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Stable, a Layer 1 blockchain supported by Bitfinex and Tether, is set for its mainnet launch on December 8th. It is designed with a focus on stablecoin infrastructure, using USDT as the native gas token to enable sub-second settlements and feeless peer-to-peer transfers. The native token, STABLE, has a fixed supply of 100 billion and is not used for gas fees but for governance, staking, and ecosystem incentives.

Token allocation includes 10% for Genesis Distribution (fully unlocked at launch), 40% for ecosystem and community growth, and 25% each for the team and investors (with a 1-year cliff and linear release). The network uses a DPoS consensus model where users stake STABLE to participate in validation and governance.

Prior to launch, Stable conducted two pre-deposit phases, which saw massive demand and technical issues, raising concerns over fairness and KYC delays. The project raised $28 million in seed funding at a $300 million valuation.

Market expectations are mixed. Pre-launch perpetual trading suggests an FDV around $3 billion, while prediction markets indicate an 85% probability of FDV exceeding $2 billion post-launch. Pre-depositors may see returns between 7% to 16.9% based on current estimates. Exchanges like Bitget and Bybit have announced support, but major platforms like Binance and Coinbase have not.

<html><head></head><body><p>At 21:00 Beijing time on December 8, the Stable mainnet will officially launch. Stable, a Layer 1 blockchain supported by Bitfinex and Tether, focuses on stablecoin infrastructure. Its core design involves using USDT as the native gas fee, achieving sub-second settlement and gas-free peer-to-peer transfers. As of the time of writing, including Bitget, Backpack, and Bybit have announced they will list STABLE spot trading. Additionally, Binance, Coinbase, and Korean exchanges have not yet announced listings for STABLE spot trading.</p>
<h1>Total Supply of 100 Billion, Token Not Used for Gas Fees</h1>
<p>The project team has released the whitepaper and tokenomics details before the mainnet launch. Its native token, STABLE, has a total fixed supply of 100 billion tokens. Transfers, payments, and transactions on the Stable network are settled in USDT. STABLE is not used for gas fees but is instead used to coordinate incentive mechanisms between developers and ecosystem participants. The STABLE token allocation is as follows: Genesis Distribution accounts for 10% of the total supply, supporting initial liquidity, community activation, ecosystem activities, and strategic distribution efforts at launch. The genesis distribution portion will be fully unlocked at the mainnet launch.</p>
<p>The Ecosystem & Community fund accounts for 40% of the total supply, allocated to developer grants, liquidity programs, partnerships, community initiatives, and ecosystem growth; the Team allocation accounts for 25% of the total supply, allocated to the founding team, engineers, researchers, and contributors; Investors & Advisors account for 25% of the total supply, allocated to strategic investors and advisors supporting network development, infrastructure construction, and promotion.</p>
<p><div><img style="max-width:100%;overflow:hidden;" src="https://d1x7dwosqaosdj.cloudfront.net/images/2025-12/63da13d5118940afafb88d0f666aff6b.png" alt=""></div></p>
<p>Team and investor allocations are subject to a one-year cliff, meaning zero unlocking for the first 12 months, followed by linear vesting. The Ecosystem & Community fund allocation is 8% unlocked at launch, with the remaining portion vested linearly to incentivize developers, partners, and user growth.</p>
<p>Stable utilizes a DPoS (Delegated Proof-of-Stake) model through its StableBFT consensus protocol. This design supports high-throughput settlement while maintaining the economic security required for a global payment network. Staking STABLE tokens is the mechanism for validators and delegators to participate in consensus and earn rewards. The primary roles of the STABLE token are governance and staking: holders can stake tokens to become validators, participate in network security maintenance, and vote in DAO governance to influence protocol upgrades, such as adjusting fee rates or introducing new stablecoin support.</p>
