The $500 million valuation ICO of Plasma, from a background perspective, is worth this price, but if you ask how large the space is, there are too many uncertainties and variables.

Individuals might not invest, but if it explodes after TGE, I would consider chasing the price. Based on the following judgments:

1. Depositing to get a quota, if you don't put in a few million, according to this valuation, even if you get the quota, the sense of existence will be very low; this model is not friendly to small and medium-sized amounts.

2. Plasma focuses on zero-fee USDT transfers, which directly competes with the largest issuance network of USDT, TRON. TRON's transaction fees are actually quite expensive right now, so there is a market for this, but the problem it brings is how Plasma can profit with zero fees, as TRON comfortably relies on transaction fee income. There are pros and cons.

3. An advantage is that Plasma has the support of Bitfinex and Tether, which should provide sufficient resources for growth and expansion. I estimate many people are attracted to this, making it the biggest positive factor.

4. Another feature is that Plasma plans to utilize the security of Bitcoin, but it is still unclear how this will be utilized; this aspect is quite standard.

Overall, there are not many negative points, but many unknown factors, and it is indeed not cheap. However, if it truly becomes the next generation of stablecoin giants, it will definitely be worth more than $500 million; there are too many variables. From various perspectives, rather than locking large amounts into the ICO, I would prefer to wait after TGE. I believe this kind of project needs to develop, and there won't be a lack of opportunities to get in, even if it means chasing a higher price.