Stable Phase 2 pre-deposit will be available next week! The first phase of 825 million deposits was sold out in 22 minutes, sparking controversy.

Stable will launch the second phase of its pre-deposit event next week. This Layer 1 blockchain focused on stablecoin trading allows users to deposit stablecoins in exchange for its native Token and ecosystem incentives related to rewards. Stable refers to the second phase as being the same as the first phase, with a fixed total deposit cap. The first phase's deposit cap of $825 million was reached in about 22 minutes after opening, but it sparked front running controversy.

Stable Phase 1 22 Minutes Flash Sale Ignites Controversy

(Source: X)

According to reports, the first phase deposit limit of $825 million was reached in about 22 minutes after Stable announced its opening. This astonishing speed demonstrates the strong interest in Stable's pre-deposit activities in the market, but it also exposes serious issues with the design of the activity. Completing $825 million in deposits within 22 minutes means that more than $37.5 million was flowing in on average per minute, a speed far exceeding the reaction capability of normal retail investors.

Multiple X users accused the first phase of front running behavior and pointed out that on-chain data shows that most of the deposit funds come from a small number of large wallets, which had already transferred funds before the official announcement was made. The transparency of the blockchain makes such front running behavior impossible to hide, as anyone can query the transaction history and timestamps of wallet addresses. Several blockchain analysts shared on-chain evidence on X, showing that certain large wallets began preparing funds hours or even days before the official announcement was released.

Members of the cryptocurrency community have reviewed this situation and complained that it restricts the participation of retail investors. Under Stable's announcement post, there are numerous negative comments from users. Many retail investors stated that they immediately tried to participate after seeing the announcement but found that the deposit limit had already been reached. This experience made them feel excluded and questioned whether Stable is truly committed to building a fair, community-driven ecosystem.

Stable's latest post regarding the second phase has drawn negative feedback on X, with community members claiming that the deposit limits will once again be filled by “insiders” who are aware of the activation of the event before the official announcement is made. This questioning of the project's fairness could damage Stable's long-term reputation. In the cryptocurrency industry, community trust is a key foundation for a project's success; once community trust is lost, it is difficult to achieve widespread adoption, no matter how good the technology is.

First Stage Controversy Focus:

Lightning Speed: $825 million cap reached within 22 minutes

Front running allegations: The large wallet has prepared funds before the official announcement.

Capital Concentration: Most deposits come from a small number of large wallets.

Retail Investors Complain: Ordinary users cannot participate fairly.

Transparency Concerns: Who was informed in advance about the event launch information?

Stable Phase Two Reform Measures and Equity Concerns

The second phase of the event will set deposit limits for each wallet and personal wallet requirements, which may prevent a few whale wallets from monopolizing deposits. This reform measure shows that the Stable team has listened to community feedback and is attempting to improve fairness in the second phase. The deposit limits for each wallet mean that even large holders cannot occupy too much share alone, giving retail investors more opportunities to participate. Personal wallet requirements may involve KYC verification or other identity confirmation mechanisms to prevent users from creating multiple wallets to circumvent the limits.

However, Stable did not directly respond to the controversy of the first phase, nor did it announce any measures to ensure that all participants could fairly and synchronously join at the start of the next phase. This evasive attitude has led to more dissatisfaction within the community. Many users expect Stable to publicly investigate the front running allegations from the first phase, release detailed deposit data analysis, and take punitive actions against any misconduct. Without these transparency measures, the community remains skeptical about the fairness of the second phase.

Stable announced that it will reveal more details of the second phase on platform X. This progressive information disclosure strategy may be aimed at maintaining market attention, but it could also exacerbate the community's distrust. Users want to see a clear start time, detailed rule explanations, and fairness guarantees, rather than vague “next week” and “more details to be announced soon.”

From the perspective of project operation, the design of the pre-deposit activity needs to balance multiple objectives: attracting sufficient funds, ensuring broad participation, preventing manipulative behavior, and maintaining community trust. The first phase of Stable was very successful in attracting funds (825 million USD), but there are evidently issues with the other three objectives. Whether the second phase can improve this situation will be key to testing the team's sincerity and capability.

The Block has reached out to Stable for further comments, but has yet to receive a response as of the time of publication. This silence could further damage Stable's reputation, as timely and transparent communication is crucial in the face of serious fairness accusations.

The Technical Vision Endorsed by Bitfinex and USDT0

Stable is supported by Bitfinex and USDT0, and is developing a high-throughput network optimized for USDT payments and dApps. Bitfinex is one of the oldest cryptocurrency exchanges in the world, established in 2012, holding an important position in the industry. USDT0 is a cross-chain stablecoin protocol launched by Tether, which has processed over $25 billion in bridging transaction volume across 12 chains since its launch. This backing provides Stable with technical credibility and financial support.

Stable's technical positioning focuses on a Layer 1 Blockchain dedicated to stablecoin trading. Currently, most blockchains are general-purpose platforms attempting to support various application scenarios, while Stable chooses to concentrate on the vertical field of stablecoins. This specialization strategy has its logic: stablecoins are the most frequently used assets in the cryptocurrency market, with a total market value exceeding 200 billion USD and daily trading volumes in the tens of billions USD. A blockchain optimized for stablecoin trading can provide lower fees, faster confirmation speeds, and a better user experience.

The optimization for USDT payments and dApps means that Stable will deeply integrate Tether's USDT, which is the world's largest stablecoin. The collaboration with USDT0 allows Stable to directly tap into the vast liquidity pool of USDT, providing immediate payment infrastructure for its ecosystem. A high-throughput network is a prerequisite for supporting large-scale payment applications, and Stable needs to achieve performance of thousands or even tens of thousands of transactions per second to compete with traditional payment networks like Visa.

However, the realization of the technological vision needs to be built on the foundation of community trust. The controversy surrounding the deposit activity shows that there are significant shortcomings in Stable's community management and activity design. Even with advanced technology, if community support is lost, the project will struggle to succeed. The second phase of the deposit activity next week will be a key opportunity for Stable to rebuild trust.