Plasma Increases Deposit Cap to $1 Billion, Reaches Limit in 30 Minutes
Plasma, a blockchain focused on stablecoins, raised its deposit cap to $1 billion and reached that limit in 30 minutes. This new cap is double the previous $500 million ceiling, which was increased following community concerns over rapid sellout times.
Key points:
- Deposits do not equate to a token sale; all funds remain owned by depositors.
- Participants can earn rights to buy into a future $50 million XPL public sale based on locked deposits.
- The initial $500 million cap filled in five minutes, showing strong investor interest.
- Plasma aims to provide native stablecoin functionality to Bitcoin via an EVM-compatible sidechain.
- USDT will be the first supported asset, with more expected in the future.
The project seeks to avoid Ethereum's high fees and congestion by offering a zero-gas environment for stablecoin transactions while leveraging Bitcoin’s security model.