Plasma, a tier 1 blockchain designed for Stablecoins, launched its mainnet beta and native token XPL as planned on September 25th.
The network, supported by Bitfinex, Bybit, Tether CEO Paolo Ardoino and American billionaire Peter Thiel, is on sale with a total supply of approximately 1.8 billion XPL tokens for each Coingecko data, at the time of firing, of 10 billion XPL.
At the press conference, XPL is trading for around $1 dollars, with a market capitalization of $1.9 billion and a fully diluted value (FDV) of around $10.5 billion.
The permanent market before Hyperliquid’s launch is around $0.80 for XPL, meaning a $1.44 billion market capitalization and a FDV of about $8 billion.
XPL currently trades for around $1.05 on major decentralized exchanges such as UNISWAP and PancakesWap, offering early public sales buyers who bought XPL for $0.05 earlier this year.
Centralized exchanges including Bitfinex for plasma backers and top CEXS with 24-hour volumes like Binance and OKX are set to list them minus the XPL for spot trading.
XPL Tokenomics
XPL’s Plasma Tokenomics allocated 10% of the token supply to public sales. The team also secured 40% of the token supply for ecosystem growth, with 8% unlocked at launch, each holding 25% for teams and investors under multi-year vesting.
Also, around 1.8 billion XPL tokens (approximately 18% of total supply) are clearly available at launch, but some of this circular supply could belong to US sales participants where XPL will not be distributed until July 28, 2026 for regulatory reasons. A delayed authority schedule for US participants means that actual, freely tradeable supplies may be lowered.
The rebel reached out to plasma to clarify the situation, but there was no response by reporting time.
Please note that ratings may still appear to be higher than recruitment. Delphi Digital Analyst @simononchain explained on September 24th on X that despite Plasma still not being able to adopt live, the market often focuses on big crypto opportunities like Stablecoins.
“The Prayerer from the 500m FDV already sits 14 times as fast as it is at its current pre-market level, but there is a considerable possibility that the plasma in the market frame is a long tail method to touch the tether.
Plasma products at the time of release
As Defiant previously reported, Plasma already has some ready-to-use products at launch.
For example, Swarm, a Defi platform, has launched nine tokenized shares on the plasma issued under the EU prospectus regulations, giving owners legal rights to underlying securities.
Plasma itself has also debuted Plasma 1. This tells the rebels that the team describes as “Stablecoin-Native Neobank,” and that the initial development will focus on “areas where there are already large capital movements and existing Stablecoin Penetration, such as the Middle East.”
Disclaimer: This is a developing story and is being updated.