"One of the main goals of the XPL token offering is to ensure broad community participation. After the first round, we received feedback that many community members found it difficult to join, as 'snipers' and bots had too much preparation time. By reopening the cap, we wanted to offer more users a fair chance," the Plasma team explained.

According to Dune Analytics, the second round attracted around 1,900 wallets, bringing the total to 2,929 unique participants. The maximum deposit recorded in the first round was approximately $50 million, with the second round’s largest at $23.7 million.

To mitigate large trader dominance, developers announced the new cap just one hour before the reopening, deliberately limiting the time available for major participants to react. Importantly, the public sale phase for XPL has not yet started—the raised deposits are only a preparatory step. All deposited funds will be transferred to the Plasma mainnet beta and remain accessible to depositors. Allocation in the public sale will depend on each participant’s contribution and lockup period.

The team emphasized that public sale conditions remain unchanged: $50 million in tokens will be sold at a fully diluted valuation of $500 million.

The decision has sparked mixed reactions in the crypto community. Those who missed the first round generally supported the move, while others questioned the transparency and frequency of such cap increases.

The initial ICO phase on June 9 saw the $500 million deposit limit reached within five minutes, with substantial involvement from large holders. Critics noted that prior to launch, the limit was already increased from $250 million to $500 million, and that the top 10 investors in the first round contributed about 40% of the total.

Plasma representatives reported a median investment size of approximately $35,000, but according to Kairos Research co-founder Ian Answorth, the average deposit stands closer to $400,000—far above what is accessible to the average retail participant.