<p>Additionally, STABLE can be used for ecosystem incentives, such as liquidity mining or cross-chain bridging rewards. The project claims that this separated design can attract institutional capital because USDT's stability is much higher than that of volatile governance tokens.</p>
<h1>Pre-deposit Controversy: Front-running, KYC Delays</h1>
<p>Like Plasma, Stable also opened two deposit periods before the mainnet launch. The first phase of pre-deposits started in late October with an upper limit of $825 million, which was filled within minutes of the announcement. The community questioned potential front-running by some players. The top-ranked wallet deposited hundreds of millions of USDT 23 minutes before the deposit window opened.</p>
<p>The project team did not directly respond and opened a second pre-deposit event on November 6 with an upper limit of $500 million.</p>
<p>However, Stable underestimated the market's enthusiasm for deposits. The moment the second phase opened, massive traffic surge caused its website to slow down and become unresponsive. Consequently, Stable updated the rules, allowing users to deposit via the Hourglass frontend or directly on-chain; the deposit function was reopened for 24 hours, with a maximum of $1 million per wallet and a minimum deposit amount still set at $1,000.</p>
<p><div><img style="max-width:100%;overflow:hidden;" src="https://d1x7dwosqaosdj.cloudfront.net/images/2025-12/d5345f8c866f424280cae3e2fbf7a88e.png" alt=""></div></p>
<p>Ultimately, the total deposits in the second phase reached approximately $1.8 billion, with about 26,000 wallets participating.</p>
<p>The review time ranged from a few days to a week, with some users in the community complaining about system lag or repeated requests for additional materials.</p>
<h1>Over 85% Probability of $2 Billion FDV</h1>
<p>In late July this year, Stable announced the completion of a $28 million seed round led by Bitfinex and Hack VC, bringing its market valuation to around $300 million.</p>
<p>For comparison, Plasma's current market cap is $330 million, with an FDV of $1.675 billion.</p>
<p>Some optimists believe that the stablecoin narrative, Bitfinex's backing, and Plasma's initial price surge followed by a drop might indicate there is still some hype and potential for price appreciation in the near term. However, pessimistic voices are stronger: since gas is not paid in STABLE, its utility is limited, especially as the market has entered a bear cycle and liquidity has become tight, its token value may decline rapidly.</p>
<p>Current Polymarket data shows that the market is betting with an 85% probability that its FDV will exceed $2 billion the day after launch. Calculating conservatively at $2 billion, the STABLE token price would correspond to $0.02.</p>
<p><div><img style="max-width:100%;overflow:hidden;" src="https://d1x7dwosqaosdj.cloudfront.net/images/2025-12/849f0a9863e14c1f886e07b495335589.png" alt=""></div></p>
<p>In the perpetual futures market, according to Bitget行情 data, STABLE/USDT is currently quoted at $0.032, implying an anticipated FDV rising to around $3 billion.</p>
<p>Stable's first pre-deposit phase reached $825 million, and the second phase actually contributed over $1.1 billion, but after proportional allocation, only $500 million was actually pooled. The total pre-deposit size is $1.325 billion. The tokenomics disclose an initial allocation of 10% (for pre-deposit incentive rewards, exchange campaigns, initial on-chain liquidity, etc.). Assuming Stable ultimately airdrops 3%-7% of the supply to pre-depositors, and based on the pre-listing price of $0.032, the corresponding returns would be approximately 7% to 16.9%, meaning every $10,000 deposit corresponds to $700 to $1,690.</p></body></html>

