Bitfinex and Stargate Finance Contract Conversion: A Look into Unexpected Proposal

03/16/2023 06:30 • Crypto & Markets • 63 views

According to the official announcement, Bitfinex previously announced its support for the contract conversion of Stargate Finance (STG), which is expected to take place on March 15. Therefore, STG token recharge and withdrawal will be suspended on March 13. However, after the initial announcement, the Stargate Foundation proposed a new proposal to cancel the reissue of any STG, which was unanimously approved after a vote. Therefore, the STG contract with the contract address on the Ethereum network remains unchanged.

Bitfinex has resumed Stargate Finance (STG) recharge and withdrawal

Analysis based on this information:

Bitfinex, a cryptocurrency exchange platform, had announced its support for Stargate Finance (STG) contract conversion. However, the Stargate Foundation proposed an unexpected proposal to cancel the reissue of any STG, which was also approved by a unanimous vote after the initial announcement. Therefore, the STG contract with the contract address on the Ethereum network remained unchanged.

Stargate Finance is a decentralized finance (DeFi) platform that operates on the blockchain technology powered by smart contracts in the Ethereum network. STG is its native cryptocurrency that helps users to access its financial services, such as staking, lending, and borrowing. Contract conversion, in this context, refers to the transfer of ERC-20 STG tokens to BEP-20 STG tokens on the Binance Smart Chain (BSC) for improved speed and lower fees. Bitfinex, as a leading cryptocurrency exchange, had planned to support the conversion since it could increase access to more financial services and liquidity for STG users.

However, the Stargate Foundation proposed a new proposal to cancel the reissue of any STG. This proposal could be linked to issues such as technical difficulties, security concerns, or simply a change in the plan. The proposal was unanimously approved after a vote, indicating that most stakeholders were in agreement with the decision. It is also noteworthy that the proposal came from the Stargate Foundation, which comprises members from the STG community, indicating that the decision had the support of the community.

Consequently, Bitfinex had to suspend the STG token recharge and withdrawal on March 13, as stated in the initial announcement. However, it is important to note that the STG contract with the contract address on the Ethereum network remains unchanged. This means that all existing STG tokens remain valid, and STG users can continue to transact using the ERC-20 STG tokens.

In conclusion, the unexpected proposal to cancel the reissue of any STG, which was unanimously approved after a vote, highlights the importance of community governance in the DeFi space. It also emphasizes the need for flexibility and adaptability to changes in plans or circumstances. Bitfinex and STG users will have to explore alternative means to access DeFi services until a new plan is implemented.

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Bitfinex and Stargate Finance Contract Conversion: A Look into Unexpected Proposal

Bitfinex has resumed Stargate Finance (STG) recharge and withdrawal

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