Plasma Attracts $500 Million for ICO—And One Trader Spent $100K on Ethereum Gas Fees
The post Plasma Attracts $500 Million for ICO—And One Trader Spent $100K on Ethereum Gas Fees appeared on BitcoinEthereumNews.com.
In brief Bitcoin-backed stablecoin network Plasma attracted $500 million in deposits towards its upcoming token sale. One trader spent $100,000 in Ethereum priority fees to ensure their $10 million USDC deposit made it through. Some traders see this as a sign that the initial coin offering (ICO) craze from 2017 is coming back. Plasma attracted $500 million in stablecoin deposits in mere minutes Monday for its upcoming token sale—and one user spent $100,000 on fees in an attempt to jump the queue. Traders’ bullishness around the public sale has led some to believe that the initial coin offering trend is back. ICOs were all the rage in 2017, but fizzled out due to a string of failed projects and growing regulatory scrutiny. In its documentation, Plasma is described as a Bitcoin sidechain that will use the network as a settlement layer as it attempts to “meet the unique needs of stablecoins.” The public sale will auction off 10% of the supply of XPL via deposits into an Ethereum vault through the recently debuted Sonar token sale platform. While the sale generated $500 million worth of interest, a Plasma team member clarified on X that only $50 million worth of XPL tokens will actually be sold. By holding funds in the deposit vault, users earn the option to purchase a share of tokens in the future sale, but are not obligated to do so—and they can withdraw their funds at any time. They’ll also earn yield on their deposited tokens in the meantime. The Plasma XPL token sale just raised $500M in 5 minutes That’s 10x oversubscribed. One guy spent $100K on gas, just to get in. pic.twitter.com/hu46OcDdCv — Arkham (@arkham) June 9, 2025 Stablecoins have become a central focus in crypto lately. The tokens, typically pegged to and backed by the…
