Users faced technical difficulties due to the Hourglass website crashing. <\/p>\n
Stable, the Bitfinex-backed stablechain, has paused deposits into its Phase 2 pre-deposit campaign following technical difficulties, less than two weeks after its controversial Phase 1 pre-filled almost $800 million<\/a>.<\/p>\n Phase 2 was slated to launch at 9 am EST on Nov. 6, facilitated by stablecoin yield protocol Hourglass. However, users reported being repeatedly prompted to sign a terms-of-service agreement, and Hourglass\u2019s website crashed due to \u201cexceptionally high traffic.\u201d<\/p>\n The website outage led many users to deposit directly through the smart contract via Etherscan, but Hourglass has said<\/a> that contract-level deposits will not be accepted and must be redeemed.<\/p>\n Due to ongoing technical issues, Stable announced the official pause of Phase 2 deposits three hours after they were slated to open, and promised to \u201cshare the updated path forward tomorrow.\u201d<\/p>\n While technical issues for highly anticipated events are a regular and understandable occurrence in DeFi, Stable\u2019s first deposit vault on Oct. 23 was pre-filled by insiders roughly 20 minutes prior to the public announcement, and $500 million was deposited by a cluster of wallets that were directly linked to the vault owner.<\/p>\n