1. PixelPlaygroundHome
  2. Web3 News

Bitfinex Halts STG Contract Conversion Due to Foundation’s Proposal

• Web3 News • 106 views

Bitfinex Halts STG Contract Conversion Due to Foundations Proposal

According to the official announcement, Bitfinex previously announced its support for the contract conversion of Stargate Finance (STG), which is expected to take place on March 15. Therefore, STG token recharge and withdrawal will be suspended on March 13. However, after the initial announcement, the Stargate Foundation proposed a new proposal to cancel the reissue of any STG, which was unanimously approved after a vote. Therefore, the STG contract with the contract address on the Ethereum network remains unchanged.

Bitfinex has resumed Stargate Finance (STG) recharge and withdrawal

Analysis based on this information:


Bitfinex, a popular cryptocurrency exchange, has announced that it plans to put on hold its support for the contract conversion of Stargate Finance (STG). The move is expected to take place on March 15, and as a result, STG token recharge and withdrawal will be suspended on March 13. However, after the initial announcement, the Stargate Foundation proposed a proposition to abolish the reissue of any STG, which was unanimously approved after a vote. Therefore, the STG contract with the contract address on the Ethereum network remains unchanged.

The message implies that STG users who have deposited their tokens on Bitfinex will be unable to access their funds during the suspension. The exchange has taken this step to effectively carry out the STG contract conversion in compliance with the changes made by the Stargate Foundation. The suspension is essential to ensure that users cannot deposit or withdraw STG during the conversion period as part of the upgrade process.

It is clear from the message that the Stargate Foundation has taken the precautionary measure of cancelling the reissue of any STG in response to Bitfinex’s support for the contract conversion. The Foundation’s measures have helped to avoid future disputes or drawbacks during the token conversion. The unanimous approval of the proposal could be seen as a sign of significant collaboration between the two organizations.

The message fully explains that Bitfinex has halted its support for the conversion process until further notice due to the Foundation’s new proposal. This means that STG deposits and withdrawals on Bitfinex will not be available in the short term to enable the exchange to implement the new development accurately. The message is a reminder to STG users that the contract conversion has been put on hold due to an overwhelmingly positive response from the Foundation.

In conclusion, the message presents a clear and concise picture of the developments regarding the contract conversion of STG. It shows that the Stargate Foundation’s proposal to stop any STG reissues has been approved, and Bitfinex has put its support on hold. The updates are expected to prevent any future disagreements, and users can look forward to the resumption of STG transactions soon.

This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/6731/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

Like (0)
Previous 03/16/2023 06:27
Next 03/16/2023 06:36

Recommended articles