The much-hyped Bitcoin sidechain, Plasma, received $500 million in stablecoin deposits in less than five minutes during the deposit phase for its upcoming XPL crypto token sale.
With over 1,000 investors participating in the deposit campaign for the Plasma ICO, many are wondering whether the ICO hype of 2017 is returning, following years of regulatory roadblocks.
(SOURCE)
What Is Plasma And Why Is Everyone So Hyped For XPL Crypto?
According to official documentation, Plasma is a stablecoin blockchain built on Bitcoin that will be used as a settlement layer for the fast-emerging stablecoin space.
In its own words, Plasma describes its product as “a high-performance, scalable, and secure blockchain purpose-built for stablecoins. Built from the ground up, it delivers zero fees, lightning-fast transactions, and the robust security stablecoins like USDT require.”
The Plasma team promises thousands of transactions per second, zero-fee USDT transfers, and settlement on Bitcoin while also having full EVM (Ethereum Virtual Machine) capabilities. With the Plasma platform, the team ultimately aims to build a dedicated ecosystem that focuses on stablecoin adoption and innovation.
While the total supply for XPL crypto is 500 million, the upcoming token sale will auction off 10% of the supply (50 million tokens) via yesterday’s sell-out deposit campaign that saw $500 million sent to an Ethereum vault through the Sonar token sale platform.
DISCOVER: Best Meme Coin ICOs to Invest in June 2026
Users who successfully deposited funds into the vault will have the option to purchase a share of tokens in the upcoming token sale, but are not obligated to do so, and they can withdraw their funds at any time.
Those with deposited funds in the vault will also earn yield on their deposited tokens while the token sale phase plays out. Investors have a $50m individual cap, and the Plasma team has made it clear they hold the rights to discount and adjust any purchases that attempt to abuse the system.
As of right now, not much information regarding the role the XPL crypto token will play within the Plasma ecosystem. There is speculation that XPL will act as a governance token for while also having staking enabled for yield generation and also to open up otherwise locked features on the platform.
Solaxy (SOLX) Hits $46.3 Million In Presale Funding As Investors Turn Their Attention To Blue-Chip Utility Plays
Solaxy (SOLX) is the first Layer-2 protocol on Solana and kick-started the return to the ICO model in 2017. While Plasma and its XPL crypto ICO have dominated headlines in recent days, SOLX has raised a staggering $46.3 million in the past few months.
SOLX smartly blends memecoin branding with legit utility, building a full end-t0-end L2 ecosystem on Solana, a blockchain that doesn’t currently have a L2 to its name. When considering that Ethereum has dozens of L2 protocols, with a combined valuation of over $12 billion, it seems wild that it has taken until now for Solana to get just one.
Not content with just being an L2, the Solaxy team has already announced plans to launch ‘Igniter’, its own token launchpad similar to Pump.fun and a built-in DEX where tokens graduating from Igniter will go live for trading.
With Solaxy building the full suite of tools, the team is competing with Pump.fun after it was announced that they will launch their own token, with a $4 billion valuation.
The news that the Pump.the fun token will launch at $4 billion in market cap, which has caused a lot of backlash, with many believing there is no value in a token that launches at such a high valuation.
On the other hand, SOLX will be launching with a modest market cap valuation, giving investors a chance to see their holdings grow as the product grows and hits the mainstream.
Utilizing roll-up technology, Solaxy is bringing an L2 to Solana and will support the mainnet by batching together transactions and processing them off-chain before sending them back to the mainnet for settlement.
Like the Plasma ICO, Solaxy also offers yield for investors choosing to stake their presale tokens, with 87% APY on offer to those who opt in.
There are just six days left until the SOLX presale ends, and while it may not see $500 million like the XPL crypto ICO, there is a good chance Solaxy will hit $50 million before the timer hits zero.
Stay in the loop with all things Solaxy by joining the community on Telegram and X.
Visit The Solaxy Presale Today
EXPLORE: Top 20 Crypto to Buy in June 2026
Join The 99Bitcoins News Discord Here For The Latest Market Updates
Why you can trust 99Bitcoins
Established in 2013, 99Bitcoin’s team members have been crypto experts since Bitcoin’s Early days.
Weekly Research
100k+Monthly readers
Expert contributors
2000+Crypto Projects Reviewed
