Plasma attracts $ 500 million for ICO – and one trader has spent $ 100k on Ethereum gas costs

Plasma In just a few minutes on Monday, I was $ 500 million to Stablecoin deposits for the upcoming token sale – and A user spent $ 100,000 in costs in an attempt to jump the queue.

Bullishness of traders on public sale has led some to believe that the First currency Trend is back. ICOs were completely in the anger in 2017, but Fizz slid because of a series of failed projects and growing regulatory control.

In documentationPlasma is described as a Bitcoin Sidechain that will use the network as a settlement layer, while trying to “meet the unique needs of stablecoins.” The public sale will auction 10% of XPL’s range via deposits in an Ethereum -Kluis The recently debuted Sonar token sale platform.

While the sale generated $ 500 million in interest, a plasma team member on X clarified that only $ 50 million will actually be sold to XPL -Tokens. By keeping funds in the Deposito safe, users deserve the option to buy part of the tokens in future sale, but they are not obliged to do this – and they can withdraw their money at any time. In the meantime, they also earn yields on their deposited tokens.

Stablecoins have recently become a central focus in Crypto. The tokens, usually linked to and supported by the US dollar or other traditional assets, support the crypto industry, so that traders can easily be able and leave transactions. Stablecoins do not offer the potential allure of massive profits, such as other cryptocurrencies, but they are an essential part of the cryptomarket.

The Senate of the United States is Try to inspect an account That would determine a framework for the legal issue of Stablecoins in the United States, the Genius Act.

Meanwhile, Circle, the E -Emittent of USDC, the second largest stabilecoin by market capitalization according to Coenteckostarted to act on the New York Stock Exchange ThursdayIn a roaring success. CRCL rose on Monday to a new new peak price, more than quadruple of the initial offer price.

This whirlwind of excitement around stablecoins can explain why plasmas pre-sale safe is filled so quickly because a project is building a stablecoin-specific blockchain.

One trader wanted to participate so that she Paid 39.15 ETH (just over $ 100,000) to ensure that their $ 10 million deposit was performed in USDC before the safe was filled.

The extra $ 100,000 came in what one is called priorityWhat an optional function is that users can pay as much if they want to encourage validators to process their transaction faster. This is particularly effective when the network is overloaded because it may have been this time with a crowd of people trying to go into public sale in one go.

When traders expect others to increase their priority costs, a gas war breaks out, resulting in huge accounts that are not seen during the normal course of transactions. This behavior was present during the initial currency that Buzz from 2017 and the NFT-Boom of 2021-22 offered, but more recently Meme Coin traders have used the same strategy to “snip” many sought after tokens.

In the plasma situation, however, the trader may have exceeded the goal with his priority reimbursement of $ 100,000. According to Etherscan, the highest paid reimbursement of the top fifthers were 4.49 ETH (more than $ 11,500).

“Plasma Instant Cap Fill Today is a gigantic beacon signaling Meta -Shift,” Pseudonymous trader icobeast wrote on x. “ICOs are officially back and Sonar is probably the most impactful crypto-native release of 2025 for the direction of Crypto.”

ICOs rose in 2017 with countless projects that are increasing capital by selling crypto tokens, including prominent projects such as Filecoin and Tezos. Within a year, Bitcoin.com Found, 46% of the projects failed before or after increasing financing.

Victor Teixeira, Fund principal at investment firm Contango digital assetsbelieves that the hysteria that was experienced during the ICO -Rage of 2017 all the time, it has just been to Meme coins.

“The Meme Coin market that we have experienced in the past year is the same confluence of hype and retailadoptatie that we saw in the ICO Boom 2017,” Teixeira said Decrypt. “What I think we see is that although Trump and other meme coins have brought many investors on board on board, unless you entered these projects within the first two to three hours, you lost money.”

“Retail still wants to take a point at the 1000X game, and if you can capture that question and bind to a real product, you have a much stronger story to tell, with an actual potential to hit the top,” he added. “In this last cycle we just didn’t have a real project that could take that imagination and excitement, as well as meme coins could.”

But not everyone is happy with the Plasma ICO, because of the Top 10 participants Filling 40% of the available deposit supply and a sign that so-called crypto-whales dominated the sale. A total of 1,108 portfolios could participate in the Vault Deposit campaign – that is on average of more than $ 450,000 each. That said, according to Ethers scan141 traders have contributed less than $ 1,000 each.

No date has been set for the actual token sale, although the traders have suggested, the impact of Monday’s rising demand on the market can be felt if other projects feel that there is unused demand for a new wave of ICOs.

Published by Andrew Hayward