🚀 【$4 billion in 24 hours! Plasma becomes the strongest L1 dark horse, XPL big pump 30% with valuation surpassing $12 billion】 🚀 $XPL

The stablecoin-specific L1 blockchain Plasma officially launched its mainnet on September 25, rapidly absorbing over $4 billion in cryptocurrency assets within 24 hours, quickly ranking eighth in the total value locked (TVL) on DeFi chains. Its native token XPL price has risen 30% compared to the opening price, currently reported at about $1.2, with a fully diluted valuation (FDV) nearing $12 billion, a 24-fold increase from the $50 million valuation during the public sale in June. Early investors who participated in the seed round have seen returns as high as 324 times if they held their investments until now.
🔥 The core driving force of big pump growth
The big pump of Plasma is mainly driven by three core engines:
1. Tether Ecosystem Empowerment and Zero Gas Fee Transfers
Plasma is directly supported by the stablecoin giant Tether, and its core appeal lies in achieving zero-fee transfers of USDT. Users do not need to pay any Gas fees when making standard USDT transfers, which solves the long-standing issue of high on-chain transfer costs that has troubled users. At the same time, Plasma is compatible with the Ethereum Virtual Machine (EVM), allowing developers to easily migrate mature DeFi applications to this platform.
2. Huge Liquidity Incentive Program
The project party provides annual yield subsidies of up to 20% to 40% for users who provide stablecoin liquidity within the ecosystem through incentive platforms like Merkl. These real monetary rewards have attracted a large influx of "gold rush" funds into its official treasury and cooperating DeFi protocols such as Aave, which is the direct reason for the rapid rise in TVL in a short period.
3. Top exchanges fully support the entry of whales
At the launch, major mainstream exchanges almost simultaneously announced the launch of XPL spot and futures trading, providing a very high liquidity entry and market exposure. According to monitoring, there are giant whales that invested about $570,000 in the public offering phase to purchase XPL, and the current floating profit has exceeded $11 million, with a return rate of 19 times, demonstrating strong capital attention.
🌐 Ecological Status and Key Collaborations
The Plasma ecosystem rapidly expanded after its launch, with its collaboration and progress mainly reflected in the following three core dimensions:
1. Extensive DeFi collaboration
Plasma has established partnerships with over 100 DeFi protocols, including Aave, Ethena, Fluid, and Euler. This means its ecosystem is rapidly taking shape, providing users with extremely rich yield and application scenarios, which is key to attracting massive capital inflows.
2. Amazing capital absorption ability
Within 24 hours of its launch, its total value locked (TVL) broke through 4 billion USD, quickly ranking eighth in the public chain leaderboard. This data fully demonstrates the strong recognition from the market for its innovative model and the astonishing speed of capital inflow.
3. Expansion of Innovative Payment Scenarios
The Plasma One prepaid card has been launched, allowing users to spend directly with USDT and receive 4% cash back. This initiative aims to bridge the gap between on-chain crypto assets and offline real-world consumption, with the goal of enhancing the practical utility of cryptocurrencies.
⚠️ Potential Risks and Challenges
Despite a strong start, the challenges faced by Plasma cannot be ignored:
1. The sustainability of the high valuation is questionable: Currently, the FDV of nearly $12 billion is relatively high for a project that has just launched its mainnet, and the market needs time to verify whether it can support such high expectations.
2. Future Token Unlock Selling Pressure: According to the token economic model, the tokens held by the team and early supporters (accounting for 50% of the total supply) will begin to unlock linearly after 12 months, which may cause significant selling pressure on the market.
3. Incentive dependence and real demand: The current huge TVL is largely driven by high subsidies. Once the incentives decrease, whether funds can be retained and generate real on-chain application demand will be the key to determining its long-term development.
4. Intense competition: It needs to compete with mature stablecoin networks like TRON, as well as other emerging stablecoin-specific chains like Stable and Codex.
💎 Summary and Outlook
The strong start of Plasma marks that Tether is no longer content with just being a stablecoin issuer, but instead hopes to build a complete financial ecosystem centered around USDT and to control the underlying infrastructure itself. Its zero Gas fees and massive subsidy strategy have achieved great success during the cold start phase.
Looking to the future, whether Plasma can grow from a successful "opening show" into a true cornerstone of the industry depends on its ability to:
• Transform short-term subsidies into sustainable and real ecological applications.
• Effectively respond to market fluctuations caused by token unlocks.
• Establish a long-term competitive advantage over other public chains in scenarios such as payments and DeFi.
For investors and users, Plasma has undoubtedly become one of the most prominent focuses in the market, but the opportunities and risks within it are equally significant, requiring close attention and calm judgment.
#Plasma XPL #稳定币 public chain #DeFi cryptocurrency
(The above analysis is based on public information and does not constitute any investment advice.)