Plasma, a cryptographic startup developing an optimized blockchain for stablescoins, attracted $ 500 million in deposits for its sale of tokens on Monday – 10 times more than initially expected.
The fundraising ceiling was filled with five minutes while investors rushed to obtain an allowance for the distribution of tokens, according to data from the Arkham Intelligence blockchain. The ceiling was lifted by $ 250 million, which had already been increased by an original target of $ 50 million announced only two weeks ago.
More than 1,100 portfolios participated in the sale of the XPL plasma token, with a median allowance of around $ 35,000, said the company in a post X. The offer was made on Sonar, a public token sales platform built by Echo, a startup for collection of private funds focused on crypto led by an eminent cobie investor.
The disproportionate demand highlights the increase in investors’ interests in the stalls – cryptocurrencies set for traditional currencies such as the US dollar – and the infrastructure that supports them. Stablecoins have become a dominant crypto force, with the total offer exceeding $ 250 billion, and are increasingly used for daily finances such as payments, funds and savings.
While Bitcoin
There remains the oldest and most secure blockchain, most Stablecoin activities are occurring today on more recent networks such as Ethereum, Tron and Solana. Plasma aims to provide a native Stablecoin utility with Bitcoin by building a failure entirely compatible with the Ethereum virtual machine (EVM), the software standard which underlies a large part of decentralized finance.
The team says that the plasma chain will take key challenges faced by the stalls on existing blockchains – including high costs and scalability – by taking advantage of Bitcoin safety and allowing zero transactions for Tether de Tether transactions
.
The collection of plasma funds follows a series of market signals pointing to an increase in appetite for exposure to stablescoin. Last week, Circle (CRCL), a stablecoin transmitter of $ 60 billion USDC, ended a successful start on the public market, the actions that reached more than $ 110 compared to an IPO price of $ 31.
“Surround additional 20% for the sale of public tokens of $ 500 million in plasma sold in the first block. People want an exposure to stablecoins,” said Crypto Analyst Will Clemente.
