An under-the-radar cross-chain token trading platform based on Ethereum (ETH) has emerged as a new frontrunner in the decentralized app (DApp) space, according to blockchain intelligence platform DappRadar.
In a new monthly report, DappRadar indicates Stargate Finance (STG) has shot to the top of the charts in terms of the number of unique active wallets (UAW) interacting with its protocol.
Stargate registered 2.04 million UAWs in May, a number DappRadar refers to as “staggering.”
“This represents an impressive 40% increase from the previous month, a substantial achievement, especially considering the DApp only gained significant traction in the last two months. Surpassing the once dominant PancakeSwap, Stargate Finance marks its territory in the ever-expanding DApp landscape, becoming the preferred DeFi (decentralized finance) choice in Ethereum scaling solutions.”
Stargate’s 2.04 million UAW figure nearly doubles the 1.03 million registered by the decentralized crypto exchange Uniswap (UNI). The cross-chain token trading platform also reached $10 billion in lifetime volume in late May.
In March, top US crypto exchange Coinbase delisted Stargate Finance for failing to live up to listing standards.
STG, the project’s native token, is trading at $0.687 at time of writing. The 217th-ranked crypto asset by market cap is up more than 2.5% in the past 24 hours but remains down over 83% from its all-time high of $4.14, which it registered in April 2022.
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