Key Highlights:
- Plasma’s latest yield initiative with Binance successfully attracted $250 million in deposits in under an hour.
- The Plasma USDT Locked Product grants daily USDT rewards and includes an airdrop of 100 million in Plasma’s XPL token, representing 1% of the total supply.
- Plasma, regarded as a shunned but promising stablecoin project, secured $1 billion in deposits and raised a substantial $373 million in a public token sale.
Details:
The newly launched on-chain yield program by Plasma in collaboration with Binance saw an impressive $250 million influx of deposits on Wednesday, immediately reaching its cap within a mere hour. Investors quickly moved to participate, eager to earn Plasma’s native token, XPL, provided as rewards.
The Plasma USDT Locked Product launched on Wednesday at 12:00 UTC on Binance Earn, allowing investors to deposit USDT to realize daily rewards. In addition to these rewards, contributors will partake in the allocation of 100 million XPL tokens post-token generation event.
This facility was established with a $250 million cap and operates on a first-come, first-served basis, with Binance overseeing user balance evaluations via daily snapshots for reward distribution. Plasma also mentioned that the cap might be increased, according to recent announcements on social media.
Plasma is among a select few critically awaited stablecoin projects, promoting fee-free USDT transfers and backed by notable investors including Peter Thiel and Paolo Ardoino.
