What to know:
- In a stunning display of speed, Plasma raised its deposit cap to a staggering $1 billion, only to see it vanish in a mere 30 minutes. Talk about a quick buck! 💸
- This cap increase was a response to the community’s cries for help against the relentless bots and their rapid-fire sellout tactics. Who knew bots could be so popular? 🤖
- Plasma is on a mission to bring stablecoin functionality to Bitcoin, all while enjoying a zero-gas environment. Starting with USDT, because why not? 🪙
On this fateful Thursday, the stablecoin-focused blockchain Plasma decided to raise its deposit cap to $1 billion — and, lo and behold, it was filled faster than you can say “cryptocurrency.” 🏎️💨
This new cap is double the previous $500 million limit, which had just been raised days earlier due to a community uproar over the pesky bots and their uncanny ability to snatch up deposits. It seems the bots are winning the race! 🏆
Plasma, in a moment of clarity, announced that this short-notice cap increase was meant to give real users — yes, those actual humans in their Discord — a fair shot at joining the fun. But hold your horses, it’s not a token sale just yet! 🐴
“Deposits are not the sale itself,” Plasma clarified, as if we needed reminding. “All funds remain fully owned by depositors and will be bridged to Plasma mainnet beta.” Because who doesn’t love a good bridge? 🌉
Participants will earn the right to buy into the eventual $50 million XPL public sale based on how many units they’ve locked up by the cutoff. The sale is valued at $500 million on a fully diluted basis. Sounds like a deal, right? 🤔
Today we raised the deposit cap to $1 billion, which filled within ~30 minutes.
One of our main goals for the XPL sale is broad participation. After the initial deposit period, we heard from community members who had trouble joining and felt that snipers and bots had too much…
— Plasma (@PlasmaFDN) June 12, 2025
Earlier this week, the project — which aims to bring native stablecoin functionality to Bitcoin through an EVM-compatible sidechain — saw its initial $500 million cap fill in just five minutes, according to Arkham data. Five minutes! Blink and you missed it! 👀
That figure was ten times what Plasma initially planned, a clear sign of the insatiable appetite investors have for stablecoin infrastructure. Who knew stablecoins could be so delicious? 🍽️
The team behind Plasma has cleverly positioned its chain as a way to dodge Ethereum’s notorious high fees and congestion by creating a zero-gas environment for stablecoin transactions, all while being anchored to Bitcoin’s robust security model. Smart move! 🧠
USDT will be the first supported asset, with more expected to follow. Stay tuned for the next thrilling episode of “As the Crypto World Turns!” 📺
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2025-06-12 11:11