Gate News bot news, focusing on stablecoin Blockchain platform Plasma raised its deposit limit to 1 billion dollars early Thursday morning, reaching the limit within 30 minutes. The new limit has doubled from the previous 500 million dollars.
Plasma indicates that this temporary adjustment aims to provide a fairer opportunity for real users (such as those active on its Discord) to join, but this is not a token sale yet.
Plasma clarified in a blog post: “Deposits do not represent the sale itself. All funds still completely belong to the deposit users and will be bridged to the Plasma mainnet Beta version.”
Participants will gain the right to participate in the public sale of 50 million USD XPL based on the number of units locked before the deadline. This sale is valued at 500 million dollars on a fully diluted basis.
According to reports, the project aims to bring native stablecoin functionality to Bitcoin through a sidechain compatible with the Ethereum Virtual Machine (EVM). According to data from Arkham, earlier this week, the project’s initial fundraising target of $500 million was sold out in just five minutes. This figure is ten times what Plasma initially planned, indicating that investors have a tremendous interest in stablecoin infrastructure.
Source: CoinDesk
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