Stable to launch Phase 2 of pre-deposit campaign next week

Stable, a Layer 1 blockchain focused on stablecoin transactions, announced that it is launching the second phase of its pre-deposit campaign next week.

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.

In an announcement on social media platform X, Stable said that Phase 2, like Phase 1, will have a fixed total deposit cap. Last week, the $825 million cap for Phase 1 was reportedly reached around 22 minutes after Stable announced the opening.

Controversy

Multiple X users alleged front-running in Phase 1, pointing to on-chain data showing that the bulk of deposits originated from a small cluster of large wallets, which transferred funds prior to the official announcement. Crypto community members scrutinized the situation, complaining that it left limited room for retail participation.

Stable's latest post regarding Phase 2 drew negative feedback on X, where community members claimed that the deposit limit would once again be filled by "insiders" who gain knowledge of the campaign launch before the official announcement.

The second phase of the campaign will place a per-wallet deposit limit and individual wallet requirements, which may prevent a few whale wallets from dominating the deposits. 

However, Stable has not directly addressed the Phase 1 controversy or announced any measure to ensure all participants could join fairly and simultaneously when the next phase begins. Stable said in the announcement that it will reveal more details on Phase 2 on X.

The Block has reached out to Stable for further comment.

Stable, backed by Bitfinex and USDT0, is developing a high-throughput network optimized for USDT payments and dApps.