Plasma crypto, a Bitcoin side-chain designed specifically for stablecoins, drew in $500 million in deposits in less than five minutes during the deposit phase of its upcoming XPL token sale on the Sonar platform. Over 1,100 wallets joined the vault, with a median contribution of around $35,000 per participant.
Despite individual caps set at $50 million, demand far exceeded expectations, oversubscribing the vault by more than ten times. So, what exactly is Plasma, and why is this ICO gaining so much traction?
We have reached our deposit cap of $500 million.
We are thrilled that 1,100+ wallets participated, with a median deposit amount of ~$35,000.
Trillions. pic.twitter.com/qjRhsVdHtT
— Plasma (@PlasmaFDN) June 9, 2025
Plasma, bases on their documentations, delivers a high-performance, EVM-compatible sidechain built on Bitcoin, aiming to improve how stablecoins operate at scale. Unlike general-purpose chains, Plasma removes gas tokens altogether, enabling zero-fee USDT transfers and instant settlement.
This architecture significantly simplifies the user experience and lowers transaction costs. The network anchors its state to the Bitcoin mainnet, inheriting Bitcoin’s security through state root anchoring while maintaining fast throughput.
Plasma also integrates a trust-minimized BTC bridge and runs on a Byzantine Fault Tolerant (BFT) consensus model, ensuring decentralized control and eliminating single points of failure. Plasma creates a robust foundation for stablecoin transactions, DeFi protocols, and institutional use cases by combining Bitcoin-grade security with Ethereum-level programmability and speed.
Its zero-fee design, fast execution, and dedicated stablecoin features have positioned it as a promising infrastructure layer in the next wave of blockchain development.
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Plasma Crypto ICO – Between Hype, Gas Wars, and Governance
The size and speed of the vault deposit echo the highs of the 2017 ICO era. One investor reportedly paid 39 ETH (~$100k) in gas fees to jump ahead in the queue. Critics have noted whale dominance: the top three contributors poured in over $100 million collectively, which raised concerns about equitable access. However, others welcomed the distribution model: 1,100+ wallets participated, with a median allocation of $35,000.
Participants in the deposit phase earned the right to purchase up to 10% of the total XPL supply (50 million tokens), but they retain full withdrawal flexibility and can earn yield while the sale proceeds.
This fast-paced vault sale signals a renewed appetite for stablecoin infrastructure and introduces what some call “ICO 2.0”– a more structured, utility-based funding model with improved investor protections.
With stablecoin issuance and usage on the rise, backed by global regulatory focus like the U.S. GENIUS Act and Circle’s USDC IPO, Plasma’s model may inspire similar future offerings.
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Could Solaxy ICO Match Plasma’s Hype? So Far The Presale Has Raised Over $46 Million
While Plasma’s $500 million deposit milestone has captured attention, another promising project, created with Solana in mind, is gaining momentum. As Solana’s user base surpasses 101 million users with around 5 million active daily, network congestion and performance challenges persist. For this reason, eyes are turning to Solaxy (SOLX), a Layer-2 solution designed to enhance Solana’s speed and reliability.
Solaxy uses rollup technology to enable faster, cheaper transactions, helping developers and users avoid bottlenecks. Recently, Solaxy launched its Igniter Protocol, which allows anyone to create and distribute meme coins to a wide audience. These tokens will initially trade on Solaxy’s upcoming decentralized exchange (DEX), built for high speed and deeper liquidity.
Both the Igniter and DEX are part of Solaxy’s broader vision to build a comprehensive ecosystem on Solana. The Solaxy Testnet is live, with the mainnet launch expected later this month. As more projects seek smoother and more scalable launch platforms, Solaxy aims to become a preferred option.
The ongoing SOLX presale has raised over $46.5 million, with just days left to participate. Investors can still buy tokens at a fixed price of $0.00175, using major cryptocurrencies. The presale offers staking rewards up to 85% APY, enabling early supporters to earn passive income.
The project plans to list on major exchanges soon after launch, opening access to a wider audience. For investors looking for the best Solana crypto project tackling infrastructure challenges, Solaxy stands out as a compelling option to watch.
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Key Takeaways
- PLASMA crypto just raised $500 million in under five minutes for its ICO, showing strong demand for stablecoin-focused blockchain solutions.
- But what is Plasma crypto? Plasma offers zero-fee USDT transfers and fast, secure transactions by combining Bitcoin security with EVM compatibility.
- The project’s trust-minimized BTC bridge and BFT consensus ensure decentralization and scalability, targeting stablecoin and DeFi adoption.
- Solaxy raised over $46.5M ahead of mainnet launch, offering a Layer-2 solution to ease Solana congestion with rollups and meme coin tools.
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