By deeply analyzing the on-chain data of the Plasma network, we can glimpse the true operational status of this Layer-1 blockchain focused on stablecoin payments. As an emerging public chain that officially launched its mainnet test version on September 25, 2025, XPL's on-chain performance not only showcases explosive growth characteristics typical of early projects but also exposes the inevitable adjustment process from speculation to practicality.
As of November 13, 2025, XPL's circulating supply is approximately 1.89 billion tokens, accounting for 18.9% of the total supply of 10 billion tokens. This relatively low circulation ratio reflects the project's cautious control over the pace of token release, but it also means that a large number of tokens are awaiting unlocking in the future, which poses potential pressure on the price. With a market capitalization of approximately $505 million, it currently ranks 172nd globally, with a fully diluted valuation reaching $2.65 billion, indicating market recognition of the project's long-term value.
Transaction volume data reveals the real situation of network usage. In the past 30 days, the Plasma network processed about 25-35 million transactions, although this is down from 75 million in the first month, this data still shows considerable network activity considering the overall market adjustment trend. Daily transaction volumes fluctuate between 150,000 and 200,000, peaking at even 500,000 during peak times, proving the network's stability under high load.
More importantly, the scale of value transfer on-chain is noteworthy. In the past 30 days, the total amount of stablecoin transfers on the Plasma network reached $5-7 billion, with USDT holding an absolute dominance. This data is particularly significant as it directly reflects the actual usage of Plasma as a 'stablecoin payment rail.' Compared to other public chains that mainly support speculative trading, most activities on the Plasma network are related to actual payment and settlement needs.
The active address data shows interesting patterns of change. The number of monthly active addresses dropped from 710,000 in October to about 1.79 million in November. This seemingly contradictory data actually reflects differences in statistical methods. More accurate daily active address data shows that the current network generates 15,000-20,000 independent addresses daily for transactions, a figure that peaked at an average of 50,000 daily during the early stages of the mainnet launch. The challenge of user retention is a problem faced by all emerging public chains, but Plasma is working hard to improve this situation through continuous ecological development.
The analysis of holder distribution reveals a highly concentrated token structure. The top address holds about 40.7% of the token supply, with the top four addresses controlling 88.25% of the tokens, and the top ten addresses accounting for over 68%. This extreme concentration reflects the holdings of early investors and the team, and also suggests potential risks of whale manipulation of prices. However, considering that most tokens are still locked up, the actual circulation concentration may not be as extreme as the surface figures suggest.
Smart contract interaction data indicates a thriving DeFi ecosystem. 80-90% of on-chain transactions involve smart contract calls, with the Aave protocol contributing $2.06 billion in TVL, although this is down from a peak of $6.5 billion. Fluid DEX accounts for about 60% of on-chain transaction volume, becoming the most active decentralized trading platform on the network. These data suggest that despite weak price performance, Plasma's DeFi ecosystem is steadily being built.
Particularly noteworthy is the performance of network fees and economic models. In the past 30 days, the total network fees were about $88,000, with 24-hour fees around $20,000. Although this number may not seem high, considering that the Plasma network supports zero-fee USDT transfers, most stablecoin payments do not incur traditional gas fees. The actual fees mainly come from DeFi interactions and non-stablecoin transactions, reflecting the project's deep optimization for payment scenarios.
Token unlocking events have had a significant impact on on-chain activities. The unlocking of 88,890,000 XPL on October 25 (about 0.89% of the total supply, worth $32 million) directly led to increased selling pressure, which was reflected in the on-chain data as a surge in large transfers and increased inflow to exchanges. This patterned unlocking and selling behavior often occurs in many projects in their early stages, but as the unlocking process advances and the market gradually digests it, the impact will diminish.
The network performance indicators demonstrate strong technical strength. The Plasma network's current TPS is approximately 14.9, which, although far below the theoretical limit of 1000 TPS, is sufficient for current transaction demands. More importantly, the network's stability has not experienced any major outages or congestion events since the launch of the autonomous network, maintaining block times at sub-second levels to provide users with nearly instant transaction confirmation experiences.
From a geographical distribution perspective, the usage of the Plasma network exhibits global characteristics. Activity in Europe is particularly vibrant, closely related to the project team's strategic layout with an office in Amsterdam and obtaining an Italian VASP license. The usage in Asia is also steadily increasing, especially in stablecoin payments and cross-border remittance scenarios.
The future on-chain development trend is promising. With more regulatory licenses being obtained and traditional financial institutions being integrated, the Plasma network is expected to occupy an important position in the stablecoin payment field. It is anticipated that by 2026, the network's daily transaction volume may exceed 1 million, while the scale of stablecoin transfers may reach the level of hundreds of billions of dollars. Of course, this requires the project team to continue efforts in ecological construction, user education, and regulatory advancement.
Overall, despite currently facing challenges of falling token prices and slowing user activity, the on-chain data of the Plasma network still demonstrates tremendous potential as a specialized stablecoin payment infrastructure. With the further integration of traditional finance and cryptocurrency, this practical-focused public chain may encounter new development opportunities.
