{"id":"plasma-xpl","title":"Plasma (XPL)","content":"**Plasma** is a Layer 1, EVM-compatible, Proof-of-Stake [blockchain](https://iq.wiki/wiki/blockchain) specifically designed to serve as infrastructure for a new global financial system based on stablecoins. The network is optimized for high-performance [stablecoin](https://iq.wiki/wiki/stablecoin) payments and decentralized finance (DeFi) applications, aiming to provide scalable, low-cost financial [rails](https://iq.wiki/wiki/rails). [\\[1\\]](#cite-id-Wq2bs91CIE) [\\[14\\]](#cite-id-event-bitget-wallet-integration-link)\n\n$$widget0 [YOUTUBE@VID](https://youtube.com/watch?v=xIpw_ODiMkc)$$\n\n## Overview\n\nPlasma was developed to address the lack of a dedicated, purpose-built network for the rapidly growing [stablecoin](https://iq.wiki/wiki/stablecoin) market. Its core mission is to enable money to move at high speeds with minimal fees and transparency, positioning itself as the foundational layer for \"Money 2.0.\" The project's value proposition centers on providing a faster, cheaper, and simpler experience for developers and companies building applications for saving, spending, sending, and earning with stablecoins, targeting use cases such as remittances, payouts, and global commerce. [\\[1\\]](#cite-id-Wq2bs91CIE) [\\[12\\]](#cite-id-event-mainnet-beta-launch-link)\n\nThe project launched its [mainnet](https://iq.wiki/wiki/mainnet) with significant backing from prominent figures and firms in the technology and [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) industries, including Peter Thiel's Founders Fund, Tether, [Bitfinex](https://iq.wiki/wiki/bitfinex), and Framework. [\\[14\\]](#cite-id-event-bitget-wallet-integration-link) [\\[13\\]](#cite-id-event-xpl-token-debuts-on-major-exchanges-link) At its debut, the network secured over $2 billion in [stablecoin](https://iq.wiki/wiki/stablecoin) Total Value Locked (TVL) and launched with over 100 DeFi integrations from partners including [Aave](https://iq.wiki/wiki/aave), [Ethena](https://iq.wiki/wiki/ethena), Fluid, and Euler. [\\[15\\]](#cite-id-9jgPGWZpRo) Driven by token incentives, deposits grew rapidly, surpassing $4 billion within the first 24 hours and making Plasma the eighth-largest [blockchain](https://iq.wiki/wiki/blockchain) by DeFi deposits. [\\[16\\]](#cite-id-xzpE6USByP)\n\n“Stablecoins are Money 2.0,” CEO Paul Faecks said at launch, adding that universal access to the dollar regardless of local market realities should widen investment opportunities. [\\[15\\]](#cite-id-9jgPGWZpRo) River, Plasma’s pseudonymous DeFi lead, commented on the reception, stating, “We predicted a good reception at launch, but the feedback from the market and initial success has surpassed even our most optimistic scenario.” [\\[16\\]](#cite-id-xzpE6USByP) [Paolo Ardoino](https://iq.wiki/wiki/paolo-ardoino), CEO of Tether, also commented on the project's importance, stating, \"With strong growth in both supply and users, we are entering a new phase of mainstream adoption for stablecoins. To meet this challenge, it’s more important than ever to have secure, decentralized, and scalable infrastructure in place. Plasma is designed to provide these essential rails.” [\\[6\\]](#cite-id-vPIuP9jvQO)\n\n## History\n\nPlasma raised over $75 million in funding through a combination of a $24 million venture capital round led by Framework and [Bitfinex](https://iq.wiki/wiki/bitfinex), and a $51 million public sale. [\\[11\\]](#cite-id-event-raised-$75-million-in-funding-link) [\\[7\\]](#cite-id-CbJVkzd1pd) Earlier