plasma For the upcoming token sale, we collected $500 million in Stablecoin deposits in just minutes on Monday. One user spent $100,000 on the fee trying to jump the queue.
Traders' bullishness on public sales is First coin product The trend is back. ICOs were a huge hit in 2017, but it made me feel sick as a series of projects failed and regulatory scrutiny has increased.
Among them documentthe plasma is called a Bitcoin Sidechain uses the network as the payment layer when attempting to “meet Stablecoins' unique needs.” Public Sale auctions 10% of the XPL supply through sediment to Ethereum safes. I recently made my debut Sonar token sales platform.
The sale generated $500 million worth of interest, but XPL tokens are actually sold, with XP, which is a member of the Plasma Team. By holding funds in a deposit vault, users will gain the option to purchase a share of the token on future sales, but are not obligated to do so. They also earn yields on tokens deposited during that time.
Plasma XPL Token Sale raised $500 million in 5 minutes
It's a 10x oversubscribe.
One man spent $10,000 on gas.
– Arkham (@arkham) June 9, 2025
Stablecoins have recently become a central focus of cryptography. Tokens that are usually pinned and backed to US dollars or other traditional assets support the crypto industry, allowing traders to easily join and exit the trade. Stablecoins do not offer the potential appeal of large profits like other cryptocurrencies, but are an important part of the crypto market.
The US Senate is You are about to pass an invoice It establishes a framework for legal publication within the state; Genius act.
Meanwhile, Circle, the publisher of USDC, is the second largest Stablecoin by market capitalization. Co RingeckoFinally, trading began on the New York Stock Exchange. Thursdaysuccess of the roaring sound. CRCL sped up to another new peak price on Monday.
This whirlwind of excitement around Stablecoins may explain why Plasma's Pre-Sale Vault was met so quickly as a project to build a Stablecoin-specific blockchain.
I was keen to have one trader participate. 39.15 ETH paid We have confirmed that a $10 million USDC deposit was made before the Vault was filled (over just $100,000).
The extra $100,000 appeared in what is called a Priority fee,This is an optional feature that allows users to incentivize validators to process transactions more quickly. This is especially effective when the network is busy. This time, it's because there could be a large number of people who were trying to participate in the public sale at once.
When traders expect others to increase their priority costs, a gas war breaks out, causing huge bills that are not seen in the normal course of trading. This behavior was present in the first coins offering the 2017 topic and the 2021-22 NFT boom, but more recently, Meme Coin Traders has deployed the same strategy, “sniping” the tokens in demand.
However, in the plasma situation, traders may be overshooting the mark with a priority rate of $100,000. According to Etherscan, the highest fee of the top five depositors was 4.49 ETH (over $11,500).
Plasma literally raises $500 million in seconds for something that no one seems to be able to explain in detail. This tells us that we are speeding up in 2017X 2021. This is the crypto supercycle that we all dreamed of. All the foam bubbles are about to expand. And I'm here for that.
– Beanie (@beaniemaxi) June 9, 2025
“Today's Plasmine Instant Cap Fill is a huge beacon signaling metashift,” said kana trader iobeast. I wrote it on x. “ICO is officially back. Sonar could be the most impactful release of 2025 in cipher origins in relation to the direction of ciphers.”
ICOS spiked in 2017, raising capital by selling crypto tokens, including well-known projects such as Filecoin and Tezos. Within a year, bitcoin.com Found, 46% of the projects failed before and after fundraising.
Victor Teisheira, fund principal at investment company Contango Digital AssetsI believe that the hysteria experienced during the 2017 ICO epidemic has been here forever. It was just on the coin of memes.
“The memecoin market we experienced last year is the same as the confluence of hype and retail adoption we saw during the 2017 ICO boom,” Teisheira said. Decryption. “What we're seeing is that even if Trump and other meme coins have lots of investors on Web3, they've lost money unless they're involved in these projects within the first two or three hours.”
“Retail still wants to take punts with 1000X plays. If we can grasp the demand and tie it to a real product, there's a much stronger story with real potential,” he added. “In this last cycle, there was no real project to capture that imagination and excitement.
However, not everyone is happy with plasma ICOs. Top 10 participants Fills 40% of the available deposit supply – signs that so-called crypto whales have dominated sales. A total of 1,108 wallets were able to participate in the Vault Deposit Campaign. This averages over $450,000 each. That being said Etherscan141 traders contributed less than $1,000.
Although no dates for actual token sales have been set, as traders suggest, the impact of Monday's surge in demand could be felt widely across the market if other projects feel that demand for a new wave of ICO is undecided.
Edited by Andrew Hayward
