The proposal of Stargate community to hire GSR as a market maker was approved
On February 20, the snapshot page showed that the vote on the proposal of “hiring GSR as the market maker of STG in the centralized exchange” initiated by the Stargate community of the cross-chain bridging agreement had ended and was approved with 98.2% support. According to the proposal, Stargate will provide GSR with 8 million STG European options, on the condition that the average price of STG exceeds $1.15 after 24 months. Stargate said that in order to protect the market, it would not disclose the specific price required.
Interpretation of this information:
On February 20, the Stargate community of the cross-chain bridging agreement successfully approved the proposal of “hiring GSR as the market maker of STG in the centralized exchange” with 98.2% support. As per the proposal, Stargate will provide GSR with 8 million STG European options, which will be valid only if the average price of STG exceeds $1.15 after 24 months. This condition is put into place to protect the market, though the exact requirement has not been disclosed.
The successful vote and the community’s decision to hire a market maker shows Stargate’s willingness to enhance the trading experience and liquidity of STG in a centralized exchange. The support from the majority of the community shows that the proposal aligns with the vision and goals of Stargate, which include growing the value of STG while securing its position in the market. Through this partnership with GSR, Stargate is taking a step to increase visibility and reach. The provision of STG European options ensures that GSR has a stake in the success of STG and would try to grow the market as well.
The proposal is a strategic move for both Stargate and GSR. GSR is not only guaranteed a payment but also has a vested interest in the success of STG. Their involvement as a market maker could lead to increased liquidity, the creation of a healthy market, and the spreading of STG to new traders. As an experienced trading firm, GSR brings much-needed expertise and support to the growth and development of STG. Stargate, on the other hand, ensures that the value and growth of STG are maintained by having a skilled market maker on board.
The three keywords that summarize this content are Stargate, GSR, and European options.
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