There will be no further increases to the deposit cap. Total deposits are now limited to $1 billion.
The goals of the deposit period were clear: enable broad, global participation through a fair process prioritizing real users over bots, and bootstrap day-one stablecoin liquidity for Plasma mainnet beta. We’ve achieved both.
With deposits now closed, the system remains live. You can still withdraw at any time before the lock-up phase, but note that withdrawing or transferring your receipt token will reduce your units.
We’re deeply grateful for your trust and participation. This is only the beginning.
Today we raised the deposit cap to $1 billion, which filled within ~30 minutes.
One of our main goals for the XPL sale is broad participation. After the initial deposit period, we heard from community members who had trouble joining and felt that snipers and bots had too much time to prepare.
We reopened the cap to give those users a better opportunity. The announcement was made on short notice to reduce bot setups and create more room for real participants, especially those active in our Discord and with notifications on.
To clarify: this is not a $1 billion raise. Deposits are not the sale itself, and the XPL public sale hasn’t started yet. All funds will be bridged to Plasma mainnet beta and remain fully owned by depositors. Depositors earn the right to participate in the sale based on their final units at the time of the lock-up. The public sale terms remain unchanged: $50 million will be sold at a $500 million fully diluted valuation.
We’re incredibly grateful for your support and excited to build Plasma alongside you.
Trillions.
1️⃣ Connect your wallet to the Plasma Dashboard on Ethereum mainnet.
2️⃣ Deposit stablecoins (USDT, USDC, USDS, or DAI) into the Plasma Vault — the earlier and longer you deposit, the more units (your allocation) you get.
3️⃣ You can withdraw anytime before the deposit window closes, but your units will decrease.
4️⃣ After deposits close, your funds are locked for at least 40 days.
5️⃣ Complete KYC via Sonar by Echo.
The following jurisdictions are prohibited: United Kingdom, China, Cuba, Iran, Russia, Syria, North Korea, and Ukraine.
6️⃣ During the sale, purchase XPL tokens up to your guaranteed allocation (and possibly more if tokens remain).
7️⃣ After Plasma Mainnet Beta launches, claim your XPL and withdraw your deposit back to Plasma.
Stay tuned for updates @PlasmaFDN