FAQs
General Sale Mechanics
What is a participant’s individual purchase cap? Each participant’s guaranteed purchase amount is based on their time-weighted share of total vault deposits, measured in units.
Units are earned by depositing stablecoins and are distributed every minute based on your wallet’s share of total vault deposits.
Do deposits guarantee an allocation in the public sale? Deposits will receive an allocation subject to compliance with applicable laws, the relevant terms and conditions and successful completion of the KYC processes via Sonar.
Full terms will be available at the start of the deposit and sale periods. We reserve the right to update the terms and conditions of the deposit and sale.
Is there an individual deposit cap? Yes, individual deposits are capped at $50M.
Additional units earned above this amount will not count towards a higher guaranteed purchase amount in the public sale.
Wallets linked to the same Sonar account or entity will be aggregated. We reserve the right to adjust unit calculations and disqualify participants for abuse.
Is there a cap on total vault deposits? There is no fixed cap for total vault deposits, but the vault will never be fully uncapped during the deposit period. The goal is not to maximize deposits, but to support healthy distribution aligned with Plasma’s long-term success.
Will my vault deposit be used to buy XPL automatically? No. You must explicitly commit new stablecoins during the public sale to purchase XPL. Vault deposits cannot be used.
Can I withdraw during the deposit period? Yes. You may withdraw your stablecoins at any time during the deposit period. However, doing so will reduce your units proportionally to the amount withdrawn.
Can I increase my deposit later? Yes. As long as the total and individual deposit cap hasn’t been reached and the deposit period remains open, you can increase your deposit to earn more units.
What happens to my units if I don’t use them to buy XPL? Any unpurchased tokens will be redistributed pro rata to participants who committed more than their guaranteed allocation during the public sale.
Eligibility and KYC
Do you need to KYC for the public sale? Yes, KYC is required for the public sale.
Do existing Echo users need to KYC again through Sonar? No, Existing Echo users can login with Sonar to access the XPL public sale but may need to complete additional steps.
KYC opens at the start of the deposit period.
Which countries cannot participate? The following jurisdictions are prohibited: United Kingdom, China, Cuba, Iran, Russia, Syria, North Korea, and Ukraine.
If your country is not listed, participation is allowed subject to local laws and ongoing review.
Full terms will be available at the start of the deposit and sale periods. We reserve the right to update the terms and conditions of the deposit and sale, including the eligible jurisidctions.
What happens if I don’t complete KYC before the public sale? If you do not complete KYC through Sonar before the sale ends, you will not be eligible to purchase XPL, even if you earned units during the deposit period.
Can I participate with multiple wallets? Yes. You can connect up to 3 wallets to your Sonar account.
All connected wallets will be treated as a single participant and subject to the $50M deposit cap.
Token and Vault Mechanics
Can I review the Veda vault contracts? Yes. While the production contracts will not be published before launch, Veda has deployed identical example contracts that can be reviewed below:
AccountantWithRateProviders:
0x8970180d667A95ad1399fF7Dd57d4b5061B0244cBoringOnChainQueue:
0x6F226E8a684e8d8b70C938BE2aB3087fFeAFd8EABoringVault:
0x0CDF04e97aef579ef20661c0FA445593948790F3Lens:
0x9A8eFfe804d8145462924c9C5f000fd05Bf7323eManagerWithMerkleVerification:
0xB156325410A9478FafeB83004750F59B3484AE48Pauser:
0x0049EF0D64CcD2902476EE8219c03b5818bDc89BQueueSolver:
0x73E81a6dd78172A7A958BB1f95a04F083389C260RolesAuthority:
0x2B9A752B7407D37A16A089c2A28d39d08EdB108DTellerWithLayerZero:
0xBB4EF6F8A38A0abB9d31cF64A7Ae2e9862b6293cTimelock:
0x0000000000000000000000000000000000000000
More information on the architecture and audits can be found at:
How will deposits be converted to USDT? All stablecoin deposits will be converted to USDT before bridging to Plasma.
This conversion will be handled by whitelisted liquidity providers who swap supported stablecoins (USDC, DAI, USDS) for USDT at a 1:1 rate.
Will stablecoins be swapped into XPL? No. Stablecoins deposited into the vault will remain in the vault.
They will be withdrawable as USD₮0 on Plasma at Mainnet Beta launch.
Are vault withdrawals instant? No. Withdrawals can take up to 48 hours to process. This delay helps maintain the integrity of the vault and secure liquidity across integrated protocols.
Where does the vault yield go? All yield generated through third-party protocols will be claimable by users when withdrawing USD₮0 on Plasma Mainnet Beta.
Plasma does not take any of this yield.
Can I use my vault receipt token in DeFi? No. Transferring your receipt token to another wallet or smart contract is treated as a withdrawal. Your units will be reduced proportionally, and in most cases, you will lose the ability to withdraw your original deposit. We strongly discourage interacting with the receipt token.
How will the vault be bridged into Plasma? At the close of the deposit period, all stablecoins in the vault are converted to USDT on Ethereum. USDT is then bridged to Plasma as USD₮0 via a LayerZero-based bridge. Identical vault contracts will be deployed on Plasma Mainnet Beta. Users can withdraw USD₮0 on Plasma using their Ethereum vault receipt tokens.
Are there different caps for each stablecoin? No. All supported stablecoins (USDT, USDC, USDS, DAI) share the same cap structure.
What is the unlock schedule for non-US persons? XPL tokens will be distributed to non-US persons at Mainnet Beta.
This follows a minimum 40-day lock-up after the public sale ends.
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