in 2025, the project conducted an Initial Coin Offering (ICO) for 10% of its total token supply at a $500 million fully diluted valuation. The sale utilized a pre-deposit mechanism that attracted significant interest; a June deposit drive hit its $1 billion [cap](https://iq.wiki/wiki/cap) in just over 30 minutes. The initial $50 million public sale was oversubscribed by $323 million. A subsequent [Binance](https://iq.wiki/wiki/binance) Earn on-chain product for Plasma USDT also reached its $1 billion final subscription [cap](https://iq.wiki/wiki/cap). [\\[12\\]](#cite-id-event-mainnet-beta-launch-link) [\\[15\\]](#cite-id-9jgPGWZpRo)\n\nThe Plasma \"[mainnet](https://iq.wiki/wiki/mainnet) beta\" officially launched on September 25, 2025. [\\[10\\]](#cite-id-event-plasma-foundation-x-account-created-link) On its launch day, the native token, XPL, was listed on major [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) exchanges, including [Binance](https://iq.wiki/wiki/binance), [OKX](https://iq.wiki/wiki/okx), and [Bybit](https://iq.wiki/wiki/bybit). [\\[13\\]](#cite-id-event-xpl-token-debuts-on-major-exchanges-link) [\\[17\\]](#cite-id-aB1LQj4o1D) The token debuted with a [market capitalization](https://iq.wiki/wiki/market-capitalization) of $2.4 billion, which peaked at over $2.8 billion, with the price reaching $1.54 in early trading. The price later stabilized around $1.20, giving it a fully diluted valuation of almost $12 billion. This represented a 2,300% increase from its public sale valuation and a 324-fold return for seed round investors. [\\[13\\]](#cite-id-event-xpl-token-debuts-on-major-exchanges-link) [\\[16\\]](#cite-id-xzpE6USByP)\n\nTo reward early supporters, the project distributed a bonus [airdrop](https://iq.wiki/wiki/airdrop) of 25 million XPL tokens, divided evenly among all participants of the pre-deposit ICO scheme, regardless of whether they ultimately purchased tokens. [\\[12\\]](#cite-id-event-mainnet-beta-launch-link) Upon launch, Plasma CEO and Founder Paul Faecks stated, \"This is the culmination of our team putting everything they had into making Plasma the perfect home for Money 2.0. The launch of our [mainnet](https://iq.wiki/wiki/mainnet) is just the beginning.\" [\\[12\\]](#cite-id-event-mainnet-beta-launch-link)\n\n## Technology\n\nPlasma is built as a high-performance, EVM-compatible [blockchain](https://iq.wiki/wiki/blockchain), allowing developers to deploy smart contracts from [Ethereum](https://iq.wiki/wiki/ethereum) without modification and use standard development tools like Hardhat, Foundry, and [MetaMask](https://iq.wiki/wiki/metamask). [\\[1\\]](#cite-id-Wq2bs91CIE)\n\n### Architecture\n\nThe network's architecture is constructed with components written in the Rust programming language for performance and security.\n\n* **Execution Layer**: Powered by Reth, a modular and high-performance [Ethereum](https://iq.wiki/wiki/ethereum) execution client.\n* **Consensus Layer**: Managed by the Consensus Layer, which is responsible for network agreement and security. [\\[9\\]](#cite-id-vY9sDsizLN) [\\[1\\]](#cite-id-Wq2bs91CIE)\n\n### Consensus Mechanism\n\nPlasma utilizes PlasmaBFT, a custom high-performance implementation of the Fast HotStuff consensus algorithm. This mechanism is designed to provide the security guarantees of Byzantine Fault Tolerance (BFT) with low-latency finality, enabling [block](https://iq.wiki/wiki/block) times of under one second and a throughput of over 1,000 