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.
You may also like
Stellar News Today: Crypto Presales Ignite 100x Buzz While MoonBull Climbs, TON and XLM Falter
- MoonBull (MOONBULL) surges to $550K in presale, seen as potential 100x play by 2025, driven by DeFi and AI analytics. - Toncoin (TON) and Stellar (XLM) decline amid skepticism toward centralized ecosystems and stagnant utility differentiation. - BlockDAG raises $435M via DAG architecture to challenge Layer 1 scalability, while stablecoins reshape monetary policy frameworks. - Presale projects like MoonBull and LivLive attract speculative capital, signaling investor shift toward innovation over establishe
Astar 2.0: Leading the Way in Blockchain Expansion and Revolutionizing DeFi Development
- Astar 2.0 introduces Astar Link, a hybrid chain architecture enabling EVM and Substrate interoperability to boost DeFi scalability. - Partnerships with Soneium and Chainlink CCIP achieve 150,000+ TPS, while cross-chain liquidity bridges Polkadot , Ethereum , and Superchain ecosystems. - Enterprise collaborations with Sony , Toyota , and AI-driven RWA integrations expand DeFi into automotive and entertainment sectors. - Staking 2.0 and revised tokenomics optimize developer incentives and user participatio
Bitcoin News Today: "Massive $8.9M WBTC Sell-Off by Whale Exposes Leverage Risks in Crypto's Unstable New Age"
- A crypto whale sold $8.9M in WBTC on Nov 5, 2025, amid market turbulence and leveraged position liquidations. - The sale followed a 14-year BTC accumulation strategy, highlighting Bitcoin's 100x price surge from $1.54 to $100K+. - Leveraged WBTC longs faced $31.47M liquidation as BTC dipped below $101K, exposing fragility of leveraged bets. - A whale averted liquidation by selling 465.4 WBTC/2,686 ETH to repay $56.52M debts during sharp price swings. - BTC's 15% 30-day decline raises sustainability conce
Astar (ASTR) Price Rally: On-Chain Growth and Key Ecosystem Alliances Fuel Sustainable Value
- Astar (ASTR) rose 1.95% in 24 hours, driven by cross-chain interoperability boosting active addresses by 20% in Q3 2025. - Strategic partnerships with Animoca Brands and Sony Soneium aim to bridge Web2 users to Web3 via anime IP and decentralized identity projects. - Whale accumulation of $3.16M ASTR and rising OBV/A/D indicators signal strong institutional confidence in long-term value. - Challenges persist: DeFi TVL dropped $11.96B, ASTR's $5.6M 24h volume highlights liquidity risks amid ecosystem grow
Trending news
MoreCrypto prices
More
