Summary
- Plasma will kick off its public token sale on July 17, following a substantial $1 billion in crypto deposits last month aimed at securing allocation for its initial coin offering.
- The project is also preparing for its mainnet launch, which is expected by the end of summer.
- According to the company, its network will feature multiple unreleased stablecoins, though they haven’t confirmed if these will involve traditional companies.
Plasma’s anticipated XPL initial coin offering is set for July 17, aligning with its predicted mainnet launch by late summer. Post-sale, the Plasma team will prepare for the mainnet’s rollout, which will include several unreleased stablecoins.
The token sale follows the Bitcoin sidechain’s impressive $1 billion in deposits—up from an initial $500 million. Those who deposited will receive a portion of the 10% of total XPL tokens available during the sale next week.
Allocations will be distributed on a pro-rata basis based on total deposits and their duration. If any tokens remain unallocated, depositors will have the opportunity to purchase them.
Deposited tokens will be locked starting July 14 and will stay locked for at least 40 days post-sale, with withdrawal possible only until the 14th.
Founder and CEO Paul Faecks indicated this lock-up period is part of their regulatory compliance strategy, especially for U.S. participants, who face a 12-month lock-in.
Following the lock-up, Plasma will prepare for the mainnet launch, potentially starting on August 26 if demand is high. Various teams are also set to launch Plasma-native stablecoins, with ongoing discussions with traditional financial players to leverage stablecoins for greater efficiency and market expansion.