transactions per second. [\\[1\\]](#cite-id-Wq2bs91CIE) [\\[6\\]](#cite-id-vPIuP9jvQO) [\\[15\\]](#cite-id-9jgPGWZpRo)\n\nThe network launched in a \"[mainnet](https://iq.wiki/wiki/mainnet) beta\" phase with a progressive decentralization strategy. Initially, [validator](https://iq.wiki/wiki/validator) nodes are operated by the Plasma team. The project plans to introduce external, [permissionless](https://iq.wiki/wiki/permissionless) validators and a delegated [staking](https://iq.wiki/wiki/staking) system over time to enhance network security and decentralization. The [staking](https://iq.wiki/wiki/staking) mechanism uses \"reward slashing\" (withholding rewards for misbehavior) rather than \"stake slashing\" (confiscating staked capital) to penalize malicious validators. [\\[1\\]](#cite-id-Wq2bs91CIE)\n\n### Key Features\n\nThe Plasma chain incorporates several features optimized for [stablecoin](https://iq.wiki/wiki/stablecoin) utility:\n\n* **Zero-Fee USD₮ Transfers**: The protocol sponsors [gas](https://iq.wiki/wiki/gas) fees for simple Tether (USD₮) transfers through a managed paymaster contract, creating a [frictionless](https://iq.wiki/wiki/frictionless) experience for end-users in payment and remittance applications.\n* **Custom Gas Tokens**: Users can pay for more complex transaction fees using supported stablecoins like USD₮ or other bridged assets. The protocol automatically handles the conversion to the native XPL token.\n* **Confidential Payments**: The network includes protocol-level support for confidential, yet compliant, transaction capabilities to enhance user privacy.\n* **Interoperability**: Plasma integrates [LayerZero](https://iq.wiki/wiki/layerzero) as its underlying interoperability protocol to enable cross-chain access to its financial [rails](https://iq.wiki/wiki/rails). Stargate Finance serves as the official bridge for the network, facilitating liquidity movement from other ecosystems like [Ethereum](https://iq.wiki/wiki/ethereum). A trust-minimized bridge to the [Bitcoin](https://iq.wiki/wiki/bitcoin) network is also a planned feature. [\\[1\\]](#cite-id-Wq2bs91CIE) [\\[10\\]](#cite-id-event-plasma-foundation-x-account-created-link)\n\n## Tokenomics\n\nThe native token of the Plasma network is XPL. It is central to the blockchain's security, transaction processing, and incentive alignment. [\\[7\\]](#cite-id-CbJVkzd1pd)\n\n### Utility\n\nThe XPL token has several primary functions within the ecosystem:\n\n* **Transaction Fees**: It is used to pay for network operations and smart contract execution, particularly for transactions more complex than simple USD₮ transfers.\n* **Network Security**: XPL is staked by validators to secure the Proof-of-Stake network and participate in consensus.\n* **Incentive Rewards**: The protocol distributes XPL rewards to validators for their role in securing the network. Users can also earn XPL by providing liquidity to partner DeFi protocols on Plasma. [\\[13\\]](#cite-id-event-xpl-token-debuts-on-major-exchanges-link) [\\[16\\]](#cite-id-xzpE6USByP)\n\n### Supply and Allocation\n\nXPL was launched with a fixed initial total supply of 10,000,000,000 tokens at the [mainnet](https://iq.wiki/wiki/mainnet) beta launch. The distribution is allocated as follows:\n\n* **Ecosystem and Growth**: 40% (4,000,000,000 XPL)\n* **Team**: 25% (2,500,000,000 XPL)\n* **Investors**: 25% (2,500,000,000 XPL)\n* **Public Sale**: 10% (1,000,000,000 XPL)\n\nAt launch, the circulating supply was 1.8 billion XPL, or 18% of the total supply. [\\[7\\]](#cite-id-CbJVkzd1pd) [\\[13\\]](#cite-id-event-xpl-token-debuts-on-major-exchanges-link)\n\n### Vesting Schedule\n\nTokens allocated to different groups are subject to specific vesting schedules to align long-term incentives.