USDT0 native gas on-chain state mapping: exists. STABLE token on-chain state mapping: exists. StableBFT on-chain state mapping: exists.
Investment View
Risk of lack of fee revenue Ultra-low fees and gas waiver are advantageous to users, but very large transaction volumes are required to generate sufficient demand for validator rewards and STABLE staking. 3. Risk of non-implementation of functions or roadmap Some functions, such as Confidential transfer, StableDB v1.4.0, Autobahn, and StableVM++, are planned or roadmap items in the document. Actual mainnet performance and security must be verified after implementation. 5. Bridge and off-ramp risk USDT0 inflow, withdrawal, and store settlement depend on bridges, centralized exchanges, PSPs, and bank rails. This area cannot be solved through on-chain consensus alone. 6.
Stable is an EVM-compatible Layer 1 that uses USDT0 as the native gas and payment asset, and its chain ID is disclosed as 988. The official document defines Stable as a payment-specific L1 with single-slot finality, dPoS/StableBFT, USDT0 gas, and EVM compatibility. StableVM++ is in progress or planning stage.
Investment View
It should be evaluated by the ratio of USDT0 fee vault inflow / STABLE reward/unlock burden. This is effective in slowing down narrative exhaustion, but the more plan items there are, the greater the risk of non-implementation. Therefore, the core risk of Stable is more than technology implementation.