The stablecoin-focused plasma blockchain’s native token, XPL, debuted on major exchanges, including Binance and OKX, Thursday.
The token drew a price of up to $ 1.54 in early trade, resulting in a market value of over $ 2.8 billion. The plasma tokenet has a Genesis supply of 10 billion, of which 18% or 1.8 billion is now in circulation.
The plasma plant also debuted with over $ 2 billion in stablecoin-collected value locked and an EVM compatible design.
Use case
XPR acts as gas token for transactions and smart contract execution as well as the efforts that secure the network, and finally as the reward to validators.
Plasma allows gas -free transfer of stableecoins for end users. In other words, it only allows zero fees transfers to simple USDT sending and recipient.
However, more complex transactions such as implementation of contracts or decentralized applications require, XPL is paid as gas or part of stableecoins to be converted to XPL as fees, according to Delphi Digital’s explains.
Early this week, Plasma Launched Plasma One, a stablecoin-noctorable neobank for the purpose of giving users permission-free access to expenses, serving and saving digital dollars.
Tokenomics
XPL is the native token of plasma blockchain, analogous to Ethe at Ethereum and Sol on Solana. XPL acts as a gas token for transactions and smart contract execution, the stacking share, which ensures the network, and the reward to validators.
The XPL tooken has a fixed total supply of 10 billion tokens. Of this, 40% – deck 4 billion tokens – is awarded to ecosystem and growth initiatives. At launch, 8% of the total supply (800 million tokens) is unlocked from this ecosystem allocation to support the first activities such as liquidity provision and partnerships.
The remaining 3.2 billion ecosystem tokens is gradually unlocked monthly over a three-year period to ensure stable liquidity and continuous development.
In addition, 25% of the supply (2.5 billion tokens) is awarded to founders, developers and employees who are facing a year’s cliff ahead of Vesting, followed by linear vesting in the next two years. Another 25% (2.5 billion
The token follows an inflation model where the validator reward originally starts with a 5% inflation, which will fall every year until it is stabilized by 3%.
Read more: Peter Thiel-backed plasma revelations ‘Hotstuff-Inspired Consensus’ for high-frequency global stablecoin transfers
