The wait is over: Plasma, a Bitcoin-based stablecoin blockchain, has set the date for its XPL token sale at July 17th, keeping the project on track for a predicted mainnet launch by late summer. Over $1 billion in deposits, significantly more than the initially targeted $500 million, gathered interest in the project.
Key Facts
- Pre-Sale Success: $1 Billion+ in deposits received last month.
- Token Sale Date: July 17th.
- Initial Sale Allocation: Approx. 10% of total XPL supply.
- Mainnet Target: Late Summer.
- Initial Stablecoins: Several unreleased stablecoins planned for launch on mainnet.
- Stablecoin Market: Worth $255.9 billion.
Token Sale Details
Available tokens were obtained by depositing Bitcoin (BTC) via a Plasmic Bridge, Lightning Network, or Python script onto the Taproot address. Unlock scheduled for July 14th ensures at least 40 days of locking post-sale.
Mainnet Launch
The mainnet rollout depends on the token sale’s pace. If fully sold on the first day, a potential launch date of August 26th is possible, aligning with projections. A key security audit is ongoing.
Plasma & Stablecoins
Plasma aims to become a “stablecoin chain,” optimized for stablecoin transactions using BTC as a settlement base. While permissionless for app development, the primary focus is facilitating stablecoins.
Paul Faecks, CEO, cited regulatory compliance as a key reason for the lock-up periods, particularly the US-facing one needing a 12-month lock-up despite the general user’s shorter period.
