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Stargate Finance Token Down 8% on Coinbase Delisting

The token underlying cross-chain bridge protocol Stargate Finance (STG) will be delisted by Coinbase (COIN) ahead of the platform's migration to version 2 (v2).

STG is down 7.9% over the past 24 hours, according to Cryptowatch.

In an email to clients, Coinbase said all trading will be suspended on March 14 at 12pm ET. For now, said the email, STG trading has been moved to limit-only mode, which means that users can't market buy or market sell – they can only add orders to the book.

The decision to delist Stargate Finance, which is built by LayerZero Labs, comes one week before the protocol is migrating the token to a new smart contract. Users holding STG in self-custodied wallets will be airdropped an equivalent amount of STGv2 tokens. Coinbase said that it will not airdrop its users the newly-issued token.

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