Bitfinex-backed stablecoin reaches all-time high ahead of mainnet upgrade
The token price of "Stable," a Layer 1 blockchain project backed by Bitfinex, has surged to an all-time high ahead of a mainnet upgrade. This surge is interpreted as a reflection of expectations for network improvements through the upgrade.
STABLE's native token, "STABLE," reached an all-time high of $0.03 (approximately 44 won) on January 29th and February 2nd, representing a 43% increase in just one week. The next upgrade, scheduled for February 4th, is known as version 1.2.0.
According to the blog post, this upgrade focuses on "improving token usability, improving developer convenience, and enhancing chain observation capabilities." Notably, the gas fee payment method has been changed, switching from the existing wrapped gUSDT to a cross-chain USDT version called "USDT0." This appears to be a measure to enhance the completeness of the mainnet.
Additionally, improvements to Solidity code will be made after the upgrade, and staking and delegation tracking features will be updated. This is expected to improve the overall experience for network participants and developers.
With the price increase, Stable's total diluted market capitalization (FDV) has surpassed $3 billion (approximately KRW 4.359 trillion), bringing its actual market capitalization to approximately $540 million (approximately KRW 784.6 billion). This means Stable is the project with the highest native token value in the "stablechain" market.
Stable's main competing project is Plasma. Plasma's native token, XPL, currently has an FDV of $1 billion (approximately KRW 1.453 trillion) and a market capitalization of $224 million (approximately KRW 325.9 billion). However, despite its solid foundation, Plasma has a significant advantage over Stable in terms of the market capitalization of its own stablecoin. According to DeFiLlama, Plasma's native stablecoin is worth $1.8 billion (approximately KRW 2.6154 trillion), while Stable's is worth only $29 million (approximately KRW 42.1 billion).
With blockchain, particularly stablecoins, gaining traction in the cryptocurrency market, not only token value but also the size of the stablecoin in circulation is becoming a key indicator of a project's credibility. This upgrade and market response to Stablecoin can be seen as a stepping stone for the project to strengthen its competitiveness based on its technological prowess.
💡 " Should I just look at the price or look at the structure? "
As with the surge in STABLE, mainnet upgrades and technological advancements often significantly impact token prices. However, simply observing price fluctuations before purchasing can lead to blind investment.
Savvy investors look beyond price increases. They analyze what changes are occurring with upgrades, the circulating supply of stablecoins on the network, and how they differentiate themselves from competing projects.
TokenPost Academy offers a practical training course to develop this 'structure-reading ability.'
- In Step 2, The Analyst course, you will learn how to evaluate the "true value" through analysis of the tokenomics structure, unlocked supply, inflation rate, and token circulation status.
- Step 5: The DeFi User course analyzes the practical role of tokens in the DeFi system, including stablecoin usage, gas fee structure, pegging, and funding structures.
Stable and Plasma: Who's the Real Powerhouse?
Does your investment acumen speak to the data?
Grow into a top 1% investor with analytical skills at TokenPost Academy.
Curriculum : 7-Step Masterclass from Basics to DeFi and Market Cycles
First month free event in progress!
Go to : https://www.tokenpost.kr/membership
TP AI Precautions
This article was summarized using a TokenPost.ai-based language model. Key points in the text may be omitted or inaccurate.
Get real-time news... Go to TokenPost Telegram
Copyright © TokenPost. Unauthorized reproduction and redistribution prohibited.
