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Stablecoin sidechain Plasma stunned its community by lifting its deposit cap from $500 million to $1 billion on Thursday—and watching that new limit vanish in just half an hour.
“Today we raised the deposit cap to $1 billion, which filled within ~30 minutes,” tweeted the Plasma Foundation. “One of our main goals for the XPL sale is broad participation.” x.com
Why Plasma Pulled the Ripcord
A few days back, Plasma’s original $500 million cap evaporated in about five minutes—leaving many genuine supporters shut out by automated “sniper” bots. In response, the team doubled the ceiling with almost no warning, aiming to give real community members (especially those active on Discord) a fairer shot at securing allocation for the forthcoming $50 million XPL public sale.
“We wanted to tilt the odds back in favor of humans, not hyperscripts,” explained a Plasma spokesperson in a Discord post.
Who’s in the Queue?
According to analytics from Sealaunch, roughly 2,900 wallets joined this round, with a median deposit of $12,000—suggesting broad-based interest rather than a few whale wallets cryptoslate.com. However, data from Arkham Intelligence shows the top 100 addresses still account for 70% of the total, split mainly between USDC (58%) and USDT (40%) cryptoslate.com.
It’s Not a Token Sale—Yet
Importantly, Plasma stresses that deposits are not direct token purchases. All funds remain fully owned by participants and will simply migrate to the Plasma mainnet beta. At lock-up close, users earn priority rights to buy XPL at a $500 million fully diluted valuation—about 5% of today’s deposit total.
“Deposits are not the sale itself,” Plasma clarified. “They earn you the right to participate once the public sale opens.” coindesk.com
Why It Matters
- Stablecoin on Bitcoin: Plasma’s EVM-compatible sidechain promises gas-free USDT transfers anchored to Bitcoin’s security.
- Proof of Demand: Two sell-outs in under an hour underscore how sought-after on-chain stablecoin rails have become.
- Fairness First: Plasma’s rapid cap raises and surprise announcements highlight the ongoing battle against bot-driven exclusion in crypto token events.
As Plasma gears up for its XPL sale, this $1 billion pre-sale phase speaks volumes: there’s hunger for a fast, fee-free stablecoin ecosystem built on Bitcoin’s bedrock—and users want in before the doors officially open.
Written by Press News DeFi Desk
Sources:
- CoinDesk: “Bitcoin-Based Stablecoin Network Plasma Raises Deposit Cap to $1B…” coindesk.com
- CryptoSlate: “70% of $1B Plasma Deposits Held by Top 100 Wallets” cryptoslate.com
