#PlasmaXPL $XPL In late September 2025, Plasma made one of the most highly anticipated blockchain debuts of the year by launching its mainnet beta and native token XPL, instantly drawing major market attention. Designed as a stablecoin-first Layer-1 blockchain with fee-free USD₮ transfers and Bitcoin-anchored security, Plasma aimed to redefine how stablecoins move and settle globally.
The XPL token debuted with astonishing liquidity and trading volume. On launch day, it captured over $2 billion in stablecoin liquidity across DeFi platforms — a remarkable start that ranked Plasma among the largest chains by stablecoin TVL from day one.
Shortly after the launch, XPL listed on major exchanges like Binance and OKX and saw its market capitalization soar into the multi-billion-dollar range, peaking near an $8–10 billion fully diluted valuation in pre-market trading.
This explosive debut wasn’t without community-focused initiatives. Plasma’s launch included one of the year’s largest airdrops — distributing millions of XPL tokens equally to ICO pre-deposit participants regardless of deposit size, generating strong retail interest and early liquidity.
On the DeFi front, users quickly embraced the ecosystem. Within 24 hours of mainnet launch, over $4 billion in deposits flowed into Plasma’s DeFi protocols, driven in part by attractive XPL token rewards and liquidity incentives.
The project also made strategic partnerships beyond finance. One notable collaboration with Daylight Energy was designed to connect decentralized finance with real-world energy revenue streams, bringing next-generation stablecoins and yield-bearing tokens to Plasma’s ecosystem and contributing to an XPL price uptick.
Despite the strong initial run, XPL’s price action has been volatile. After surging more than 100 % post-launch, the token retrenched significantly, at times falling over 30 % from its highs amid cooling hype and lower trading activity.
Market analysts and media reported mixed sentiment: some technical indicators hinted at potential rebounds, while others noted persistent price pressure and sideways movement, reflecting a token trying to find a stable base after the initial launch euphoria.
Meanwhile, to counter rumors and maintain community confidence, Plasma’s leadership publicly clarified misconceptions about insider selling and project incentives, stressing transparency and a long-term development focus.
Elsewhere, “whale” investors were noted profiting from public sale allocations, underscoring active institutional involvement — though such activity added complexity to market dynamics.
In summary, Plasma’s launch and early months have been defined by huge liquidity inflows, strong ecosystem engagement, bold stablecoin innovation, and significant price volatility. While trading metrics remain under pressure compared to launch peaks, the underlying network continues to grow and attract partners, indicating that XPL’s journey as a stablecoin infrastructure token is still unfolding.