An Ethereum (ETH)-based altcoin is in freefall as the largest US-based crypto exchange by volume announces its delisting.
In a new announcement, Coinbase says that it is delisting the cross-chain token trading platform Stargate Finance V1 (STG) starting next week as it has not met 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, around 12:00 PM ET.”
Stablecoin-focused Stargate, which uses a “LayerZero” protocol to quickly facilitate cross-chain token swaps, will soon be updated to its next iteration, 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 support any airdrop of Stargate Finance (V1 or V2). Coinbase will not be facilitating any upgrades from Stargate Finance V1 to Stargate Finance V2 at this time.”
Coinbase updated its listing policy in 2021 to ensure that listed digital assets are safe and comply with all laws. They did not mention which part of the policy Stargate Finance has not complied with.
News of the delisting caused STG to collapse. The digital asset went from a seven-day high of $1.04 to $0.706, a drop of 32%. It has since leveled off and is trading at $0.716 at the time of writing.
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