Plasma's XPL token experienced a dramatic 113% surge to $1.54, reaching an all-time high just hours after crashing from $0.93 to $0.7218 following its mainnet launch on September 25. The initial decline was attributed to selling pressure from users who liquidated airdropped tokens, with recipients receiving a minimum of 9,304 XPL each.
The recovery was fueled by strong fundamental metrics, including a total value locked (TVL) of $3.4 billion within 24 hours of launch, as per DefiLlama. DEX volume on Plasma crossed $226 million on September 26, and the stablecoin market cap on the network neared $4 billion. Key partnerships with Tether—which provided $2 billion in USDT liquidity—and integrations with Aave, which generated $57,000 in interest in 24 hours, underscored the network's rapid adoption.
Plasma, a stablecoin-focused blockchain backed by investors like Bitfinex, Framework Ventures, Peter Thiel’s Founders Fund, and Tether CEO Paolo Ardoino, raised $500 million in a June token offering. The network enables zero-fee USDT transfers, confidential payments, and EVM compatibility. Despite the broader crypto market shedding 9% in value, XPL's rebound highlighted its resilience, though sustainability remains uncertain.