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The native token of Stable, the Layer-1 blockchain backed by Bitfinex, reached new highs this week ahead of its v1.2.0 mainnet upgrade, which is slated to launch on Wednesday.
$STABLE is up 43% this week, tapping an all-time high of $0.03 per token on Jan. 29 and Feb. 2.
The upgrade is “focused on strengthening the network’s production readiness through improvements to token usability, developer ergonomics, and chain observability,” according to a blog post.
Following its implementation, the chain will use USDT0, a cross-chain version of $USDT, as its native gas token, rather than the wrapped gUSDT it launched with.
Developers can also expect Solidity code fixes and improvements for staking and undelegation tracking.
The recent rally pushed Stable's fully diluted valuation (FDV) over $3 billion and its market capitalization to $540 million, solidifying its position as the leading stablechain by native token valuation.
Stable’s primary competition in the stablechain space is Plasma; however, Plasma’s XPL token changes hands at a $1 billion FDV and $224 million market capitalization.
Despite the stark contrast in token valuations, Plasma boasts a significantly higher native stablecoin market capitalization than Stable, with $1.8 billion compared to Stable’s $29 million, according to DeFiLlama.
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