Plasma Locks Deposits Ahead of XPL Token Sale

Plasma, a stablecoin project, has officially announced that the public sale of its native token, XPL, will commence on July 17. This announcement comes with significant implications for users, as deposits and withdrawals will be locked starting from July 14, providing a final 72-hour window for users to manage their funds before the sale begins. The locked deposits will remain inaccessible for at least 40 days post-sale, ensuring that the funds are secured and cannot be used for the current round of the sale.

The project has clarified that the $1 billion raised in deposits is not intended for the XPL sale itself. Instead, all funds will be bridged to the Plasma mainnet testnet and will be fully owned by the depositors. The public sale terms remain consistent, with 50 million XPL tokens up for sale and a fully diluted valuation of $5 billion. Depositors will participate in the sale based on their final unit ownership at the time of the lock, ensuring a fair and transparent process.

Plasma has previously secured strategic investments, including a notable investment from Founders Fund under Peter Thiel. In February of this year, the project completed a $24 million funding round, which included a $20 million Series A round and a $4 million seed round. This funding was led by Framework Ventures and saw participation from the cryptocurrency exchange Bitfinex, venture capitalist Peter Thiel, and Tether CEO Paolo Ardoino. These investments underscore the confidence and support that Plasma has garnered from prominent figures in the industry, positioning it for potential growth and success in the stablecoin market.