Despite the long-awaited interest rate cut, the crypto market remained weak on Thursday, dropping more than 2% in the past 24 hours.
While most tokens are showing significant losses, STABLE is up over 3% over the past day, outperforming the broader sector.
STABLE soared after the BTSE exchange launched the first staking interest campaign for the new L1 Stable, adding new momentum to the project which released its mainnet a few days ago on December 8th.
This staking initiative has been frowned upon due to its high APR of up to 500% for individuals joining the new pool.
In particular, individuals can participate by purchasing stable assets from the exchange or by depositing existing assets before subscribing.
This campaign runs until December 18th, and participants have only a limited time to win big rewards.
Meanwhile, this market is BTSE’s first effort to support a Stable project, indicating that favorable APRs will be a major boost to drive early engagement as projects move into the critical ramp-up stage.
BTSE accelerates steady momentum after mainnet launch
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The BTSE staking campaign comes days after Stable launched its mainnet on December 8th after raising over $28 million in funding led by Hack VC and Bitfinex.
For context, Stable is an innovative USDT-powered Layer 1 network suitable for institutional payments, consumer-level transactions, and real-world financial operations.
Meanwhile, the team emphasized that the release of Stable Mainnet is a decisive momentum for stablecoin payments, emphasizing:
Today we take a major step in the evolution of stablecoin payments. StableChain is the first USDT native layer 1 built for high-volume, predictable, real-world payments.
StableChain aims to transform the stablecoin sector. We prioritize the idea that these assets, especially the primary USDT, require a dedicated payment platform rather than add-ons to other blockchains.
The Stable team targets payment providers, developers, and individuals who use stablecoins for everyday transactions, merchant transactions, and money transfers.
BTSE accelerates early momentum
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Exchange staking pools serve as the initial catalyst for Stable adoption.
In fact, high APRs and limited slots tend to attract the attention of retail participants, especially those who want to take advantage of the network’s potential before it gets crowded.
Additionally, the community may interpret the tier structure as a threat, especially as users note that the 500% APR pool is capped at only 300 slots.
stable price outlook
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Stable’s native token is one of the few digital assets that is profitable today.
STABLE has surged more than 3% in the past 24 hours and is trading at $0.01807.
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Daily transaction volumes have increased by nearly 40%, demonstrating interest in the new L1 network.
Although STABLE is eyeing further upside, the broader bear market indicates that upside momentum is likely to be lost in the short term.