Once in September, the super large fund allowed nearly everyone to receive about 300U of project XPL. What is it really for? Is it really expected to surpass USDT? Let's have a detailed analysis today!
💰 Comprehensive Score: 76/100
Brief Description: Plasma demonstrates strong potential in track selection, technical features, and capital backing, with its stablecoin optimization positioning and zero-fee transfers as core highlights. However, the project faces significant risks such as highly concentrated token distribution, valuation disputes, and fierce market competition. This score emphasizes its long-term technical value and ecosystem development potential while indicating a higher risk of short-term price volatility.
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🔑 Key Factors
Founding Team: The project is led by Paul Faecks as founder and CEO. More notably, the project has received investments from Tether CEO Paolo Ardoino and PayPal co-founder Peter Thiel, who serve as project advisors, providing strong resource backing in the payment field.
Investment Secured: The project demonstrated strong capital attraction even before its launch.
It attracted $1 billion in pre-deposit funds before the ICO.
Subsequently, the project completed its initial coin offering (ICO) with a valuation of $500 million.
📈 Fundamentals
Project Overview: Plasma is a Layer 1 blockchain optimized for stablecoins. Its core goal is to become the ideal ecosystem for 'Money 2.0', reshaping the payment experience through its high-performance infrastructure.
Core Functions and Innovations: Its biggest innovation lies in the built-in stablecoin-first architecture and gas abstraction design, allowing users to make transfers with mainstream stablecoins like USDT with zero fees. It employs a fast consensus mechanism called PlasmaBFT, reducing block time to less than 1 second, achieving throughput of thousands of transactions per second.
Ecosystem and Applications: The project has partnered with over 100 DeFi protocols, including Aave and Ethena. Additionally, it has launched a digital banking application, Plasma One, planning to promote digital dollars into daily payment scenarios through stablecoin debit cards and other products.
Community Building: At the project's launch, it gained significant market attention and community participation through airdrops and ICO.
Users participating in the ICO pre-deposit received airdrops of XPL tokens valued at $8390.
Its tokens had a trading volume that once exceeded $270 million within 24 hours of launch, indicating very high trading activity.
Competitors: Plasma operates in the highly competitive sector of 'payment-optimized blockchain'.
Direct Competitors: Including Layer-2 networks with established first-mover advantages (such as Arbitrum, Optimism, Polygon, and Base) and blockchain projects launched by traditional financial giants (like SWIFT).
Competitive Advantage: Its advantage lies in the underlying architecture designed specifically for stablecoins and top-notch support from payment industry advisors.
Market Cap Reference: According to data from the end of October 2025, the circulating market cap of XPL is approximately $639 million, ranking about 105th among all cryptocurrencies. Its fully diluted valuation (FDV) is approximately $3.68 billion. For reference, its market cap at the time of listing once reached $2.217 billion, with an FDV peaking at $12.3 billion, indicating extremely volatile valuation.
Holder Count: The distribution of XPL token holders is highly concentrated, which is a significant risk point.
On-chain data shows that the top 10 addresses control over 60% of the total supply of XPL. This structure may lead to price manipulation and trigger significant volatility.
On the other hand, the staking rate has reached 40%, indicating that a considerable portion of holders have confidence in the long-term development of the project.
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