Plasma successfully raised $500 million in just minutes during its public token sale for XPL, the platform’s native asset. The highly anticipated launch took place on June 9 and has quickly become one of the largest public raises in the crypto market this year.

According to on-chain data and statements from Plasma, the XPL sale saw overwhelming demand from retail and institutional investors alike. The token offering was conducted via a decentralized launchpad, and the entire allocation sold out in less than 15 minutes.

Gas Fees Spike as Traders Rush In

The frenzy surrounding the XPL sale caused significant congestion on the Ethereum network, with some participants reportedly spending over $100,000 in gas fees to secure their token allocation. Data from Arkham indicates that network usage spiked sharply during the sale window, underscoring the intensity of demand and highlighting ongoing scalability challenges on Ethereum.

Source: Arkham

“This is one of the most competitive sales we’ve ever seen,” commented a core developer at Plasma. “We expected interest, but the reality exceeded even our most optimistic forecasts.”

The success of the XPL sale reflects growing investor appetite for infrastructure plays, particularly those centered on ZK technologies. As privacy and scalability remain two of the blockchain industry’s biggest bottlenecks, platforms like Plasma are attracting heightened interest.

Some analysts have compared Plasma’s breakout moment to that of EigenLayer and StarkWare in their early fundraising stages. Others caution, however, that such enormous raises can create immense pressure on projects to deliver and maintain value.

At press time, the secondary market for XPL tokens has not yet opened. Community members and investors are now watching closely to see how Plasma rolls out its mainnet roadmap and whether it can sustain momentum amid rising expectations.

What is Plasma?

Plasma is a next-generation infrastructure project focused on scaling zero-knowledge (ZK) applications. The platform provides developer tools and middleware to help build performant, modular ZK systems that can integrate seamlessly across chains. With backing from prominent investors and early partners in the ZK ecosystem, Plasma has quickly emerged as a foundational layer for privacy-preserving and data-efficient Web3 applications.

The XPL token is designed to serve multiple roles within the Plasma ecosystem, including network governance, staking for node security, and incentivizing developers who contribute to open-source modules and ZK proofs.

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