\n\n* **Public Sale (Non-US)**: 100% of tokens were unlocked at the [mainnet](https://iq.wiki/wiki/mainnet) beta launch, allowing participants from outside the US to sell their XPL immediately. [\\[16\\]](#cite-id-xzpE6USByP)\n* **Public Sale (US)**: Tokens are subject to a 12-month lockup period, with a full unlock date of July 28, 2026.\n* **Team & Investors**: These allocations are subject to a one-year cliff from the [mainnet](https://iq.wiki/wiki/mainnet) launch, after which the tokens vest linearly over the following two years, completing a three-year total vesting period. Seed round investors are also subject to a 12-month lockup. [\\[16\\]](#cite-id-xzpE6USByP)\n* **Ecosystem and Growth**: 800 million tokens (8% of total supply) were unlocked at launch for initial liquidity and partnerships, with the remainder unlocking monthly over three years. [\\[1\\]](#cite-id-Wq2bs91CIE) [\\[13\\]](#cite-id-event-xpl-token-debuts-on-major-exchanges-link)\n\n### Inflation and Fee Mechanism\n\nPlasma incorporates an inflationary model to fund [validator](https://iq.wiki/wiki/validator) rewards, beginning at an annual rate of 5%. This rate is scheduled to decrease by 0.5% each year until it reaches a [stable](https://iq.wiki/wiki/stable) long-term baseline of 3%. Inflationary rewards will only be activated once external validators and delegated [staking](https://iq.wiki/wiki/staking) are live on the network. To counteract this inflation, the network implements a fee mechanism similar to Ethereum's EIP-1559, where a [portion](https://iq.wiki/wiki/portion) of transaction fees paid in XPL is permanently burned, creating deflationary pressure on the token supply. [\\[7\\]](#cite-id-CbJVkzd1pd)\n\n## Ecosystem\n\nThe Plasma ecosystem is supported by a range of investors, partners, and native applications designed to drive the adoption of its [stablecoin](https://iq.wiki/wiki/stablecoin)-focused infrastructure. It is one of several blockchains competing in the [stablecoin](https://iq.wiki/wiki/stablecoin) payments sector, alongside planned networks like [Tempo](https://iq.wiki/wiki/tempo) from Stripe and [Paradigm](https://iq.wiki/wiki/paradigm), and [Arc](https://iq.wiki/wiki/arc) from [Circle](https://iq.wiki/wiki/circle). [\\[16\\]](#cite-id-xzpE6USByP)\n\n### Team and Investors\n\nPlasma was founded by CEO Paul Faecks. The project is advised by and has received investment from prominent figures such as [Paolo Ardoino](https://iq.wiki/wiki/paolo-ardoino) (CEO of Tether) and Peter Thiel (co-founder of PayPal). Key institutional backers include Founders Fund, Framework, [Bitfinex](https://iq.wiki/wiki/bitfinex), Tether, and DRW. [\\[12\\]](#cite-id-event-mainnet-beta-launch-link) [\\[6\\]](#cite-id-vPIuP9jvQO)\n\n### Partnerships and Integrations\n\nOn its launch day, Plasma announced several key partnerships. [Binance](https://iq.wiki/wiki/binance) integrated the network into its \"[Binance](https://iq.wiki/wiki/binance) On-Chain Yields\" platform, launching a locked USDT product powered by [Aave](https://iq.wiki/wiki/aave)'s lending [rails](https://iq.wiki/wiki/rails) on Plasma and making it accessible to over 280 million users. [\\[10\\]](#cite-id-event-plasma-foundation-x-account-created-link) [Bitget](https://iq.wiki/wiki/bitget) Wallet also