Key Points:
- Plasma has increased its deposit cap to $1 billion, reaching this limit within 30 minutes.
- This adjustment followed demands from the community addressing issues with bot activity and previous rapid sellout times.
- The platform plans to deliver stablecoin functionality on Bitcoin within a zero-gas framework, initiating with USDT.
Plasma’s recent surge in deposit limits to $1 billion occurred shortly after the community requested actions to mitigate unfair sellout occurrences. The drastic increase from the prior $500 million cap was noticed due to high demand and rapid investor interest.
Plasma stated that the purpose of this announcement was to afford genuine users, particularly those on platforms like Discord, a better opportunity for participation. They emphasized that the deposits do not equate to a token sale. Plasma clarified, “Deposits are not the sale itself. All funds remain fully owned by depositors and will be bridged to Plasma mainnet beta.”
Individuals depositing funds will gain rights to purchase in the upcoming $50 million XPL public sale, which is pegged at a $500 million value on a diluted basis.
Plasma’s objectives include broad participation and a more equitable opportunity for general users, as affirmed by the project leadership’s recent comments, which highlighted community concerns about accessibility.
