The Stargate Finance team has shared that Stargate faces a significant threat to its POL and token holders because of potential security issues within Alameda Research (Alameda). As a result, Stargate will reissue STG on 15 March 2023 via a contract swap, so the current STG will no longer power Stargate. As described in the token migration post linked above, STG will undergo a token migration on March 15th. Tokens deposited in Curve pools will become worthless post-migration, so LPs in these pools must withdraw their tokens before the migration on March 15th.
The following proposal by WormholeOracle addresses the killing of the existing STG/USDC and STG/FRAXBP gauges.
This proposal seeks to add the gauges for the reissued STG/USDC and STG/FRAXBP curve pools to the gauge controller.
- Website: https://stargate.finance/
- Documentation: Introduction - Stargate
- Github Page: Stargate · GitHub
- Twitter: https://twitter.com/StargateFinance
Stargate is a community-driven organization building the first fully composable native asset bridge, and the first dApp built on LayerZero.
Stargate’s vision is to make cross-chain liquidity transfer a seamless, single transaction process.
Describe the proposed asset(s)
STG is the governance token of Stargate Finance that is tradeable on Curve and other trading venues. FBP is a basepool of FRAX and USDC on Curve.
Stargate Finance has gauges on its existing STG/USDC and STG/FRAXBP pools. As Stargate will be migrating token contract, Stargate is proposing for the gauges for the reissued STG/USDC and STG/FRAXBP curve pools to be added to the gauge controller. This will allow for STG liquidity to continue to be bootstrapped on Curve.
Stargate DAO is currently using snapshot for Governance: Snapshot
Multisigs employed by Stargate DAO can be found here
No oracles used
Audit Reports can be found here
No centralization vector
New STG-USDC and STG-FRAXBP pools have recently been launched and have yet to be seeded