Well, well, well! It appears that Plasma has decided to throw a rather extravagant soirée in the world of cryptocurrency, launching its much-ballyhooed public token sale on Echo’s shiny new platform, Sonar. And lo and behold, within a mere 40 minutes, the campaign had gobbled up its full cap of $500 million! One can only imagine the frenzy as over 1,100 wallets clamored to join the party, each with a median deposit that would make even the most seasoned aristocrat raise an eyebrow—around $35,000, if you please!
“We have reached our deposit cap of $500 million.
We are thrilled that 1,100+ wallets participated, with a median deposit amount of ~$35,000.
Trillions.”
— Plasma (@PlasmaFDN) June 9, 2025
Now, let’s not forget that this XPL token sale is the very first public sale conducted on Sonar. A platform, mind you, that has just been unveiled by Echo, the investment firm helmed by the illustrious crypto connoisseur Cobie, or as his friends call him, Jordan Fish. Quite the name drop, wouldn’t you say?
In a rather cheeky move, Plasma has sold a modest 10% of its total XPL supply, boasting a fully diluted valuation of $500 million. This, dear reader, is the same valuation that had the Founders Fund positively swooning during their equity round. One can only imagine the champagne corks popping!
“Deposits are now live. The opportunity to own the financial system of tomorrow begins now,” chirped Plasma via X just before hitting the cap. The deposit vault, hosted on Ethereum, welcomed users to send their USDT, USDC, USDS, or DAI. Participants were rewarded with “units” based on how long their deposits lingered in the vault—like a fine wine, if you will.
All deposits were processed through Veda’s audited smart contracts, which currently hold a staggering $2.6 billion in total value locked. The sale employed a rather sophisticated “time-weighted deposit” system, rather than the usual first-come-first-serve model. This clever little trick ensures that those who committed earlier and stayed longer received a more generous allocation. A bit like a game of musical chairs, but with far more zeros involved!
According to the official Plasma announcement, “Your allocation of the sale is determined by your time-weighted share of total vault deposits.” And just like that, the vault is now locked tighter than a drum, leaving users unable to deposit or withdraw funds. Quite the cliffhanger, wouldn’t you agree?
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2025-06-09 18:45