Pre-deposit $1 to grab $11,000, the launch of Plasma Mainnet ignites a new paradigm of "Inclusive Airdrop", XPL surges 30 times in a single day.

"This is just the beginning, we want to make Plasma the perfect home for Money 2.0." This vision of Plasma founder Paul Faecks is taking a crucial step forward with the launch of the mainnet test version yesterday.

On September 25, the Layer-1 blockchain Plasma, designed specifically for stablecoins, officially lit up its first block and issued its native token XPL. The market reacted quickly and enthusiastically, with the price of XPL soaring to $1.54 on the morning of the 26th, 30 times higher than the ICO price of $0.05, achieving a circulating market capitalization of $1.59 billion and directly entering the 89th position in the cryptocurrency rankings.

01 Mainnet Launch and Market Performance

The Plasma Mainnet test version officially launched at 8 AM Beijing time on September 25. This is an EVM-compatible Layer-1 blockchain optimized for stablecoin trading.

The project has received support from mainstream CEX, raising $74 million, with the founding team including industry heavyweights such as Tether CEO Paolo Ardoino and PayPal co-founder Peter Thiel serving as advisors.

The XPL token generation event will occur simultaneously with the Mainnet launch. According to Plasma's design, the total supply of XPL is fixed at 10 billion, of which 1.8 billion (18%) will enter circulation at launch.

The token distribution plan is as follows: 10% for public sales, 40% allocated to ecosystem and growth programs, and 25% each for the team and investors.

At the initial launch, XPL was listed simultaneously on major cryptocurrency exchanges. After trading commenced, the price of XPL peaked at $1.54, then fell back to fluctuate between $0.91 and $1.24.

02 Technical Features and Innovations

The core innovation of Plasma lies in its technology architecture optimized specifically for stablecoins. The network employs its self-developed PlasmaBFT consensus mechanism to achieve zero-fee transfers of USDT.

It also has EVM compatibility, allowing developers to seamlessly migrate smart contracts from Ethereum.

The uniqueness of Plasma lies in its combination of Bitcoin's security model and Ethereum's smart contract capabilities, creating a stablecoin-specific environment that is both secure and feature-rich.

When the Mainnet goes live, Plasma has integrated over 100 DeFi projects, including well-known protocols such as Aave, Ethena, Fluid, and Euler.

The network also launched Plasma One—a digital banking platform focused on stablecoins, providing payment, savings, and transfer services to users in emerging markets, promising over 10% returns and up to 4% cash back.

03 Airdrop Strategy and Community Response

The launch of Plasma has generated a huge response from the community, largely due to its innovative airdrop strategy. The project airdropped approximately $8,390 worth of XPL to all users who had pre-registered for the ICO, including those who ultimately did not purchase tokens.

This "Everyone Wins" airdrop method allowed each eligible address to receive approximately 9,304 XPL, worth over $11,500 at its peak.

Major exchanges are also joining the airdrop activities. Top CEXs have included XPL in the 44th phase of their HODLer airdrop program, distributing 75 million XPL to eligible platform token holders.

Another CEX has launched an "Airdrop Earning Coins" event, offering 8.8 million XPL rewards to users participating in the subscription using tokens like USDT and BTC.

This inclusive airdrop strategy has successfully ignited the market's FOMO sentiment, with community members claiming it is "one of the few projects to attempt indiscriminate airdrops since the Uniswap airdrop." The widespread distribution of the airdrop ensures an initial decentralized distribution of the tokens, laying the foundation for the long-term development of the network.

04 Competitive Advantages and Market Positioning

Plasma enters a highly competitive public chain field, but its precise positioning may provide it with unique advantages. According to data, the current supply of stablecoins has exceeded $225 billion, with monthly trading volumes reaching trillions of dollars.

Plasma directly targets this巨大市场, focusing on solving the inefficiencies of traditional blockchain in stablecoin transactions.

Unlike general-purpose public chains, Plasma clearly positions itself as "the infrastructure for global capital flow." This strategic positioning allows it to focus on specific use cases rather than compete with existing public chains in all areas.

Plasma had a total locked value of $2 billion in stablecoins at launch, making it the eighth largest stablecoin blockchain from the outset. This astonishing initial TVL demonstrates the market's recognition of its specialized positioning.

The zero-fee model is another major competitive advantage of Plasma. Stablecoin transactions on traditional blockchains often require paying hefty gas fees, while Plasma allows users to transfer USDT for free, only charging fees for more complex transactions (such as deploying contracts).

05 Potential Risks and Challenges

Despite a strong start, Plasma still faces a series of challenges. In terms of tokenomics, XPL has an inflation model, with validator rewards starting at an inflation rate of 5%, decreasing each year until stabilizing at 3%.

It is worth noting that in mid-2026, 25% of the total supply of tokens will be unlocked, which may bring potential selling pressure.

As a new public chain, Plasma faces intense competition from established public chains like Ethereum and Solana. Although its positioning as a stablecoin has a differentiated advantage, attracting enough developers and users to build ecological applications remains a challenge.

Regulation is another uncertain factor. Although the Plasma team states that its strategy aligns with global regulatory trends (such as the EU's MiCA), the stablecoin and DeFi sectors are facing increasingly stringent regulatory scrutiny.

The zero-fee model has also sparked some discussions about sustainability. Some analyses point out that "according to section 4.2.1 of the white paper, the revenue model has arbitrage risks and is theoretically unsustainable."

Conclusion

In the coming year, the token unlock schedule, regulatory trends, and the real adoption rate by users will provide the final test for the XPL price and Plasma's industry status. However, the emergence of Plasma has already sent a clear signal to the market: the era of dedicated infrastructure for stablecoins is approaching.