Plasma is a high-performance, EVM-compatible Layer 1 purpose-built for stablecoins. It targets common frictions (fees, failed txs, latency, UX) with features such as zero-fee USD₮ transfers, stablecoin-first gas (fees in USD₮/BTC via auto-swap), sub-second finality (PlasmaBFT), and Bitcoin-anchored security.
$XPL is Plasma's native utility and governance token, which has the following functions:
Native Gas Token: Used to pay transaction fees at launch.
DeFi Integrations: Used for liquidity, collateral and incentives.
Staking: Post-decentralization, users can stake to secure the network.
Custom Gas Tokens: Allow fees in USD₮/BTC via an automated swap mechanism while retaining XPL at the core.
Plasma consists of the following components:Execution via Reth (full EVM compatibility). Consensus via PlasmaBFT (leader-based BFT inspired by Fast HotStuff) targeting <1s block finality and high throughput.
State anchoring to Bitcoin is planned via a trust-minimized bridge.Based on publicly available information:
February 2025: Plasma raises $24M its Seed and Series A, led by Framework and Bitfinex/USD₮0. Other participants include global leaders in the stablecoin and payments industry as well as industry-leading angels and advisors.
May 2025: Plasma does a strategic round with Founders Fund/.
July 2025: Plasma raises $50M in an ICO at $500M valuation.