joined as an official launch partner, integrating the Plasma [mainnet](https://iq.wiki/wiki/mainnet) to provide its 80 million users with direct access to the network and its DApps. [\\[14\\]](#cite-id-event-bitget-wallet-integration-link)\n\nOn September 26, 2025, [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) exchange [Bybit](https://iq.wiki/wiki/bybit) announced a partnership with Plasma to list the XPL token and enable USDT deposits and withdrawals on the network. As part of the collaboration, [Bybit](https://iq.wiki/wiki/bybit) initiated several promotional campaigns, including a 9 million XPL prize pool, a zero-fee USDT withdrawal program, a lucky draw with $100,000 in USDT rewards for depositors, and an exclusive [staking](https://iq.wiki/wiki/staking) pool with up to 100% APR. [\\[17\\]](#cite-id-aB1LQj4o1D)\n\nOther key technology partners include [LayerZero](https://iq.wiki/wiki/layerzero) for interoperability and [Stargate Finance](https://iq.wiki/wiki/stargate-finance) as the official bridge. Leading DeFi protocols such as [Aave](https://iq.wiki/wiki/aave), Veda, [Ethena](https://iq.wiki/wiki/ethena), Fluid, and Euler were also available on the network at launch. [\\[10\\]](#cite-id-event-plasma-foundation-x-account-created-link) [\\[15\\]](#cite-id-9jgPGWZpRo)\n\n### Plasma One\n\nAlongside the [mainnet](https://iq.wiki/wiki/mainnet) launch, the team announced plans for Plasma One, a stablecoin-native neobank. This application is intended to provide users with [permissionless](https://iq.wiki/wiki/permissionless) access to spending, earning, and saving digital dollars. Planned features include a card that uses the Plasma [blockchain](https://iq.wiki/wiki/blockchain) as its payment [rails](https://iq.wiki/wiki/rails) and offers 4% cashback on spending. The app is scheduled to go live later in 2025. [\\[13\\]](#cite-id-event-xpl-token-debuts-on-major-exchanges-link) [\\[12\\]](#cite-id-event-mainnet-beta-launch-link) [\\[15\\]](#cite-id-9jgPGWZpRo)\n\n## Controversies\n\nThe high-profile launch of Plasma attracted significant speculative trading and some controversy. During the pre-market trading phase on derivatives platforms like [Hyperliquid](https://iq.wiki/wiki/hyperliquid), unusual activity involving large positions led to suspicions of market manipulation. Additionally, the project's launch was targeted by malicious actors, with reports of fraudulent links and potential scams related to claiming XPL tokens circulating online. [\\[11\\]](#cite-id-event-raised-$75-million-in-funding-link)","summary":"Plasma is a Layer 1 blockchain optimized for stablecoin payments. It offers features like zero-fee USDT transfers and custom gas tokens to serve as infrastructure for a new global financial system. Its native token is XPL.","images":[{"id":"Qme7ZNggQ9kFpAn9cHzU7nYgs7V98YJpcytn61cyrMSQUA","type":"image/jpeg, image/png"}],"categories":[{"id":"defi","title":"defi"}],"tags":[{"id":"Blockchains"},{"id":"Protocols"}],"media":[{"id":"https://www.youtube.com/watch?v=xIpw_ODiMkc","name":"xIpw_ODiMkc","caption":"","thumbnail":"https://www.youtube.com/watch?v=xIpw_ODiMkc","source":"YOUTUBE"}],"metadata":[{"id":"website","value":"https://www.bybit.com/"},{"id":"discord_profile","value":"https://discord.com/invite/plasmafdn"},{"id":"coinmarketcap_url","value":"https://coinmarketcap.com/currencies/plasma-xpl/"},{"id":"coingecko_profile","value":"https://www.coingecko.com/en/coins/plasma"},{"id":"references","value":"[{\"id\":\"Wq2bs91CIE\",\"url\":\"https://www.plasma.to/faq\",\"description\":\"Plasma 