Ethereum (ETH)-Based DeFi Altcoin Tumbles As Coinbase Announces Delisting
An Ethereum-based (ETH) altcoin is free-falling as the largest US-based crypto exchange platform by volume announces its delisting.
In a new announcement, Coinbase says that it’s going to be delisting cross-chain token trading platform Stargate Finance V1 (STG) starting next week as it has failed to live up to listing standards.
“We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on our most recent reviews, Coinbase will suspend trading for Stargate Finance on March 14, 2023, on or around 12pm Eastern.”
Stablecoin-focused Stargate, which uses a “LayerZero” protocol to quickly facilitate cross-chain token exchanges, is going to be upgrading to its next iteration soon, which Coinbase says will not be supported at this time.
“On March 15, 2023, Stargate Finance [will be] issuing Stargate Finance V2 with a new contract address. Coinbase will not be supporting any airdrop of Stargate Finance (V1 or V2). Coinbase will not be facilitating any upgrade from Stargate Finance V1 to Stargate Finance V2 at this time.”
Coinbase updated its listing policy in 2021 to ensure that the digital assets they’re listing are safe and in compliance with all laws. They did not mention which part of the policy Stargate Finance has failed to live up to.
News of the delisting sent STG crashing. The digital asset went from a seven-day high of $1.04 all the way down to $0.706, a 32% dip. It has since stabilized and is moving for $0.716 at time of writing.
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