Bitcoin-based stablecoin blockchain Plasma has set the date for its much-anticipated XPL initial coin offering, or token sale, for July 17, keeping the project on track for its predicted mainnet launch by “late summer.” Following the sale, Plasma will gear up for its mainnet launch, which the firm told Decrypt will feature several unreleased stablecoins.
The token sale comes following the Bitcoin sidechain attracting $1 billion worth of deposits, upsized from $500 million. Those who deposited tokens will get an allocation for the 10% share of the total XPL token supply that is being sold next week.
Allocations will be calculated out on a “pro-rata” basis, considering the total amount deposited and how long it was deposited for. If any portion is left unclaimed, then depositors will have the option to purchase the unallocated XPL.
Deposited tokens will be locked on July 14, and will remain locked for at least 40 days after the token sale ends. If participants want to withdraw their tokens, then they must do so before July 14.
Paul Faecks, the founder and CEO of Plasma, previously told Decrypt that this lock-up period is an attempt to remain compliant with regulations—with U.S. participants requiring a 12-month lock-up.
Once these 40 days are complete, Plasma will begin getting ready to launch its mainnet. That means that the earliest it could hit mainnet is August 26, assuming it sells out on the first day. Such a date would align with Faecks’ previous projection of “late summer.”
“While we can’t give an exact date yet, we can confirm that the third audit is currently underway,” Jacob Wittman, general counsel at Plasma, told Decrypt. “The team is fully focused on getting to mainnet as soon as we’re confident the system is ready.”
That said, nearly 62% of Myriad Market predictors believe that Plasma won’t hit mainnet before September.
(Disclosure: Myriad is a prediction market developed by Decrypt’s parent company DASTAN.)
A number of unreleased stablecoins are set to roll out alongside the Plasma mainnet launch, but the network could not comment on whether or not these were to be issued by traditional companies.
“Several teams are preparing to launch Plasma-native stablecoins on day one, including a few that are still in stealth. We’re excited to support them as they go live,” Wittman said. “We’re also in active conversations with traditional players, from fintechs to financial institutions, who see stablecoins as a way to increase efficiency, lower costs, and expand into new markets.”
Plasma is attempting to build a blockchain specifically designed for stablecoins, making special optimizations such as gasless stablecoin transactions. It will use Bitcoin as a settlement layer, although its design “closely mirrors Ethereum” and will be EVM-compatible.
Faecks told Decrypt that the company’s goal is to become “stablecoin chain number one,” although not every token on the network will be a stablecoin. XPL, for example, is not a stablecoin, and the network will be entirely permissionless, meaning anyone can build on the blockchain.
The stablecoin market is worth $255.9 billion, according to DefiLlama, and is poised to explode if the GENIUS Act is able to pass in the U.S. The bill establishes a framework for issuing and trading stablecoins, which some experts believe could prompt thousands of new stablecoins launched.
As a result, reports of traditional companies planning to issue stablecoin have started to surface. Sources familiar with the matter told Decrypt that neobank Revolut is actively exploring creating its own stablecoin, for example. It followed a Wall Street Journal report that Amazon and Walmart were considering their own coins—potential plans that were quickly denounced by Sen. Elizabeth Warren (D-MA).
Plasma is positioning itself to attack this growing, and possibly soon-to-explode, market.
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