Key Takeaways
- •Stable is implementing wallet caps and restrictions in its second pre-deposit campaign phase to encourage broader retail participation.
- •The first phase of the campaign filled its $825 million cap rapidly, leading to concerns about insider and whale dominance.
- •The community is awaiting further details as Stable aims for fairer access, though direct responses to criticism have been limited.
Stable, a Layer 1 blockchain supported by Bitfinex and Tether, is set to launch the second phase of its pre-deposit campaign next week. This campaign allows users to deposit stablecoins, predominantly USDT, in exchange for future rewards tied to Stable’s forthcoming native token and ecosystem incentives.
During the first phase, Stable’s $825 million cap was reached within minutes. This rapid filling prompted complaints regarding the dominance of whales and restricted access for retail investors. On-chain data indicated that a significant portion of the deposits originated from a few large wallets, raising questions about the fairness of the process and the potential for front-running before the official announcement.
Deposit Limits to Address Whale Activity and Foster Decentralization
In response to the criticism, the second phase will introduce per-wallet deposit caps and individual wallet requirements. This revised structure is designed to ensure wider community access and prevent the concentration of deposits among insiders.
Stable has stated that the campaign will feature a 24-hour countdown and a fixed total deposit limit, mirroring the first phase. However, the company has not directly addressed the controversy or provided specific details on how equal access at the launch time will be guaranteed.
Despite the community's concerns, there remains strong demand for Stable’s initiative. This demand is fueled by the project's focus on high-throughput stablecoin payments and its integration with decentralized applications (dApps). The upcoming rollout is considered a critical test of the project's dedication to decentralization and transparency.
Stable plans to share further details regarding Phase 2 through its official X (formerly Twitter) account. The project's ability to successfully execute a fairer campaign could significantly impact market sentiment and long-term trust in its ecosystem.