 11

Stargate Finance’s STG Tanks 9% After Delisting On Coinbase

  • Stargate Finance’s native token STG has tanked more than 9%. 
  • The token went down after Coinbase announced that it would delist it by 14 March. 
  • The announcement of the delisting comes ahead of STG’s migration to V2. 
  • Coinbase stated that it will not support any airdrop of STG V2. 

American crypto exchange Coinbase announced earlier today that it would delist STG, the native token of cross-chain bridge protocol Stargate Finance, later this month. STG’s price went down by more than 9% following Coinbase’s announcement. Data from CoinMarketCap shows that the token went from its daily high of $0.782 to $0.715 at the time of writing. 

Coinbase will not support Stargate Finance V2 airdrop

According to a Twitter thread from Coinbase, STG will be delisted from the platform on 14 March 2023, on or before 12 pm EST. The delisting comes ahead of the token’s migration to V2, which is slated for 15 March. Stargate Finance will issue STG V2 with a new contact address. As per Stargate Finance’s governance forum, STG V2 will be airdropped to STG holders based on a wallet snapshot that will be taken on the day of the migration. 

However, Coinbase stated that it will not support any airdrops of Stargate Finance (V1 or V2). The crypto exchange assured users that STG funds will remain accessible and withdrawable at any time. Furthermore, the STG/USD order book has been moved to a limit-only mode. 

 

STG funds held in a Coinbase.com, Pro, Exchange, or Custody account before, at, or after the planned snapshot will not entitle you to receive any Stargate Finance V2 via potential airdrops.”

Coinbase on Twitter

STG’s massive price drop barely a month after it saw double-digit gains following its partnership with Trader Joe. The partnership with the Avalanche-based DeFi exchange led to a 13% hike in the token’s price last month.