It’s been revealed that a DeFi altcoin defied Ethereum and surged more than 200%. Check out the new reports below.

STG surges by more than 200%

Binance rolled out support for Stargate Finance (STG), an Ethereum-based DeFi protocol that enables the transfer of virtual assets across different blockchains.

The exchange listed the token in its “Innovation Zone,” – just in case you don’t know, this is a dedicated trading space for assets that could be more prone to rapid price swings.

Stargate Finance aims to make the process of swapping crypto assets across blockchains simpler and more efficient by eliminating the need to use wrapped tokens.

It’s also important to note the fact that wrapped tokens represent digital assets on blockchain networks they are traditionally not compatible with.

Ethereum in the news

Speaking of Ethereum, it’s been recently revealed that the former Goldman Sachs executive Raoul Pal said that he’s very bullish on Ethereum (ETH) and the crypto markets. This is happening despite the uncertain price action unfolding in recent months.

In a new interview with crypto analyst Scott Melker, Pal explained the fact that crypto hedge funds who took big losses during the recent market turmoil are underweight ETH as The Merge – Ethereum’s transition to a proof-of-stake consensus mechanism – approaches.

Pal says that markets take the path of most pain, and for ETH right now, that means upward.

“I think everybody’s underweight The Merge still. People will get into the merge or post-merge, we’ll get this spike [and] we’ll probably get a pullback. A lot of people will say ‘See it’s going back to the low.’ My guess is it corrects sideways, does something, goes back into the range for a bit and then we explode higher.”

He continued and said this:

“So I’m very bullish right now. Short term, we’re getting close to overbought, but I think we just had a correction, and my guess is we go again. What’s fascinating is to see the forwards market and the futures markets is everybody’s hedging ETH merge risk so that buying ETH and selling futures now, somebody’s going to lift that hedge off at some point.”

The post DeFi Altcoin Surges More Than 200% In 24 Hours first appeared on CryptoGazette - Cryptocurrency News.