Stable opened pre-deposits with a hard cap of $825 million "sold out in seconds": Large Investors monopolize over 60% share, retail investors are complaining.

The Layer 1 Blockchain Stable, focused on stablecoin trading, announced on Thursday that its first phase pre-deposit activity's hard cap of $825 million was reached instantly after opening. Although the activity attracted participation from institutions such as Frax Finance and Morpho Labs, members of the encryption community cited on-chain data, accusing the vast majority of shares being held by a few Whale addresses. Some social media users claimed that before the official announcement went live, $600 million USDT had already been deposited by ten large Wallets, with one Address related to a mainstream CEX even transferring about $500 million USDT, accounting for more than 60% of the total, raising strong concerns about the retail investor's fair participation.

Stable Pre-deposit Activity: $825 Million Hard Cap was “Instantly Sold Out”

Stable, as a Layer 1 Blockchain supported by CEX and USDT0, focuses on optimizing high-throughput networks for USDT payments and DApps. Its first phase of the deposit activity aims to exchange stablecoin deposits (mainly USDT) for rewards in the future native tokens of the network, with a hard cap set at 825 million USD.

The platform announced that the pre-deposit activity for the first phase quickly reached a hard cap of 825 million USD shortly after its opening. The rapid completion of the activity demonstrates the market's high interest in stablecoin projects and their potential ecological incentives.

This event successfully attracted participation from well-known institutional partners and DeFi protocols such as Frax Finance, Morpho Labs, Pendle, and LayerZero, laying a foundation for the future ecological development of the project.

On-chain Data Exposure: Whale Addresses Preemptively Occupy the Vast Majority of Shares

However, shortly after the event ended, the crypto community raised doubts on the social media platform X, accusing the event of serious issues regarding fairness and transparency.

Cryptocurrency researcher @0xastronomica cited on-chain data claiming that before Stable officially announced the start of the event, 10 large wallet addresses had deposited as much as 600 million USDT. This means that the vast majority of the deposit shares had already been locked in by whales.

Another X user @emmettgallic provided more specific allegations: an address associated with a mainstream CEX transferred about 500 million USDT, accounting for more than 60% of the total deposits. The user questioned, “If you don’t inform anyone before it's fully booked, is this still considered a public sale?” and pointed out that the official announcement stated the event would go live at 1:13 UTC, but the first deposit occurred as early as 00:48 UTC.

Community Questioning: Retail Investor Participation Space is Compressed

The revelation of on-chain data has sparked dissatisfaction and protests among community members regarding the serious compression of opportunities for retail investors to participate.

Users complain that the actual retail participation space in the prepaid deposit activities is very small, and the activities are almost over before the public is aware of them. This information asymmetry and privileged access contradict the decentralized spirit and fairness advocated by Web3.

The Stable platform has not yet commented on these on-chain data allegations. However, the phenomenon of such whales and institutions deploying in advance during public activities is not an isolated case, reflecting the inevitable centralization tendency of high-value encryption projects in their early stages.

Future Outlook: Phase Two Activities and Project Compliance Challenges

Although the first phase of the activities is fully booked, Stable is expected to launch the second phase of the pre-deposit activities soon, but the specific schedule has not yet been announced.

In the context of facing a community trust crisis, Stable must pay more attention to transparency and equitable participation when planning its second phase of activities to regain the confidence of retail investors. Balancing the rapid support of institutional funds with fair participation from the community is a compliance and ethical challenge that all emerging Layer 1 projects must confront.

Conclusion

The instantaneous full capacity of the Stable pre-deposit activity reflects the market's optimism towards its high-throughput stablecoin network, but the on-chain data revealing Whale monopoly and early deposits undoubtedly casts a shadow on the project's decentralized reputation. Over 60% of the share is occupied by a few Addresses, directly impacting the principle of fair participation for retail investors. This incident serves as a reminder to the crypto community and project parties that while pursuing institutional capital, they must maintain their commitment to the core values of Web3—transparency and fairness; otherwise, they will face a crisis of community trust.

Disclaimer: This article is for news information only and does not constitute any investment advice. The cryptocurrency market is highly volatile, and investors should make decisions cautiously.