The digital network Plasma, launched by Bitfinex, the sister company of Tether, went live on September 25 and immediately entered the top 10 blockchains by funds locked in DeFi. According to DefiLlama, by the end of the week the total value locked exceeded $3 billion.
Users receive XPL tokens for placing funds into lending vaults and partner protocols. This incentive mechanism helped attract capital and brought Plasma to eighth place among the largest blockchains by deposits.
However, the experience of other networks shows that activity may decline once the bonus rewards end.
Plasma’s growth was fueled by integrations with leading Ethereum protocols, including Aave, Veda, and Fluid. The network initially targeted audiences in countries with unstable currencies, offering a simple way to store and settle in US dollars. Plasma also provides USDT transfers without fees.
Native Network Token
The XPL token, launched simultaneously with the network, rose 30% in the first days and reached $1.32. Its market capitalization at the time of writing was nearly $2.4 billion.
The most attention was drawn by whale wallet @RegbilTrades, which purchased 11.44 million XPL at $0.05 during the public sale. This $571,800 investment turned into an unrealized profit of more than $11 million after the price climbed to $1.27.
Plasma’s public sale raised $373 million, while the initial liquidity pool exceeded $2 billion. On the very first day, the XPL token was listed on major exchanges, including OKX and Bybit.
Read also:
- Analysts Link XPL Pump to Justin Sun Wallet
- New Project Plasma One Launched as a Neobank for Digital Dollar Payments
This post is for informational purposes only and is not advertising or investment advice. Please do your own research before making any decisions.