Fever Plasma: Raising 373 million USD, holding 1 billion USD stablecoin from Public Sale!

Plasma, an EVM-compatible Bitcoin sidechain, is causing a stir in the crypto market as the public token sale event #XPL attracted a total of over 373 million USD in commitments, exceeding the original target by 7 times. Even more notably, the total value of stablecoins deposited into the system has reached 1 billion USD, making Plasma the blockchain project to reach this milestone the fastest in history.

The "deposit first - allocate later" model and technical potential

Plasma applies the "deposit first - allocate later" model for the XPL public sale, requiring participants to deposit stablecoins (USDT, $USDC , USDS, DAI) into the vault on the Sonar platform, along with mandatory KYC. Early depositors who hold their funds longer will be prioritized in receiving token allocations. The total amount of deposits quickly hit the cap of 250 million USD, then expanded to 500 million, and finally reached 1 billion USD, all of which were quickly filled.

The total supply of XPL is 10 billion tokens, 10% of which are sold at a price of 0.05 USD/token (FDV 500 million USD). The right to purchase tokens not only depends on the amount deposited but also on the duration of holding the funds, aiming to prevent whales from manipulating and encourage genuine participation.

The beta mainnet is expected to launch between late August and early September 2025. Technically, Plasma uses the PlasmaBFT consensus mechanism, supporting bridge $BTC under the trust-minimized model and EVM compatibility, allowing developers to easily build applications. Previously, the project had also raised 24 million USD from major funds and famous KOLs.