Plasma Blockchain Launches Mainnet with XPL Token and DeFi Features

TLDR

• Plasma has successfully launched its mainnet in beta, marking a significant milestone for its stablecoin-focused Layer-1 blockchain.
• The XPL token debuted with a strong market response, peaking at $1.54 before stabilizing at $0.91, reflecting substantial growth since the ICO.
• Plasma distributed $8,390 worth of XPL tokens to all ICO pre-depositors, even those who did not purchase tokens.
• Plasma is designed to optimize stablecoin transactions and uses its XPL token to power a staking-based consensus mechanism.
• The project also introduced Plasma One, a stablecoin-native neobank offering 4% cashback on spending, using the Plasma blockchain for payments.

Plasma’s stablecoin-focused Layer-1 blockchain has officially launched its mainnet in beta, introducing its native XPL token. This launch marks a significant step for the project, which aims to optimize stablecoin payments and integrate decentralized finance (DeFi) solutions. The launch also follows Plasma’s successful initial coin offering (ICO) earlier this year, where it raised $500 million, and comes with a surprise gift for its ICO participants.

Plasma’s XPL Token Debuts with Strong Market Response

Following the launch of Plasma’s mainnet, the XPL token saw a strong debut. Initially, it peaked at $1.54 per token, reflecting the excitement surrounding the project. As of now, the token is priced at $0.91, giving Plasma a fully diluted market valuation of $8.6 billion. This marks a 17.3x increase in valuation since the ICO, where it raised funds at a $500 million valuation.

Plasma confirmed that all participants in its pre-deposit ICO scheme received $8,390 worth of XPL tokens. Notably, this bonus was distributed regardless of whether the participants actually purchased tokens. Plasma distributed 25 million XPL tokens, worth about $25.5 million at the current price, equally among ICO pre-depositors. This unexpected gesture has caught the attention of the crypto community, with some praising Plasma for rewarding its early supporters.

Paul Faecks, Plasma’s CEO, stated,

Investors are now watching the project’s next steps, particularly in DeFi, as Plasma looks to expand its offerings.

Tether CEO and PayPal Co-Founder Join Project

At its core, Plasma is designed as a Layer-1 blockchain that focuses on stablecoin optimization. By leveraging the XPL token, Plasma powers a staking-based consensus mechanism that is ideal for handling stablecoin transactions. The platform aims to be the foundation for the next generation of decentralized finance, where stablecoins play a critical role.

In addition to its blockchain launch, Plasma unveiled Plasma One, a neobank designed for stablecoin users. This new platform will allow users to spend stablecoins seamlessly, offering 4% cashback on purchases. Plasma One will use the Plasma blockchain as its payment rails, further integrating the network into everyday financial transactions.

Plasma has already garnered significant interest from key figures in the crypto space. Paolo Ardoino, CEO of Tether, and Peter Thiel, co-founder of PayPal, have both supported the project as advisors. Their involvement underscores Plasma’s ambition to revolutionize stablecoin transactions and establish itself as a leader in the DeFi space.

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