Stargate, a bridge protocol working cross-chain, has integrated with Metis, an L2 ETH scaling service.
This move represents Stargate’s reportedly first expansion on the blockchain since its March 2022 launch was announced by its creator, LayerZero Labs. Stargate’s Metis integration seeks to offer increased flexibility for fund management projects, yield strategies, and treasury, as stated by Stargate.
According to the co-founder and CEO of Metis, Web3 is a way to represent decentralization and community, both of them having to start at an infrastructure level. Metis firmly believes that the partnership with Stargate represents a big step forwards in removing the obstacles keeping blockchains separate and introducing a more multi-chain, decentralized economy.
In March 2022, Stargate was launched on Avalanche, BNB Chain, Arbitrum, Fantom, Optimism, Polygon, and Ethereum. The launch followed closely on Stargate’s obtaining USD 25 million from its public sale of STG (its domestic stargate coins). In just two weeks since it launched, Stargate managed to secure liquidity worth USD 4 billion, encouraged by 20 to 25 per cent yields. Since then, liquidity dropped to USD 350 million in the context of the crypto winter.
Metis currently has USD 95 million worth of assets, making it the 4th biggest L2 network. Total asset value decreased from a maximum of USD 743 million. The collaboration with Stargate will enable Metis customers to benefit from increased cross-chain efficiency, gaining the ability to grasp DeFi benefits on several chains backed by LayerZero.
