Difference between revisions of "Stargate Finance (STG)"
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*[[Testnet]] release: | *[[Testnet]] release: | ||
*[[Mainnet]] release: | *[[Mainnet]] release: | ||
*From this bridge [https://medium.com/momentum6/cross-chain-bridges-explored-929e6b68dcd1 blog] (21-4-2022): | |||
''"Stargate is a fully composable [[Cross Chain|cross-chain]] bridge protocol built on [https://layerzero.network/ LayerZero] That allows users to transfer native [[tokens]] across various [[blockchains]]."'' | |||
==History== | ==History== | ||
* Stargate is produced by LayerZero Labs. | |||
==Audits & Exploits== | ==Audits & Exploits== | ||
*[[bug bounty | *Stargate does not offer a [[bug bounty]] (14-4-2022). | ||
*Scored [https://www.defisafety.com/app/pqrs/431 60%] on [[DeFi Safety]] (14-4-2022): | |||
''"This protocol documents no tests for code coverage. Nevertheless, with 181% TtC we can assume there is good testing on Stargate. There is no test report documented by Stargate. Stargate has not undergone formal verification. Stargate was [https://github.com/stargate-protocol/stargate/tree/main/audit audited] twice before launch and once after. Stargate does not offer a bug bounty at time of writing."'' | |||
===Bugs/Exploits=== | ===Bugs/Exploits=== | ||
| Line 17: | Line 26: | ||
==Governance== | ==Governance== | ||
===Admin Keys=== | ===Admin Keys=== | ||
* [https://www.defisafety.com/app/pqrs/431 From] [[DeFi Safety]] (14-4-2022): | |||
''"Stargate's relevant contracts are not identified as [[immutable]] / upgradeable. Ownership is [https://stargateprotocol.gitbook.io/stargate/v/user-docs/governance/governance-model clearly] indicated as being in the hands of a [[Multi-Signature|multisig]]. Stargate's pause control is not documented. Stargate has no [[timelock]] documentation."'' | |||
===DAO=== | ===DAO=== | ||
===Treasury=== | ===Treasury=== | ||
| Line 27: | Line 41: | ||
==Coin Distribution== | ==Coin Distribution== | ||
==Technology== | ==Technology== | ||
*[[Whitepaper]] or docs can be found [ | *[[Whitepaper]] or docs can be found [https://stargateprotocol.gitbook.io/stargate/ here]. | ||
*Code can be viewed [ | *Code can be viewed [https://github.com/stargate-protocol here]. [https://www.defisafety.com/app/pqrs/431 From] [[DeFi Safety]] (14-4-2022): | ||
''"At just 4 commits, this protocol does not have a good development history visible."'' | |||
===Implementations=== | ===Implementations=== | ||
*Built on: [[LayerZero (Project)|LayerZero]] | *Built on: [[LayerZero (Project)|LayerZero]] | ||
| Line 36: | Line 52: | ||
*[[Latency]]: | *[[Latency]]: | ||
===How it works=== | ===How it works=== | ||
* From this bridge [https://medium.com/momentum6/cross-chain-bridges-explored-929e6b68dcd1 blog] (21-4-2022): | |||
''"Most existing [[Bridge|bridges]] can not send [[Native Coin|native tokens]] from one chain to another and rely on intermediate or ‘[[Wrapped Tokens|wrapped]]’ tokens to complete the bridging process. This approach creates a user experience that is slow and highly inefficient. Stargate is built around unified [[liquidity pools]] shared among many chains, ensuring that there is always adequate [[liquidity]] available and fast [[finality]]. The ultimate goal is to make [[cross-chain]] bridging seamless through a single [[Transaction (Tx)|transaction]].'' | |||
''How Stargate solves the Bridging Trilemma:'' | |||
# ''Instant Guaranteed Finality. Stargate assures users and [[Decentralized Applications (DApps)|dApps]] that any transfer requests they make on the source chain will arrive to the destination chain. However, liquidity must be there on the destination chain, or [[transactions]] will be reverted. With Stargate’s bridge, there is no need to wrap tokens and users won’t need to swap the tokens manually on the receiving chain.'' | |||
# ''Cross-Chain Composability. The Stargate bridge can be composed of [[Smart Contract (SC)|smart contracts]] from both the origin and destination chains. This will allow users to complete several [[swaps]] in a single cross-chain [[transaction]]. Imagine swapping $[[Wrapped Bitcoin (WBTC)|wBTC]] on [[Fantom (FTM)|Fantom]] for $[[Trader Joe (JOE)|JOE]] on [[Avalanche (AVAX)|Avalanche]] and entering an LP position in a single transaction without leaving [[Fantom]].'' | |||
# ''Unified Liquidity. Most existing [[bridges]] require fragmentation of liquidity to function. Each chain integrated into the bridge needs a designated [[liquidity pool]] for each asset [[bridged]]. Users can also experience long delays or failed transactions if insufficient liquidity is available. A bridge that wants to add a new [[blockchain]] must also bootstrap a new pool to accommodate the new chain with sufficient liquidity on each existing chain.'' | |||
''Stargate presents a unified approach where all connections deposit and withdraw from a single liquidity pool, allowing Stargate to achieve scalability and efficiency that’s not possible on the lock-and-mint or [[burn]]-and-redeem bridges. Stargate also has efficient rebalancing and self-limiting mechanisms to manage spikes in withdrawal activity. Each chain on the protocol can maintain a single pool of liquidity that is “soft-partitioned” into different slices, where every slice corresponds to a specific chain in the network."'' | |||
===Fees=== | ===Fees=== | ||
===Upgrades=== | ===Upgrades=== | ||
===Staking=== | ===Staking=== | ||
====Validator Stats==== | ====Validator Stats==== | ||
| Line 44: | Line 72: | ||
===Scaling=== | ===Scaling=== | ||
===Interoperability=== | ===Interoperability=== | ||
* Connected to [[Arbitrum]], [[Avalanche (AVAX)|Avalanche]], [[Binance|BSC]], [[Ethereum (ETH)|Ethereum]], [[Fantom (FTM)|Fantom]], [[Polygon (MATIC)|Polygon]] and [[Optimism (OP)|Optimism]] [https://www.defisafety.com/app/pqrs/431 according to] [[DeFi Safety]] (14-4-2022). | |||
===Other Details=== | ===Other Details=== | ||
==Oracle Method== | ==Oracle Method== | ||
* [https://www.defisafety.com/app/pqrs/431 From] [[DeFi Safety]] (14-4-2022): | |||
''"Stargate's data source is not documented. The [[Smart Contract (SC)|contracts]] dependent are not identified. There is no relevant software function documentation. Stargate is a [[bridge]], and is therefore is not susceptible to [[Frontrunners|front-running]]. Stargate provides guaranteed instant [[finality]], meaning that whatever amount of funds you bridge will be equivalently minted on the other side. Stargate documents no [[Flash Loan|flash loan]] exploit countermeasures."'' | |||
==Compliance== | ==Compliance== | ||
==Their Other Projects== | ==Their Other Projects== | ||
| Line 53: | Line 88: | ||
==Usage== | ==Usage== | ||
===Projects that use or built on it=== | ===Projects that use or built on it=== | ||
* [[SushiSwap (SUSHI)|SushixSwap]]; [https://twitter.com/SushiSwap/status/1550088364963102722 launched] on 21-7-2022 | |||
==Competition== | ==Competition== | ||
==Pros and Cons== | ==Pros and Cons== | ||
| Line 60: | Line 98: | ||
===Team=== | ===Team=== | ||
*Full team can be found [here]. | *Full team can be found [here]. | ||
*Stargate is produced by LayerZero Labs. | |||
===Funding=== | ===Funding=== | ||
* [[Alameda]]; from a [https://twitter.com/CroissantEth/status/1583279232611848192?s=20&t=IoHabJ4xoiBiIv65SBFOKA thread] on Alameda's ruthless past (21-10-2022): ''"The Alameda team sniped the $25M auction in the first [[block]], and claimed they won’t be selling for “at least” three years. A short time after they secretly sent 8.4M STG to [[FTX (FTT)|FTX]] & [[Binance]]. From $4.14 down to $0.42 today"'' | |||
===Partners=== | ===Partners=== | ||
==(:== | ==(:== | ||
Latest revision as of 08:35, 31 October 2022
Stargate Finance is token bridge built on top of LayerZero
Basics
- Based in:
- Started in / Announced on:
- Testnet release:
- Mainnet release:
- From this bridge blog (21-4-2022):
"Stargate is a fully composable cross-chain bridge protocol built on LayerZero That allows users to transfer native tokens across various blockchains."
History
- Stargate is produced by LayerZero Labs.
