The @PlasmaFDN XPL public sale is closing in on 3x oversubscription, with $147.5m of committed capital. In our note from last week, we shared our prediction around seeing an influx of capital commitments in the final few hours of the sale. With the sale ending in less than 12 hours, it appears we were correct. The @PlasmaFDN sale is now 2.95x over-subbed, with 1.75m of remaining allocation yet to be claimed. The current average oversubscription is 4,477x, and the median is 1.86x the average over-sub amount appears to be skewed by opportunistic addresses that were able to get literal pennies into the Plasma vault on time. For example, 0x76899a7D611Bf9e6D26176cEae61301FCA8ebEff was able to get $0.01 USDT into one of the Plasma vaults. While their reserved amount is far less than 1 cent, they have committed $1,820, a 13,194,492x over-sub multiple. Could turn out to be a beautiful, capital efficient story for them. /every_cent_counts
Kairos Research
Kairos Research23.7. klo 05.38
The @PlasmaFDN public sale via @echodotxyz is currently ongoing and will conclude in roughly 6 days, on Monday, July 28 at 9:00 AM ET So far, the $50m public sale is 1.17x over-committed in total, even with 36.6% of reserved allocation remaining unclaimed. The average committed amount by users is 51x their reserved amount, while the median committed amount is 1.8x. According to Plasma's blog post: "Depositors who (i) secured an allocation during the deposit period and (ii) successfully completed onboarding through Sonar are guaranteed an XPL allocation during the public sale and can commit their funds at any point during the sale window. Additionally, overcommitments are permitted to secure any allocated, but unpurchased XPL. At the conclusion of the sale, any unpurchased XPL from reserved allocations will be sold proportionally to participants who commit additional funds, based on their share of total committed funds. To be eligible, you must include the additional funds as part of your commitment during the sale window. This mechanism ensures unused allocation is efficiently reallocated to long-term aligned participants. Over-committed capital will be returned to participants after the token sale is completed." We predict there will be an influx of reserved allocations purchased in the last few hours, and we'll post an update once the sale has completed where we unpack the data.
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