Plasma, a blockchain concentrated on stablecoins, has successfully completed a public token sale, attracting significant funds and confirming its market position.
History of the Plasma Token Sale
Plasma concluded its token sale, raising $373 million in 10 days, significantly exceeding its initial goal of $50 million. Over 3,000 investors participated, with an average investment of about $83,000 per wallet. 10% of the total XPL token supply was sold, valuing the project at $500 million.
Launch of the Mainnet and Its Features
The beta version of Plasma's mainnet will launch with $1 billion in total value locked in stablecoins, making it the fastest chain to reach this milestone. Transactions on the platform will be fee-free, primarily utilizing Tether (USDT). Plasma is built on Bitcoin's UTXO model and is EVM-compatible, combining functionalities from both networks.
Position After the GENIUS Act
The success of the token sale coincided with the passage of the GENIUS Act, the first legislation in the U.S. governing stablecoins. This event may have boosted confidence in platforms like Plasma that emphasize regulatory compliance and institutional adoption. The project had previously raised $24 million in two funding rounds to expand its payment processing infrastructure.
The launch of Plasma's mainnet will be a test of its ability to ensure fee-free transfers and maintain network stability. The project's success will depend on scalability, security, and regulatory compliance in the new legal environment.