Audits & Exploits
- Stargate does not offer a bug bounty (14-4-2022).
- Scored 60% on DeFi Safety (14-4-2022):
"This protocol documents no tests for code coverage. Nevertheless, with 181% TtC we can assume there is good testing on Stargate. There is no test report documented by Stargate. Stargate has not undergone formal verification. Stargate was audited twice before launch and once after. Stargate does not offer a bug bounty at time of writing."
Bugs/Exploits
- From Blockthreat (7-4-2022):
"Stargate Finance patched an unknown vulnerability in its bridge contract after it was responsibly disclosed by samczsun."
Governance
Admin Keys
- From DeFi Safety (14-4-2022):
"Stargate's relevant contracts are not identified as immutable / upgradeable. Ownership is clearly indicated as being in the hands of a multisig. Stargate's pause control is not documented. Stargate has no timelock documentation."
DAO
Treasury
Token
Launch
Token Allocation
Utility
Other Details
Stablecoin
Coin Distribution
Technology
- Whitepaper or docs can be found here.
- Code can be viewed here. From DeFi Safety (14-4-2022):
"At just 4 commits, this protocol does not have a good development history visible."
Implementations
- Built on: LayerZero
- Programming language used:
Transaction Details
How it works
- From this bridge blog (21-4-2022):
"Most existing bridges can not send native tokens from one chain to another and rely on intermediate or ‘wrapped’ tokens to complete the bridging process. This approach creates a user experience that is slow and highly inefficient. Stargate is built around unified liquidity pools shared among many chains, ensuring that there is always adequate liquidity available and fast finality. The ultimate goal is to make cross-chain bridging seamless through a single transaction.
How Stargate solves the Bridging Trilemma:
- Instant Guaranteed Finality. Stargate assures users and dApps that any transfer requests they make on the source chain will arrive to the destination chain. However, liquidity must be there on the destination chain, or transactions will be reverted. With Stargate’s bridge, there is no need to wrap tokens and users won’t need to swap the tokens manually on the receiving chain.
- Cross-Chain Composability. The Stargate bridge can be composed of smart contracts from both the origin and destination chains. This will allow users to complete several swaps in a single cross-chain transaction. Imagine swapping $wBTC on Fantom for $JOE on Avalanche and entering an LP position in a single transaction without leaving Fantom.
- Unified Liquidity. Most existing bridges require fragmentation of liquidity to function. Each chain integrated into the bridge needs a designated liquidity pool for each asset bridged. Users can also experience long delays or failed transactions if insufficient liquidity is available. A bridge that wants to add a new blockchain must also bootstrap a new pool to accommodate the new chain with sufficient liquidity on each existing chain.
Stargate presents a unified approach where all connections deposit and withdraw from a single liquidity pool, allowing Stargate to achieve scalability and efficiency that’s not possible on the lock-and-mint or burn-and-redeem bridges. Stargate also has efficient rebalancing and self-limiting mechanisms to manage spikes in withdrawal activity. Each chain on the protocol can maintain a single pool of liquidity that is “soft-partitioned” into different slices, where every slice corresponds to a specific chain in the network."
Fees
Upgrades
Staking
Validator Stats
Liquidity Mining
Scaling
Interoperability
- Connected to Arbitrum, Avalanche, BSC, Ethereum, Fantom, Polygon and Optimism according to DeFi Safety (14-4-2022).
Other Details
Oracle Method
- From DeFi Safety (14-4-2022):
"Stargate's data source is not documented. The contracts dependent are not identified. There is no relevant software function documentation. Stargate is a bridge, and is therefore is not susceptible to front-running. Stargate provides guaranteed instant finality, meaning that whatever amount of funds you bridge will be equivalently minted on the other side. Stargate documents no flash loan exploit countermeasures."
Compliance
Their Other Projects
Roadmap
- Can be found [Insert link here].
Usage
Projects that use or built on it
- SushixSwap; launched on 21-7-2022
Competition
Pros and Cons
Pros
Cons
Team, Funding and Partners
Team
- Full team can be found [here].
- Stargate is produced by LayerZero Labs.
Funding
- Alameda; from a thread on Alameda's ruthless past (21-10-2022): "The Alameda team sniped the $25M auction in the first block, and claimed they won’t be selling for “at least” three years. A short time after they secretly sent 8.4M STG to FTX & Binance. From $4.14 down to $0.42 today"
Partners
(:
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