This is a segment from the Empire newsletter. To read full editions, subscribe.

Plasma received $500 million in stablecoin deposits rather quickly yesterday, shocking some and affirming that the token sales appetite is back in full force.

But let me back up for a second. Plasma, which raised $24 million from the likes of Framework Ventures, is gearing up for a sale of its XPL token. Plasma team member Googly was careful to clarify that the sale hasn’t yet happened.

Ahead of the deposits, Blockworks Research penned a subscriber-exclusive note from analyst and 0xResearch podcast host Boccaccio, which dropped before the deposits even went live. If you didn’t already know, Plasma is a stablecoin company building a Tether-focused blockchain.

“We expect Plasma to allow 3-4 rounds of deposits over the deposit phase, with the total deposit reaching $1.5B to $1.75B. At this level, if Plasma launched at $2B TGE, APR on deposits would range between 35-50% if the lock up was for 3 months, and range between 25-40% if the lock up was for 4 months,” Boccaccio wrote yesterday.

His tone in the piece was cautious yet optimistic, he noted that there are “uncertainties” but also told me that he likes Plasma “overall.”

“They are purpose-built and focused on stablecoins, particularly payments, with their zero-fees on payments model. There are a few other stablecoin chains launching, some similarly backed by Tether/Bitfinex/Paolo [Ardoino]. At this point, it’s really a product, [business development] and [go-to-market] competition between these chains,” he said.

For me, Plasma also served as an example that pump[dot]fun’s targeted $4 billion valuation through its $1 billion raise — a story Lightspeed’s Jack Kubinec and I broke last week — will have a lot of appetite despite how upset people were on X.

“Pump would not have looked to raise 1B if they didn’t think they could fill it. I think Pump will fill quickly, and it’ll get some [of] the ‘it’s extractive’ people off its back. People want exposure more than they want to philosophize about morality, and this should give them the opportunity to do so,” Boccaccio said.

This detailed match analysis covers key moments, player performances, and tactical insights.