The mainnet upgrade of "Stable", sponsored by Binance, is imminent, reaching an all-time high
The price of the token for the Layer1 blockchain project "Stable", sponsored by Binance, surged before the mainnet upgrade, hitting an all-time high. This increase is interpreted as being driven by market expectations for network improvements brought by the upgrade.
The native token of Stable, "STABLE", reached an all-time high of $0.03 (approximately 44 Korean Won) on January 29 and February 2. This is a 43% increase within a week. The upgrade is scheduled for February 4, with version number 1.2.0.
According to a blog post, the focus of this upgrade is on "enhancing token usability, improving developer convenience, and strengthening chain observation capabilities". Notably, the payment method for Gas fees will change from the original wrapped gUSDT to a cross-chain USDT version called "USDT0". This seems to be a measure to improve the mainnet's completion.
In addition, improvements related to Solidity code will be made after the upgrade, and tracking functions for staking and unstaking will be updated. This is expected to enhance the overall experience for network participants and developers.
With the price increase, Stable's fully diluted valuation (FDV) has surpassed $3 billion (approximately 4.359 trillion KRW), with an actual market cap reaching about $540 million (approximately 784.6 billion KRW). This means that Stable is the highest market cap native token project in the 'stablecoin chain' market.
Stable's main competitor is 'Plasma.' Plasma's native token XPL has a fully diluted valuation (FDV) of $1 billion (approximately 1.453 trillion KRW) and a market cap of $224 million (approximately 32.59 billion KRW). However, despite a solid foundation, Plasma has a notable advantage over Stable in terms of the market cap of its own stablecoin. According to DeFiLlama data, the scale of Plasma's native stablecoin is $1.8 billion (approximately 2.6154 trillion KRW), while Stable is only $29 million (approximately 42.1 billion KRW).
Recently, in the cryptocurrency market, blockchain centered around stablecoins has received much attention. In addition to the value of tokens, the scale of circulating stable assets has also become a key indicator of project credibility. The recent upgrade of Stable and the market response can be seen as a process in which the project enhances its competitiveness based on technological strength.
💡 "Is it just about looking at prices, or is it about gaining insights into structure?"
Just like the surge of Stable (STABLE), mainnet upgrades or technological advancements often have a significant impact on token prices. However, if one blindly buys based solely on price fluctuations, it may become 'mindless investing.'
Truly capable investors will examine the reasons behind price increases. They will analyze what changes the upgrades have brought, how much circulation of stablecoins there is within the network, and what differentiated advantages exist compared to competing projects.
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