Plasma (XPL) is a Layer-1 blockchain tailored for high-speed, low-cost, and zero-fee stablecoin payments, launched in 2024. It uses a Proof-of-Stake (PoS) consensus mechanism called PlasmaBFT to achieve sub-second finality and EVM compatibility. XPL is the native utility token used for gas fees, staking, and governance within this ecosystem.
Key Features and Aspects of Plasma (XPL):
Stablecoin Focus: Designed specifically for high-frequency, secure, and instant stablecoin transactions (e.g., USDT).
Zero-Fee Transfers: Utilizes a paymaster system to allow for zero-fee USDT transactions.
Performance: Features >1,000 transactions per second (TPS) and <1s block times.
EVM Compatibility: Enables developers to deploy Ethereum-based smart contracts.
Bitcoin Bridge: Interacts with the Bitcoin network for enhanced security.
Token Utility: The XPL token is used for network security via staking, validator rewards, and gas, with a total supply of 10 billion.
Use Cases: Positioned as a "neobank" or payment rail for global, cross-border, and everyday stablecoin transactions.
It is important to note that the token experienced significant volatility following its launch, with reports of price drops.