$XPL
Let me briefly talk about the XPL project that I previously had you all work on.
The name of this project is Plasma, which is focused on creating a stablecoin protocol and infrastructure. It also includes developing a public blockchain and payment systems. Overall, the scope of the business is not too diverse, and with a strong background, it remains quite competitive.
Now, let's discuss the token and financing distribution:
The total supply is 10 billion tokens, which have not yet been listed on the spot market, so the initial circulation is still unknown.
The distribution is as follows: Public Sale: 10%, Ecosystem: 40%, Team and Institutions each: 25%.
The initial expectation for the public sale was 50 million, which means an expected price of 0.05 per token, but it actually raised 373 million, exceeding expectations by more than 7 times. Regarding the public sale's FDV (Fully Diluted Valuation) at 373 million, the price per token is 0.373.
Meanwhile, the total financing for institutions is 24 million, holding 25% of the tokens, with a cost of 0.0096, and an FDV of 96 million. Currently, it is rare for institutions to offer such a high fully diluted valuation for projects in this market.
As for the unlocking of the public sale tokens, non-US users will have their tokens unlocked upon the mainnet launch, while US users will have to lock them for 12 months. The unlocking for the team and institutions is linear, and if there is no fraud, it will gradually unlock by Q2 of 2026.
Additionally, the project itself is also involved in stablecoin financial management, with USDC staked, providing a TVL (Total Value Locked) of 1 billion dollars as a safety net.
However, without the initial circulation provided, it is still challenging to determine whether the current price is high or low based on the 1 billion TVL.
Nonetheless, for such a large project, I remain optimistic and will continue to follow up.
For those looking to get involved, reach out