Plasma token sale — what you need to know 💰
Plasma is a new blockchain purpose-built for stablecoins. Backed by the CEO of Tether, the project aims to solve key problems existing chains can’t: high fees, failed transactions, and centralization.
🤑 If stablecoins are going to scale, they need infrastructure built around them — not retrofitted. That’s the angle here.
The $XPL token sale is happening through Sonar, a new launchpad. How the sale works (FAQ):
⏺ Sale starts June 9 at 13:00 UTC on this page
⏺ 10% of XPL supply is being sold at a $500M valuation
⏺ You deposit stablecoins into a vault on Ethereum
⏺ The vault cap is fixed at $250M, and the per-wallet deposit limit is $50M. You can withdraw during the deposit phase, but doing so reduces your points
⏺ After the deposit period, you’ll need to re-commit stablecoins during the public sale. Vault deposits are not used automatically to buy tokens. If you don’t commit, you won’t get any XPL
⏺ After the sale, your stablecoins are bridged to Plasma Mainnet Beta
⏺KYC is required (done via Sonar/Echo)
This sale will likely be oversubscribed. If the vault ends up 5x full, a $5K deposit might translate to ~$1K in guaranteed allocation — assuming early entry and full-time participation 🤔
It’s rare to see a new chain launch focused only on stablecoins — with real backing, real product focus, and a massive TAM. If they even take a small slice of USDT volume from Tron, the upside could be big.
🤔 Plasma is selling tokens at a $500 million valuation, nearly 55 times cheaper than Tron current MC. The Tron chain is valued at $26.4 billion, yet its only real use case is to handle USDT transfers 🔗
Let me know if you’re joining or sitting this one out 💬