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Plasma Token Market Cap Hits $2.5 Billion After Tether Partnership

Plasma’s blockchain sees massive growth, with over $4 billion locked in 24 hours, driving the XPL token to a 30% price increase and a fully diluted valuation of $12 billion.

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Summary

Plasma’s L1 stablecoin blockchain absorbed over $4 billion in crypto assets within 24 hours, ranking eighth in DeFi TVL. The surge has been driven by users locking assets in Plasma’s lending vaults and partner protocols, earning native XPL tokens. XPL’s value rose 30% to $1.2, pushing its fully diluted valuation to $12 billion, up 24x from its June public sale valuation of $50 million. Early seed investors saw returns as high as 324x.

Terms & Concepts
  • DeFi TVL: Total Value Locked (TVL) in Decentralized Finance (DeFi) protocols, representing the total amount of assets staked or locked in DeFi services.
  • XPL token: The native token of the Plasma network, used for earning rewards through staking and interacting with its blockchain.
  • Fully Diluted Valuation: A metric used to estimate the market value of a cryptocurrency if all of its tokens were mined or issued, calculated by multiplying the total supply by the current price.