What is $XPL XPL? Is it worth following? | A Minimalist Overview

Plasma is a Layer 1 specifically designed for "stablecoin payment and settlement," aiming to make the issuance, settlement, and compliance tools for stablecoins faster, cheaper, and safer. Its native token is called XPL (Gas/Staking/Ecological Incentives).

Why it is being watched

• Strong backing: Investors include Founders Fund (Peter Thiel), Framework, Bitfinex, etc., and the CEO of Tether is also supporting it.

• High funding interest: Plasma USDT products on Binance frequently “sell out in seconds,” and there have been large USDC collateral actions on-chain.

• Aggressive goals: The official statement is to bring $10 billion in stablecoin TVL on-chain.

Token Framework (publicly disclosed)

• Total supply: 10 billion;

• Public sale: 10% unlocked directly for non-US users at the “public testnet launch”; US region locked for 12 months;

• Ecosystem: 40% - of which 8% is unlocked at Beta launch, and the remaining 32% is linearly unlocked over three years;

• Team/Investors each 25%: starts unlocking after one year, then uses a linear release over two years.

👉 This means early circulation is not low (public sale + ecosystem can reach ~18% at most), and there can be noticeable selling pressure in the first month/quarter.

What to look for before acting

1. The circulating supply & FDV (circulation ≥ 12-18%, FDV shouldn't be excessive but more favorable);

2. On-chain real data: net inflow of stablecoins, whether transaction fees/Gas continue to rise for 4-8 weeks;

3. Channel catalysts: more CEX trading pairs/investment, fiat channels, and the pace of issuers/custodial access.

My stance

• Strong narrative and capital, potential in the mid-term;

• However, early unlocking + public sale unlocking will make the trend more “event-driven.” Instead of blindly chasing TGE, it’s better to wait for data and valuation to provide cost-effectiveness:

• Mild FDV + strong data → follow the trend;

• High FDV + heavy selling pressure → wait for a pullback to reassess.

In one sentence: XPL = strong narrative + strong backing, but use data to choose the timing. First, look at circulation/FDV, then at fee collection and net inflow of stablecoins, don't get carried away in the first month.