Deposits for stablecoin payments sidechain, Plasma, opened yesterday, with users depositing a total of $500M into the protocol in just six minutes. The deposit initially opened with a cap of $250M, but was filled almost instantly. The cap was then raised to $500M, which was quickly snapped up over the next five minutes. A single user, 0x152, spent 39.15 ETH or slightly under $100K in gas just to get in a deposit of $10M.
Plasma is a purpose-built stablecoin blockchain, designed with high speed transactions and zero fees in mind. The chain is settled on Bitcoin, while still maintaining full EVM-compatibility. With the backing of Bitfinex and Tether, Plasma has become one of the hottest proxy bets on the stablecoin narrative, especially with the success of Circle’s recent IPO.
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