Golden Finance reported that an official announcement from the stablecoin project Plasma has drawn attention from the crypto market. To optimize the participation environment, reduce the interference of robots and snipers, and create more space for real participants, Plasma issued an emergency temporary announcement at 8 a.m. today and reopened the deposit limit at 9 a.m. At the same time, the official clearly stated that the previously raised $1 billion deposit was not the XPL sale itself. The public sale of XPL has not yet started. All funds will be bribed to the Plasma mainnet testnet, and the funds will be entirely owned by the depositors. Depositors will participate in subsequent sales based on the ownership of the final unit at the time of lock-up. In addition, the official reaffirmed that the public sale terms of XPL remain unchanged, and a $500 million XPL token quota will be sold, fully diluting the project’s valuation to $5 billion.
Plasma’s recent emergency adjustment of the deposit cap reflects some of the chaos existing in the crypto market. During the financing or token offering process of popular projects, robots and snipers often take advantage of automated programs and technological superiority to seize resources and squeeze the participation space of real investors. For instance, in some token rush buying events, robots can complete a large number of operations in an extremely short time, making it difficult for ordinary investors to obtain quotas. Plasma has reopened the deposit cap, aiming to break this unfair situation and enable more real users to participate in the project, enhancing the authenticity and activity of the community. This move also reflects the project party’s emphasis on a fair and healthy market environment, which is conducive to enhancing the project’s image in the minds of investors.
Regarding the public offering amount and valuation of XPL, the token offering scale of 500 million US dollars is a relatively large volume in the crypto market, while the fully diluted valuation of 5 billion US dollars has also sparked widespread discussions in the market. For investors, this valuation level indicates that they have high expectations for the future development potential of the Plasma project. From the perspective of the project itself, Plasma is dedicated to building a high-performance Bitcoin sidechain specifically designed for stablecoins, aiming to address numerous issues in the application of stablecoins in existing blockchain infrastructure, such as high transaction costs, performance bottlenecks, and centralized risks.
If the project can successfully achieve its technical goals and secure a place in the stablecoin field, then the current valuation might be somewhat reasonable. For instance, in the stablecoin market, leading stablecoins such as USDT and USDC have a relatively high market capitalization due to their wide application and market recognition. If Plasma can attract a large number of users and institutions to use its stablecoin and related services through technological innovation and unique market positioning, the value of its token XPL is expected to grow as the project develops.
However, there are also some market players who are cautious about Plasma’s public offering plan. The crypto market is highly uncertain, and projects face numerous challenges in areas such as technology research and development, market promotion, and regulatory compliance. Even if a project has a good vision and technical plan, it cannot guarantee that it will eventually be successfully implemented and achieve commercial value. In addition, whether the fully diluted valuation of 5 billion US dollars is too high still needs to be comprehensively judged in combination with the actual progress of the project, the competitive situation in the market, and the future profit model and other factors. In the past, there were some crypto projects that offered tokens at high valuations, but due to various reasons, they failed to achieve the expected development goals, resulting in a significant drop in token prices and causing huge losses to investors.
At present, all market participants are closely monitoring the subsequent developments of the Plasma project, especially the specific time and detailed rules of the XPL public sale. For investors, when participating in the public sale of XPL, it is necessary to fully understand the project’s fundamentals, technical strength, team background and other information, carefully assess investment risks, and make investment decisions rationally. The Plasma project team also needs to further convey a clear development plan and project progress to the market, enhance investor confidence, and ensure the smooth progress of the public sale activities.
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