The Plasma project team has increased the deposit limit for the initial public offering of tokens (ICO) XPL for the second time, raising it to $1 billion. The limit was fully filled in just 33 minutes, further demonstrating the high interest of the cryptocurrency community in the project.
This is reported by Business • Media
Features of the Second Round of ICO XPL
According to the Dune Analytics dashboard, around 1,900 wallets participated in the second round, with the total number of participants reaching 2,929. The maximum contribution amount during the first stage was approximately $50 million, while in the second round it was $23.7 million. According to the developers, the increase in the limit was announced just an hour before the start to limit the participation of large traders and provide more opportunities for average users.
“One of the main goals of the XPL token offering is broad participation. After the first round concluded, we heard from community members that they had difficulties participating. They felt that the ‘snipers’ and bots had too much time to prepare. We reopened the limit to give these users more opportunities,” the project team stated.
Sale Structure and Community Reaction
The Plasma developers emphasized that the increase in the limit did not initiate the public sale stage of XPL, but merely allowed for additional deposits. All funds will be transferred to the beta version of the mainnet, and deposit holders will gain the right to participate in the future public sale, depending on the size of their contribution and the lock-up period. The terms remain unchanged: $50 million is planned to be raised with a total project valuation of $500 million.
Among the cryptocurrency community, the decision has sparked mixed reactions. Those who missed the first round mostly supported the developers’ move. At the same time, some investors expressed dissatisfaction and raised questions about future limit increases.
The first stage of the Plasma ICO took place on June 9: at that time, the $500 million limit was filled in just five minutes. A significant portion of the investments—around 40% of the total amount—was provided by only 10 of the largest participants. This led to criticism of the team, particularly because the limit was increased from $250 million to $500 million even before the sale started.
According to Plasma representatives, the median investment amount was approximately $35,000. Meanwhile, according to Jan Answorth, co-founder of Kairos Research, the average deposit reached $400,000, significantly exceeding the capabilities of most users.