Stable hits $825 million pre-deposit cap amid 'front-running' allegations
Quick Take Stable announced Thursday that the pre-deposit cap for its Phase 1 campaign has been filled. Using onchain data, crypto community members alleged that the majority of the deposit campaign was already occupied by large wallets before the announcement.
Stable, a Layer 1 blockchain focused on stablecoin transactions, announced that Phase 1 of its campaign reached its $825 million hard cap shortly after opening.
The campaign allows users to deposit stablecoins, primarily USDT, in exchange for future rewards tied to the network’s upcoming native token and ecosystem incentives. Phase 1 attracted contributions from institutional partners, including Frax Finance, Morpho Labs, Pendle, LayerZero, and others.
However, several users of the social media platform X claimed that the majority of deposits were executed by a small group of large wallets. This drew scrutiny from crypto community members, who complained that actual room for retail participation was very little.
Citing onchain data, one crypto researcher claimed that 600 million USDT was already deposited by ten large wallets prior to the announcement of the campaign going live. Another user claimed that one address linked to the BTSE crypto exchange transferred approximately $500 million in USDT, accounting for over 60% of the total.
"Is a public sale really a public sale if you don't tell anyone until its full?" wrote. "The Stable Pre-Deposit was posted as live by stable 1:13 UTC and the last deposit was 1:14 UTC. On the other hand the first deposit was 00:48 UTC."
The Block has reached out to Stable for comment.
Stable, backed by Bitfinex and USDT0, is developing a high-throughput network optimized for USDT payments and dApps. Following today's announcement, Phase 2 of the campaign is expected to follow, though no timeline has been provided.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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