Stable $825 million pre-deposit sold out in seconds, did the Whale get on board with $700 million before the official announcement?

Original Title: “Stable's First Round of $825 Million Pre-deposit Sold Out in Seconds, Release $700 Million First Before Sending a Tweet?”

Original author: Asher

Original source:

Reprint: Mars Finance

The project Stable, which has been widely discussed in the community recently, announced this morning on platform X that the first phase of its deposit activity has reached the limit of 825 million USD.

“What? I just turned on the notification bell, and as soon as I opened the page, there were no funds left?” — This is the true reflection of many users who tried to participate at the first moment this morning. Below, Odaily Planet Daily takes you through the Stable project and reviews the entire process of “$825 million in pre-deposits disappearing in seconds” this morning.

Stable: A Layer 1 public blockchain designed specifically for USDT

Stable is a high-performance Layer 1 public chain specifically designed for USDT, aimed at providing a fast, low-cost, and low-latency stablecoin trading network. Unlike general-purpose public chains, Stable focuses on the payment and settlement functions of USDT, hoping to provide a cash-like user experience for USDT on the chain, suitable for scenarios such as cross-border payments, e-commerce payments, and corporate clearing.

In terms of technical design, Stable adopts an independent public chain architecture, supporting EVM compatibility and sub-second transaction confirmations. It also plans to launch a gas-free USDT0 transfer mode and provide dedicated block space and compliance privacy transaction support for institutions. These features aim to lower the barriers for enterprises and end-users to use blockchain payments and enhance the efficiency of stablecoin transactions. Currently, the core technical framework of the project has been basically completed, but the launch dates for the testnet and mainnet have yet to be announced.

It is worth mentioning that Stable has received investments from well-known institutions including Bitfinex, Hack VC, and Franklin Templeton, and has obtained official endorsement from Tether. Tether CEO Paolo Ardoino has also publicly supported the project. These funds are primarily used for building network infrastructure and expanding the global USDT payment ecosystem.

The Stable deposit activity is under scrutiny.

The first phase of the Stable USDT pre-deposit event sparked huge controversy after its launch, with many community users questioning the existence of serious “insider trading” operations. According to the official timeline, Stable officially announced the opening of the pre-deposit at 9:10 AM Beijing time, but on-chain data shows that funds were already deposited as early as 8:48, which is clearly inconsistent with the official timing.

Multiple addresses with large funds participated before the official announcement of the deposit activity.

On-chain data shows that the $825 million pre-deposit quota had already been “reserved” for $700 million before the public announcement. Among them, 10 whale addresses collectively deposited about $600 million USDT, and all funds came from the same wallet address, which was split and filled the quota within 10 seconds. Further analysis revealed that these funds were all withdrawn from BTSE CEX and then distributed into different wallets for pre-deposit, suspected to be operated by the same capital group. In addition, the funds in these addresses had already been prepared and arranged several hours before the activity started, further provoking dissatisfaction in the community.

Before the deposit activity, a total of 600 million USDT was deposited by 10 whale addresses with the same source of funds.

Relatively speaking, ordinary users have almost no participation space. A large number of users reported that after entering the official website for the first time, either the authorization failed or the transaction could not be packaged for a long time. By the time they saw the official tweet, the page only had 0.13 USDT left to deposit. It seemed that there was still a small amount available, but in reality, retail investors could hardly participate.

Community feedback: After the official announcement on Twitter, there was only 0.13 USDT left to deposit on the deposit page at the first moment.

According to Dune data, the total pre-deposit activity amounting to $825 million only had 273 addresses participating, with the participation rate of ordinary users being almost negligible. More notably, among all participating addresses, nearly 40 addresses had deposit amounts below 500 USDT, with extremely small deposits even appearing at 1 USDT, 3 USDT, 5 USDT, or dozens of USDT. The community sarcastically claims that these small addresses are merely props to inflate the numbers, lacking any real sense of participation.

Overall, the first phase of the Stable pre-deposit activity of 825 million USD quickly reached its full amount, but the community sentiment is very negative, described as “epic insider trading” and “pre-arranged presale.”

Summary

“Criticism aside, profits still need to be made.” Although the pre-deposit activity of Stable's first phase has been controversial due to serious “insider trading” issues, considering the backing from Tether and support from top-tier capital, the project still possesses strong market influence and ongoing tracking value.

The next thing worth paying attention to is the pre-deposit activities related to centralized exchanges, particularly whether Binance will launch any stable deposit or participate in activities. Previously, Binance had launched a Plasma (XPL) deposit activity, with the initial individual deposit limit reaching up to $100,000, and subsequent batches could also deposit up to $50,000. Since it involves depositing stablecoins, there is no principal loss, and the annualized returns from selling the earnings immediately after XPL went live reached as high as 79%, making it one of the projects with the highest yield on CEX this year.

From this perspective, Stable remains a high-priority focus project. On-chain activities may have already been consumed by large funds, but the CEX phase may be the participation window suitable for ordinary retail investors.