Listening to X Spaces last night with a host from Hyperliquid, the atmosphere was lively discussing "Bitcoin as collateral for perps". The volume of perpetuals on Plasma has exploded 300% in the last 30 days, reaching $250 million daily according to DefiLlama. TVL has stabilized at $480 million, slightly increasing by 6% this week thanks to inflows from institutional wallets – Dune query data #plasma-perps shows that 60% of the volume comes from addresses >100 BTC.
The economic model has been refined with the current staking yield at 12% APY, rewards from fee sharing (0.05% per trade). An additional $20 million Series A raise from Coinbase Ventures in September 2025, tweet 12/9: "Hyperliquid integration live! Trade BTC perps with 50x leverage on Plasma. $20M raised to fuel expansion." This partnership allows cross-chain collateral between Plasma and Hyperliquid, reducing slippage and expanding the liquidity pool to $150 million.
Movement analysis: User growth reached 150k active wallets, mainly from migration Stacks due to lower fees. Sequencer uptime 99.98% in October, but risks still exist if node failure – the team is being audited by PeckShield. Compared to Monad or Solana, Plasma prioritizes Bitcoin security, avoiding 51% attacks but sacrificing speed (TPS ~500 vs 2000+). Latest news: Integration with Runes protocol is about to launch, expected to boost volume by an additional 40%.
$XPL consolidating after pump 50% post-announce, resistance at 0.0012 BTC. Accumulate below support 0.0009 if retest, but watch for sequencer centralization risk leading to potential delays in withdrawals. A project worth monitoring for Bitcoin maxis wanting DeFi exposure.
