Stable has announced that Phase 1 of its pre-deposit campaign successfully reached its $825 million cap. The campaign, supported by partners including Frax Finance, Morpho Labs, and LayerZero, was designed to bootstrap liquidity and community involvement ahead of its official launch.

However, the milestone was quickly met with controversy. On-chain analysts and community members alleged that the cap was hit largely due to 'front-running' by a small number of large wallets. Reports indicate that a single wallet may have deposited as much as $500 million, with other data suggesting ten wallets accounted for $600 million in deposits before the campaign was widely publicized.

This development has ignited a debate around the fairness and transparency of token launches and DeFi campaigns. While the high deposit volume signals strong initial interest from capital-rich players, it also raises concerns that such events may be inaccessible to the broader community, favoring insiders and whales. The situation highlights an ongoing challenge in the ecosystem: balancing high-impact launches with principles of equitable participation.