Bitcoin Stablecoin Network Plasma Sets XPL Token Sale After Attracting $1 Billion in Deposits
The post Bitcoin Stablecoin Network Plasma Sets XPL Token Sale After Attracting $1 Billion in Deposits appeared on BitcoinEthereumNews.com. In brief Plasma’s public token sale will commence on July 17, after $1 billion worth of crypto was deposited last month to gain allocation for the initial coin offering. The project will be gearing up for its mainnet launch, which is still targeted for late summer. The company told Decrypt that its network will feature several unreleased stablecoins, although couldn’t confirm if they were from non-crypto firms. 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 post Bitcoin Stablecoin Network Plasma Sets XPL Token Sale After Attracting $1 Billion in Deposits appeared on BitcoinEthereumNews.com.
In brief Plasma’s public token sale will commence on July 17, after $1 billion worth of crypto was deposited last month to gain allocation for the initial coin offering. The project will be gearing up for its mainnet launch, which is still targeted for late summer. The company told Decrypt that its network will feature several unreleased stablecoins, although couldn’t confirm if they were from non-crypto firms. 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…
What's Your Reaction?
