Stablecoin Blockchain Project Plasma Launches XPL Token Pre-sale
The stablecoin blockchain project Plasma initiated the pre-sale phase of its XPL token on Monday evening, reaching a deposit cap of $500 million in just two minutes. The official announcement stated that over 1,100 wallet addresses participated, with a median deposit amount of approximately $35,000.
According to information shared by on-chain analyst Ai Yi, a user participating in the public sale incurred a miner fee of 39.15 ETH (nearly 3 million New Taiwan dollars) to deposit 10.17 million USDC into the Plasma treasury, making this user the first address to deposit into Plasma. In comparison, the address with the highest deposit (50 million USDC) only paid a miner fee of $7.16.
Plasma is a newly designed blockchain specifically for stablecoins, structured as a sidechain to Bitcoin but operating independently, and fully supporting EVM, making it convenient for developers to deploy Ethereum-like applications. Plasma stated that XPL is the core of the system: it is used to support the PlasmaBFT consensus mechanism, drive the Reth-based EVM execution engine, and serve as the backbone for a trust-minimized Bitcoin bridge.
Plasma is currently still in the private testnet phase, with plans to launch a public testnet in the coming weeks, and the mainnet is expected to go live later this summer.
To date, Plasma has raised $24 million in seed and Series A funding, with investors including Peter Thiel, Cobie, Tether CEO Paolo Ardoino, Bitfinex, and Bybit.
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