Stable TGE Tonight, Will the Market Still Buy into the Stablecoin Public Chain Narrative?

marsbit

Zama, a fully homomorphic encryption (FHE) network that has raised $130 million, is conducting a sealed-bid Dutch auction for 10% of its ZAMA token supply. The auction, running from January 12–15, uses FHE to keep bids confidential, ensuring fairness with no front-running, bots, or gas wars. Participants convert stablecoins into encrypted assets before bidding. The clearing price is determined by accumulating demand from highest to lowest bids; those who bid above it get full allocation with refunds, those at the price get pro-rata shares, and those below are refunded. All purchased tokens are fully unlocked at claim. Zama’s mainnet is expected by year-end. The article also highlights ongoing guild tasks for community engagement before the token generation event.

<html><head></head><body><p><em>Original | Odaily Planet Daily (</em><em>@OdailyChina</em><em>)</em></p><p><em>Author | Asher (</em><em>@Asher_ 0210</em><em>)</em><div><img style="max-width:100%;overflow:hidden;" src="https://d1x7dwosqaosdj.cloudfront.net/images/2025-12/d23e60a6be6a4ca8bc38b1da33d1781d.png" alt=""></div></p><p>On December 1, Zama, a fully homomorphic encryption network that has raised a total of $130 million, announced on X that it will sell 10% of the total ZAMA token supply through a sealed-bid Dutch auction, using fully homomorphic encryption (FHE) to keep bids confidential. Additionally, the Zama mainnet is expected to launch before the end of the year.</p><p><strong>Zama is arguably one of the most discussed projects in the community for its upcoming TGE. Below, Odaily Planet Daily will break down the Zama project, the sealed-bid Dutch auction, and the final interaction opportunities before the token generation event.</strong></p><h2>Project Overview</h2><p>Zama is a company specializing in fully homomorphic encryption (FHE) technology, one of the most cutting-edge innovations in the field of privacy computing. Simply put, it allows computations to be performed directly on encrypted data without decryption. Zama's mission is to build efficient and user-friendly FHE tools to promote the widespread adoption of this technology in Web3 and beyond. Zama's core team was co-founded by Rand Hindi and Pascal Paillier:</p><ul><li>Rand Hindi learned to program at age 10, created a social website that went viral in France at 14, holds a PhD in Computer Science and Bioinformatics from University College London, and previously founded and sold the AI voice platform Snips;</li><li>Pascal Paillier is a top expert in fully homomorphic encryption with 25 years of research experience, holding 25 patents and publishing dozens of papers. He has won the Asiacrypt Best Paper Award and is a core member of IACR.</li></ul><p>To date, Zama has completed two funding rounds, <strong>raising a total of $130 million</strong>. In March 2024, Zama announced a $73 million Series A round co-led by Multicoin Capital and Protocol Labs; in June 2025, Zama announced a $57 million Series B round led by Blockchange Ventures and Pantera Capital. (For more details, read: The Next Blockchain Giant: Why ZAMA Raised $130 Million)</p><h2>Sealed-Bid Dutch Auction Token Public Sale to Begin on January 12</h2><h3>Public Sale Details</h3><p>Auction Method: Sealed-bid Dutch auction;</p><p>Auction Time: January 12 to 15, with claims starting January 20;</p><p>Public Sale Share: 10% of the total token supply, with 8% sold via auction and 2% sold at a fixed price post-auction (capped at $10,000 per person);</p><p>Lock-up: Zama tokens purchased in the auction will be fully unlocked;</p><p>Auction Pre-registration Link: https://www.zama.org/auction.</p><p><div><img style="max-width:100%;overflow:hidden;" src="https://d1x7dwosqaosdj.cloudfront.net/images/2025-12/4d1ba18394db46acbde939e31c9e479b.png" alt=""></div></p><p class="img-desc" data-format="img-desc">Zama Public Sale to start on January 12</p><h3>What is a Sealed-Bid Dutch Auction?</h3><p>Zama will sell 10% of the total ZAMA token supply through a sealed-bid Dutch auction on Ethereum, using fully homomorphic encryption (FHE) to maintain bid confidentiality. <strong>Key highlights include fair distribution, no front-running, no bots, and no gas wars.</strong> Specifically, the sealed-bid Dutch auction consists of 4 stages:</p><ul><li>Stage 1: Shield stablecoins. Prepare funds by converting personal USDC, USDT, DAI, and other stablecoins on the Ethereum network into ERC-7984 confidential assets (a conversion website will be provided by the official at the public sale launch). The balances and transfer amounts of these tokens will be encrypted.