stabble

stabble is a Solana exchange for swaps between tokens that should trade at the same price, such as two stablecoins. It is an automated market maker (AMM). Liquidity providers put tokens into pools, and traders swap against them, often through aggregators like Jupiter JUP$0.265+4.0%.

Its pitch is that it needs less money in a pool to give a good price. The project's one-pager says its pools need up to 97% less liquidity than rival pools.

As of November 2026 the picture is mixed. The swap programs still process trades. A new team reopened the protocol in May, after a scare in April over a former CTO. But stabble.org now shows an unrelated casino page, so there is no official app.

How the stabble AMM works on Solana

stabble borrows its design from Balancer, the Ethereum AMM known for pools that hold many tokens. The new team called it "a balancer based AMM model" in an April 2026 post on X. Its public GitHub also holds a Balancer maths library.

On Solana it runs as two main programs. The Weighted Swap program holds pools of several tokens in set ratios. The Stable Swap program uses a curve made for tokens that trade near a peg. That curve keeps the price steady on large swaps. At launch, stabble said one pool could hold up to eight assets.

The same April post said stabble is "integrated in all major aggregators". Aggregators send orders straight to the programs. That is how stabble pools can keep trading with no working website.

Weighted, stable and arbitrage pools

stabble has three kinds of pool. It also has its own way to spread out the money in a pool. The launch news and the one-pager describe them:

• Weighted pools hold two or more tokens in a set mix, such as 80% of one and 20% of another.
• Stable pools are for pairs that move together, like USDC and USDT.
• Arbitrage pools run stabble's own trades to fix stale prices. That way the pool needs less help from outside traders. The one-pager says this means smaller losses and more yield for the people who fund the pool.
• Margin liquidity is stabble's name for how it uses less money. The one-pager says it is over 8,000 times more efficient than concentrated liquidity, the method many big AMMs use.

These are the project's own figures. The same page says stabble has handled a quarter to half of Solana's stablecoin trading volume. We have found no outside check of these claims. The charts on this page show live volume and liquidity.

STB token and veSTB

STB is stabble's token for votes and fee sharing: STB. It began trading on 22 May 2025, per the claiming guide. It listed on Gate.io, MEXC, Raydium, Jupiter and stabble itself.

Buyers got their tokens through private deals or a public sale on Fjord Foundry.

Total supply is 500 million STB. The table shows the full split, according to Gate Learn.

Holders can lock STB to get veSTB. veSTB gives votes and a boost to the yield a holder earns. The one-pager puts the top boost at 4.32x.

The one-pager also says 30% of all protocol fees go to the STB staking pool. In July 2025 stabble ran a $300,000 contest for liquidity providers, paid in STB.

Is stabble safe? Audits, upgrade keys and the 2026 scare

Two firms have checked stabble's AMM programs. The reports are in its audit repository. Sec3 reviewed the programs in May 2024, before the mainnet launch.

Neodyme reviewed the same AMM programs in September 2024. It found "a clean design and above-standard code quality". Both audits cover the code as it was in 2024. Neither covers later changes, and no newer audit has been published.

In April 2026 the on-chain sleuth ZachXBT named Keisuke Watanabe as an alleged North Korean IT worker. Decrypt reported that Watanabe had worked as stabble's CTO the year before. A new team had taken over the protocol about four weeks earlier, per The Block.

On 7 April the new team told liquidity providers on X to pull their funds at once. It said "there has been no exploit" and promised new audits. Decrypt reported that the money in stabble's pools fell by 62% after the warning.

In an 8 April post, the team confirmed a North Korean developer had been on the team until about a year before. It also said it took over "at bankruptcy, meaning no funds left". That made new audits hard to pay for.

On 21 May 2026 the team posted on X that stabble was open again. It said it had hardened the multisig, turned on a 24-hour timelock and was making the contracts open source.

Both swap programs can still be changed. A Squads multisig holds that right, not a single key. The explorer did not show how many signers must approve. We could not confirm the delay either.

Neither program has a verified build or a published security contact. The code is on GitHub, where the amm_v1 repository was last updated on 21 October 2026.

The biggest day-to-day risk is the website. On 7 November 2026, stabble.org and its docs and app pages all showed a casino page. Old links, guides and the token claim page no longer lead to stabble. Do not connect a wallet to any site that claims to be stabble until the team names a new home.

Who should provide liquidity on stabble

stabble suits liquidity providers who want fees on stablecoin or staking-token pairs. They need to be at ease using the programs through other tools, since there is no official app.

The limits are serious. Liquidity is thin since the April exit. A small team controls the code. That team says it is short of money, and it has not published an audit since it took over.

Traders rarely need to pick stabble. If an aggregator finds the best price in a stabble pool, it routes the trade there.

stabble alternatives: Orca, Meteora and Jupiter routing

For stablecoin swaps, bigger Solana AMMs such as Orca and Meteora have deeper pools. They also have working apps and longer track records. stabble's case is that it gives good prices with far less money in the pool. Jupiter checks prices across all of these, stabble too. A trader gets the best one at the time.

Team, funding and history

stabble spent 14 months on devnet, the Solana test network, according to U.Today. It went live on mainnet in July 2024.

The next month stabble raised $2.5 million from early backers. They included Masterblox, Dynamic Labs, Founder Heads, Spicy Capital, DuckDAO, Marshland Capital and ZEMU VC. Kilian Krings was CEO at the time.

The STB token followed in May 2025. In early March 2026 a new group took over the protocol. On X it calls itself "quants and early DeFi degens".

The stabble account still posts on X. On 22 August 2026 it wrote "Our code is public. And a major upgrade is coming soon." It had not named a new website by early November.