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Analysis\",\"timestamp\":1758816588032},{\"id\":\"vPIuP9jvQO\",\"url\":\"https://www.plasma.to/\",\"description\":\"Plasma Official Website\",\"timestamp\":1758816588032},{\"id\":\"CbJVkzd1pd\",\"url\":\"https://docs.plasma.to/docs/get-started/xpl/tokenomics\",\"description\":\"Plasma Tokenomics Documentation\",\"timestamp\":1758816588032},{\"id\":\"Y1aPxsrifY\",\"url\":\"https://x.com/plasmafdn\",\"description\":\"Plasma Foundation Official X Account\",\"timestamp\":1758816588032},{\"id\":\"vY9sDsizLN\",\"url\":\"https://docs.plasma.to/docs/plasma-chain/introduction/start-here\",\"description\":\"Plasma Chain Introduction\",\"timestamp\":1758816588032},{\"id\":\"event-plasma-foundation-x-account-created-link\",\"description\":\"Event link\",\"url\":\"https://x.com/plasmafdn\",\"timestamp\":1758816588251},{\"id\":\"event-raised-$75-million-in-funding-link\",\"description\":\"Event link\",\"url\":\"https://www.cryptopolitan.com/xpl-rallies-0-84-plasma-launch/\",\"timestamp\":1758816588251},{\"id\":\"event-mainnet-beta-launch-link\",\"description\":\"Event link\",\"url\":\"https://decrypt.co/341345/plasma-debuts-xpl-at-massive-multiple-of-ico-price-and-hands-out-millions-in-free-tokens\",\"timestamp\":1758816588251},{\"id\":\"event-xpl-token-debuts-on-major-exchanges-link\",\"description\":\"Event link\",\"url\":\"https://www.coindesk.com/markets/2025/09/25/stablecoin-focused-plasma-s-xpl-token-debuts-with-over-usd2-4b-market-cap\",\"timestamp\":1758816588251},{\"id\":\"event-bitget-wallet-integration-link\",\"description\":\"Event link\",\"url\":\"https://www.globenewswire.com/news-release/2025/09/25/3156484/0/en/Bitget-Wallet-Joins-Plasma-Mainnet-Launch-to-Advance-Stablecoin-Infrastructure.html\",\"timestamp\":1758816588251},{\"id\":\"9jgPGWZpRo\",\"url\":\"https://www.theblock.co/post/372300/stablecoin-layer-1-plasma-goes-live-introducing-xpl-token-and-defi-integrations\",\"description\":\"The Block Launch Report\",\"timestamp\":1759157869053},{\"id\":\"xzpE6USByP\",\"url\":\"https://www.dlnews.com/articles/defi/plasma-defi-deposits-soar-as-users-chase-xpl-token-rewards/\",\"description\":\"DL News Post-Launch Report\",\"timestamp\":1759157869053},{\"id\":\"aB1LQj4o1D\",\"url\":\"https://www.newswire.ca/news-releases/bybit-partners-with-plasma-to-list-xpl-and-unlock-zero-fee-usdt-transfers-832843716.html\",\"description\":\"Bybit Partnership Announcement\",\"timestamp\":1759157869053}]"},{"id":"previous_cid","value":"\"https://ipfs.everipedia.org/ipfs/QmenuaBLBX6LX6wkertUDk1u5FfTR2riA6iVM8Sjh3Cp45\""},{"id":"commit-message","value":"\"Docs: Enhance Plasma article with launch success, partnerships & updated citations\""},{"id":"previous_cid","value":"QmenuaBLBX6LX6wkertUDk1u5FfTR2riA6iVM8Sjh3Cp45"}],"events":[{"id":"622d2bb3-0ea8-4f22-b28f-2a76031eeb36","date":"2025-09","title":"Mainnet Beta Launch","type":"CREATED","description":"Plasma launched its mainnet beta, a Proof-of-Stake network optimized for stablecoins, with over $2 billion in initial liquidity.","link":"https://decrypt.co/341345/plasma-debuts-xpl-at-massive-multiple-of-ico-price-and-hands-out-millions-in-free-tokens","multiDateStart":null,"multiDateEnd":null,"continent":null,"country":null},{"id":"53e56c60-6487-4125-a017-793a8bf49d93","date":"2024-10","title":"Plasma Foundation X Account Created","type":"DEFAULT","description":"The official X account for the 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