stablecoins

Yesterday, Plasma opened up deposits for their upcoming ICO with a $500m cap that got filled up in less than 5 minutes.

I love this space.

Here's a rundown of how this happened:

1. Plasma is a Tether-backed chain purpose built for Stablecoins.

As anyone within the space, stablecoin growth has been insane.

On the 27th of May, Plasma announced an ICO via echo(dot)xyz's Public sale platform; Sonar.

This image summarizes how this ICO is to take place.

Chef || /protardio || HGHR.fdn ↑   ||  Food and Smart Contract Security Researcher.

Yesterday, phase one of the picture above, the deposit period opened up with a $250m cap that was increased to $500m shortly after.

Both caps were filled within 5 minutes with >83 addresses depositing $1 million and above.

Excluding those who made deposits through service providers who pooled liquidity to deposit on behalf of participants, >1000 depositors of all sizes literally ($1 - 49,999,999) took part in this massively oversubscribed ICO.

A testament to the long awaited exposure to stablecoin upside.