“A project that’s a little too selective? On October 21, the Stable project, which specializes in stablecoins and was introduced last July, announced the launch of the first stage of its pre-deposit program. In practice, this stage was intended to distribute 10% of the reward for deposits to strategic partners. However, some members of the community have drawn attention to the potential fairness issue in […]”, — write: businessua.com.ua
A project that’s a little too selective? October 21 the Stable project, which specializes in stablecoins and was introduced last July, announced the launch of the first stage of its pre-deposit program. In practice, this stage was intended to distribute 10% of the reward for deposits to strategic partners. However, some members of the community pointed out a potential fairness issue in the distribution of deposits.
Key points of this article:
- The Stable company has started the first stage of its pre-submission campaign, reaching the hard limit of $825 million in one day.
- A campaign integrity scandal erupted as $600 million was contributed by only ten major wallets.
Stable: A new blockchain dedicated to stablecoins Stable is a Tier 1 blockchain project that aims to optimization of stablecoin transactions and decentralized applications (dApps). Supported by scales such as Bitfinex and Tether Stable positions itself as a high-speed USDT payment solution.
October 21 Stable launched the first stage of its pre-deposit campaign quickly reaching the limit in 825 million dollars . This campaign allows users to deposit stablecoins, mostly USDT, in exchange for futures rewards, linked to the network’s own token and ecosystem incentives.
This first stage attracted contributions from institutional partners such as Frax Finance , Morpho Labs , Pendle and LayerZero among others.
New stablecoin project Stable announces completion of first round of deposits – Source: Account X
A whale-themed campaign? However, the campaign did not go without disputes . Sprat users of social platform X claimed that most deposits was done a small group big wallets
According to blockchain data collected and shared by Internet users, 600 million US dollars was deposited ten main wallets even before the official announcement of the campaign. For example, an address associated with cryptocurrency exchange BTSE reportedly listed approx 500 million US dollars which is more than 60% of the total amount.
Faced with these revelations many members of the community questioned justice campaign, arguing that the scope for the participation of the general public was very limited .
After this first phase, Stable plans to launch a second one, although there are no concrete timelines yet. As such, this next step could offer more opportunities for individual investors to participate in the project. Meanwhile, stablecoins continue to expand in the financial world, and industry giant Tether boasts half a billion users.
Source: journalducoin.com
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