Plasma

Plasma launched its mainnet beta on 25 September 2025 and runs the Plasma One app with a Visa card. External validators, delegation and custom gas tokens are still being rolled out. CoinDesk reported growing pains and communication problems after launch.

• Tokenomics (Plasma docs)
• Network Fees (Plasma docs)
• XPL's 90% Crash Exposes Plasma's Growing Pains: and a Communication Problem (CoinDesk)

Plasma is backed by Founders Fund, Framework and Bitfinex. Team and investors each hold 25% of supply, half in total, against 10% for the public sale. No ETF holding XPL was found.

• Tokenomics (Plasma docs)

Of 10 billion XPL, about 4.53 billion circulated in October 2026. A third of team and investor tokens unlocked on 25 September 2026 and the rest unlock monthly to September 2028, alongside the 32% of supply for ecosystem growth that was not released at launch (8% of the 40% ecosystem allocation unlocked at launch). Validator rewards at 5% inflation are still to start; base fees are burned.

• Tokenomics (Plasma docs)
• CoinGecko API: Plasma

DefiLlama showed about $505 million of DeFi TVL on Plasma on 1 October 2026. Early demand was driven by incentives: a $250 million USDT program filled in under an hour in August 2025, and activity fell when incentives ended.

• DefiLlama API: chains
• Plasma's $250M USDT yield program on Binance filled in less than an hour (CoinDesk)