Plasma's Successful Launch And XPL Token

This week saw Plasma’s official launch on the mainnet and its own native token - XPL.

The blockchain layer 1 specialised towards stablecoin payments saw a successful launch to onchain transactions on the 25th September. Before this, the company achieved a $1B deposit commitment, as well as enabling another $1B from its collaboration with Binance Earn.

The team airdropped their native token XPL to early depositors and ecosystem contributors, which will continue to be used for broader platform incentives and product rewards for users. Since the launch, the token is currently trading at $1.46 with $2B+ in market cap.

Aave is one of the leading DeFi integrations helping to onboard users. The total market size of Plasma on Aave is just under $5B, with a varied spread across stablecoin pools, including $1.9B borrowed from $2.9B USDT supplied, as well as $13.1M borrowed from $900M+ USDe supplied. There are also 50+ other key onchain integrations across wallets, exchanges and protocols.

One of the most exciting features comes from their card product, called Plasma One (in waitlist), which is to be supported in over 150+ countries for daily spending via USDT with 0 fees. It can be added as a virtual card in the mobile Apple wallet and allow users to earn 4% cashback in XPL, as well as earn yield from onchain pools on any savings balance held.