</li><li>Stage 2: Place your bids. This is the bidding stage, running from January 12 to January 15. Users can submit any number of bids. <strong>Bid prices are public, but quantities are confidential. The starting price is $0.005 (corresponding to a $55 million FDV)</strong>. Unlike a public Dutch auction where the price decreases over time, the sealed-bid Dutch auction allows users to bid at any price throughout the bidding period.</li><li>Stage 3: Clearing price and allocation. This is the settlement stage, running from January 16 to January 19. The smart contract uses FHE calculations to accumulate demand from the highest to the lowest price to determine the clearing price. Therefore, users will fall into three scenarios: 1. If the bid is higher than the clearing price, they receive their full allocation, and any overpayment is refunded; 2. If the bid equals the clearing price: if the quantity exceeds the remaining supply at that price, they receive a proportional share of tokens, with the remainder refunded; 3. If the bid is lower than the clearing price: they receive no tokens and get a full refund.</li><li>Stage 4: Claim your tokens. This is the token claim stage, starting January 20. Users can claim their ZAMA tokens (fully unlocked) and any refunds.</li></ul><p><strong>To make it easier to understand, Odaily Planet Daily provides an example.</strong> Assume 1000 ZAMA tokens are sold via a sealed-bid Dutch auction, with three participants: Alice, Bob, and Charlie.</p><p>First, during the bidding stage, their bids are as follows:</p><ul><li>Alice bids for 400 tokens at $5 each, paying a total of $2000;</li><li>Bob bids for 600 tokens at $4 each, paying a total of $2400;</li><li>Charlie bids for 300 tokens at $3 each, paying a total of $900.</li></ul><p><div><img style="max-width:100%;overflow:hidden;" src="https://d1x7dwosqaosdj.cloudfront.net/images/2025-12/33b5a3e567794429a8cc7f3cf6b60f0f.jpg" alt=""></div></p><p>Next, after the bidding period ends, the auction smart contract allocates tokens to each participant in order from the highest to the lowest bid:</p><ul><li>Alice has the highest bid and receives her 400 tokens. 600 tokens remain to be allocated.</li><li>Bob is the second highest bidder and receives the remaining 600 tokens. The remaining supply is now 0. <strong>Thus, the final clearing price is Bob's bid price of $4 per token</strong>.</li><li>Charlie's bid is below the final clearing price, so he receives no allocation.</li></ul><p><div><img style="max-width:100%;overflow:hidden;" src="https://d1x7dwosqaosdj.cloudfront.net/images/2025-12/3097173c35ef4e4baa11c78a2df38318.jpg" alt=""></div></p><p>Finally, during the claim and refund stage:</p><ul><li>Alice receives 400 ZAMA tokens and a $400 refund;</li><li>Bob receives 600 ZAMA tokens, with no refund;</li><li>Charlie receives no ZAMA tokens but gets a full refund of his $900.</li></ul><p><div><img style="max-width:100%;overflow:hidden;" src="https://d1x7dwosqaosdj.cloudfront.net/images/2025-12/3a1d3354d9c54f36859d68a1729dd106.jpg" alt=""></div></p><h2>Final Interaction Opportunities Before TGE</h2><p>Currently, you can still participate in Zama's guild tasks (Link: https://guild.xyz/zama/home), which include:</p><p>Basic Task: Get access to the Zama Discord. Join three of the four official communities to complete this task, and also join the official Discord channel to get a role.</p><p><div><img style="max-width:100%;overflow:hidden;" src="https://d1x7dwosqaosdj.cloudfront.net/images/2025-12/65f6214156fc4ff68b455eec3172eb17.png" alt=""></div></p><p>New to Zama?<strong> </strong>Task: Includes five subtasks, easy to complete by following the prompts.</p><p><div><img style="max-width:100%;overflow:hidden;" src="https://d1x7dwosqaosdj.cloudfront.net/images/2025-12/177e878ae4d4438b9481ef9e5520be99.png" alt=""></div></p><p>Creator Program Task: Includes two subtasks. The first subtask has funding requirements, and the second is the creator program.</p><p><div><img style="max-width:100%;overflow:hidden;" src="https://d1x7dwosqaosdj.cloudfront.net/images/2025-12/5dc8729e191a4a8b84418362a2e9a0fd.png" alt=""></div></p><p>Developer Program Task: High task requirements, proceed based on your situation.</p><p><div><img style="max-width:100%;overflow:hidden;" src="https://d1x7dwosqaosdj.cloudfront.net/images/2025-12/ed92cad9208341989a5323e519a4d5b0.png" alt=""></div></p><p>Additionally, the OG NFT minting page will open soon. Early participants should check if they are eligible when it opens (Link: https://www.zama.org/nft/og).</p><p><div><img style="max-width:100%;overflow:hidden;" src="https://d1x7dwosqaosdj.cloudfront.net/images/2025-12/c1c06ff255a1441ba7594ba5ba61836a.png" alt=""></div></p></body></html>

# TGE的所有文章

Stable TGE Tonight, Will the Market Still Buy into the Stablecoin Public Chain Narrative?

Zama Public Sale Too Complicated? A Guide to Understanding Sealed-Bid Dutch Auctions

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