Stable has triumphantly hit its $825 million pre-deposit cap for Phase 1, showcasing explosive demand for its stablecoin focused Layer 1 network. It is truly a victory for blockchain innovation.
The blockchain provider announced that the hard cap was filled almost instantly after the launch. Participants predominantly deposited USDT in anticipation of lucrative rewards linked to their forthcoming native token and ecosystem perks.
This triumphant surge drew heavy hitters like Frax Finance, Morpho Labs, Pendle, and LayerZero, highlighting institutional confidence in their vision.
Allegations against Stable despite the Deposit cap
However, the celebration also sparked intrigue amid allegations of front-running. Crypto sleuths on X dissected onchain data, claiming large wallets dominated deposits before the official go-live.
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Meanwhile, researcher @0xastronomica pointed out that ten whale addresses allegedly poured in $600 million USDT pre-announcement, leaving slim pickings for retail enthusiasts.
These insights amplified community chatter, but Stable’s rapid cap fill remains a testament to its appeal. Even amidst the chaos, excitement keeps building for Phase 2, with no timeline yet but high expectations.
