$250M in 2 Minutes: #Plasma 's Pledge Frenzy Defies the Bear Market

Bear market? Plasma just raised $250 million USDT in 2 minutes.

At 9 PM tonight, the initial pledge window for Plasma — a new stablecoin network backed by Bitfinex and Tether (@PlasmaFDN) — opened... and was instantly devoured.

The entire $XPL allocation was based on deposit size and timing, turning it into a race against the clock — or rather, against gas wars.

Leading the charge was whale/institution wallet:

0x790c42D632502949e72Ab0981C2f0D2021141023,

who staked a staggering 50 million USDC, singlehandedly claiming 20% of the pool.

Plasma Deposit Contract:

0xd1074E0AE85610dDBA0147e29eBe0D8E5873a000

So... bear market, or just whales playing a different game?