09.06.2025 23:58

A Bitcoin-backed stablecoin network, Plasma, experienced an unprecedented surge in interest, attracting a staggering $500 million in deposits for its upcoming token sale within minutes. This remarkable feat highlights the resurgence of excitement surrounding initial coin offerings (ICOs), reminiscent of the 2017 boom.

The intense competition for participation was evident in the actions of one trader, who incurred a jaw-dropping $100,000 in Ethereum gas fees to prioritize their $10 million USDC deposit and secure a place in the sale. This extraordinary expense underscores the high demand and bullish sentiment surrounding the Plasma project. The sheer volume of deposits has prompted speculation about a potential return to the ICO frenzy of 2017, a period characterized by both immense hype and ultimately, numerous failed ventures.

Plasma, positioned as a Bitcoin sidechain, aims to address the specific requirements of stablecoins by leveraging Bitcoin's network for settlement. The project's upcoming public sale will offer 10% of its XPL token supply through a novel approach: deposits into an Ethereum vault using the Sonar platform. While the initial deposit volume reached $500 million, the Plasma team clarified that the actual sale will involve only $50 million worth of XPL tokens.

Participants securing their place in the token sale by depositing funds into the vault gain the right, but not the obligation, to purchase XPL tokens in the future. Furthermore, deposited funds can be withdrawn at any time, and participants earn yield on their holdings until the sale concludes. This innovative structure, combined with the dramatic success of the deposit phase, suggests a robust market interest in Plasma's proposition. The rapid $500 million raise underscores a renewed enthusiasm for ICOs, though whether this marks a sustainable resurgence remains to be seen. This information was gathered from various internet sources.