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Stablecoin Project Plasma Overview and Tokenomics Summary
BlockBeats News, August 22nd. Today, the $250 million quota for the second round of Binance Plasma USDT fixed-term product was sold out within 3 minutes, attracting market attention. On June 9th, an address spent 39.15 ETH (worth about $100,000) on exorbitant Gas fees, becoming the first address to make a Plasma deposit, successfully staking 10.17 million USDC.
The Plasma backer lineup is strong, being a Layer 1 blockchain designed for stablecoins, aiming to optimize stablecoin payments and settlement, providing an efficient, low-cost, and secure transaction experience. Previously backed by Peter Thiel's Founders Fund, it announced a $24 million funding round in February of this year ($20 million Series A funding and $4 million seed funding), led by Framework Ventures, with participation from cryptocurrency exchange Bitfinex, venture capitalist Peter Thiel, and Tether CEO Paolo Ardoino.
On July 17th, Plasma announced the launch of its XPL token public sale, with subscription amount exceeding $3.73 billion and oversubscription by over 7 times. In addition, the project's mainnet Beta version will officially launch with a total locked value (TVL) of $10 billion stablecoins, setting a record for the fastest achievement of this TVL scale in blockchain history.
The project's native XPL tokenomics model has also been disclosed, with a total supply of 10 billion tokens and the following specific allocation plan:
Public Sale Allocation 10%, with XPL for non-U.S. buyers fully unlocked upon the launch of the Plasma public mainnet testnet;
The XPL for U.S. buyers will be locked for 12 months and fully unlocked on July 28, 2026;
Ecosystem & Growth Allocation 40%, where 8% will be immediately unlocked at the mainnet testnet launch and 32% will be unlocked proportionally monthly over the three years following the mainnet testnet launch;
Team Allocation 25%, with one-third unlocked one year after the public launch of the mainnet testnet and the remaining two-thirds unlocked proportionally monthly over the following two years;
Investor Allocation 25%, with the same unlocking schedule as the team.
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