Stable, the blockchain platform supported by Tether and Bitfinex, has shared details of its new STABLE token ahead of its mainnet launch on December 8.
The token is designed to help run the network safely and allow holders to vote on important decisions, but it will not be used to pay for everyday transactions. All transactions on the network will continue to be settled in USDT.
“STABLE exists to secure the consensus mechanism through meaningful economic stake, coordinate governance and protocol upgrades, and support ecosystem incentives and long-term sustainability,” the project said in an announcement.
STABLE token powers governance and security
The network uses a delegated proof-of-stake mechanism called StableBFT. This is a type of delegated proof-of-stake, where those who hold STABLE tokens can give their tokens to validators, who help run the network. Token holders can also vote on updates to the system and decide how community funds are used.
STABLE has a fixed supply of 100 billion tokens. Of this, 40% will go to developer grants, ecosystem projects, and community incentives, 25% to the team, 25% to early investors, and 10% for initial liquidity and community engagement. The team and investor allocations follow a one-year cliff and four-year vesting schedule.
$1.1B raised through pre-deposit campaigns
Before the mainnet launch, Stable ran two pre-deposit campaigns to allow users to deposit stablecoins in exchange for future rewards. Together, the campaigns raised over $1.1 billion from more than 10,000 wallets.
Phase two added limits on how much each wallet could deposit and required verification to prevent a few big wallets from controlling most of the deposits.
Staking rewards on the network are based on a share of fees collected in USDT. This lets delegators earn rewards while keeping transaction costs predictable.
Stable is now preparing for the mainnet launch by onboarding validators and adding developer tools. Governance for token holders will start in phases to ensure smooth operation from day one.
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