Plasma caps deposits at $1 billion after 2,911 participants join

Plasma, a notable stablecoin project, has officially declared that the deposit cap will no longer be increased, with a total cap set at $1 billion. This announcement comes as the deposit channels are closed, but the system will continue to operate. Users can still withdraw their funds at any time before the lock-up period begins. However, any withdrawals or transfers of voucher tokens will reduce the allocated shares.

This decision follows the successful completion of the second deposit period, during which the number of participants surged to 2,911. The deposit cap was initially set to prepare for the public sale of the XPL token, scheduled for later in 2025. The deposit period aimed to facilitate the project's goals, including enabling user deposits in the vault, which are now locked until the Plasma mainnet goes live in the second half of 2025. Once the mainnet is live, these deposits will be unlocked, allowing users to participate in the ecosystem.

The Plasma project's ability to raise $1 billion in deposits in just two stages highlights its growing popularity and the confidence investors have in the project. The success in raising such a significant amount of capital in a relatively short period indicates the demand for the XPL token and the potential of the Plasma ecosystem. The decision to cap the deposits at $1 billion is a strategic move that allows the project to focus on its development and ensure it can deliver on its promises to investors.

This milestone is significant for the cryptocurrency industry, demonstrating the growing interest in blockchain technology and the potential for projects to raise substantial capital through initial coin offerings (ICOs). The project's ability to attract a large number of participants and raise such a significant amount of capital underscores the demand for the XPL token and the potential of the Plasma ecosystem. The cap on deposits at $1 billion is a strategic decision that enables the project to concentrate on its development and fulfill its commitments to investors.