Stargate cross-chain bridge combines Layer 2 Metis solution to extend DeFi interoperability

The integration of Stargate Finance with Metis marks the first expansion of this cross-chain protocol beyond the LayerZero ecosystem.

Stargate cross-chain bridge combines Layer 2 Metis solution to extend DeFi interoperability
Stargate cross-chain bridge combines Layer 2 Metis solution to extend DeFi interoperability

The Stargate Finance (STG) cross-chain bridge protocol has integrated with the Layer 2 scaling solution on Ethereum Metis for the first time since it was launched by LayerZero Labs in March 2022. According to the announcement, Stargate’s integration with Metis aims to bring more flexibility to their fund management projects, funds and return strategies.

Elena Sinelnikova, CEO and Co-Founder of Metis said:

“Web3 represents community and decentralization, both of which have to start at the base of the infrastructure. We firmly believe that together with the Stargate team, our partnership is an important step towards removing barriers between blockchains and opening the door to a more decentralized, multi-chain economy. .”

Stargate first launched in March 2022 on Ethereum, Avalanche, Polygon, BNB Chain, Fantom, Arbitrum and Optimism, shortly after raising $25 million in the STG token sale.

The cross-chain bridge gained $2 billion in liquidity within a week of its launch, attracted by a 20-25% yield, but this number dropped to around $350 million with the decline. of the cryptocurrency market in general.

On the Metis side, with a locked asset value of around $95 million, Metis has become the 4th largest Layer 2 network on Ethereum, after Arbitrum, Optimism, and Loopring.

Statistics of the top Layer 2 solutions on Ethereum as of January 20, 2023.  Source: L2beat
Statistics of the top Layer 2 solutions on Ethereum as of January 20, 2023. Source: L2beat

The new partnership is expected to give Metis users greater cross-chain efficiency, with the ability to leverage the benefits of DeFi across multiple chains powered by LayerZero. Initially, Stargate will enable USDT for Metis on Ethereum, Avalanche and BNB Chain.

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