Plasma XPL Token Surges 52% After Mainnet Launch

TLDR

• XPL token surged 52% after mainnet launch on September 25.
• $2 billion in liquidity supported the launch’s success.
• Plasma raised $373 million, achieving a $7.7 billion market cap.

Plasma’s XPL token experienced a 52% surge following the launch of its mainnet on September 25, 2025. This increase was largely driven by the blockchain’s activation with $2 billion in day-one stablecoin liquidity, as well as new protocol integrations and increased DeFi participation.

Major backers of this project include Tether’s Paolo Ardoino, Founders Fund, Bitfinex, and Framework. These stakeholders have established histories in stablecoin infrastructure and the crypto market. They are known for their involvement in leading cryptocurrencies and financial innovations.

Plasma’s Project Launch Details

The mainnet launch featured over 100 DeFi protocols, including names like Aave, Ethena, Fluid, and Euler. According to the Official Plasma website, “On Thursday, September 25 at 8:00 AM ET, Plasma’s mainnet beta will go live alongside the launch of our native token, XPL, as the 8th largest blockchain by stablecoin liquidity.”

The mainnet beta also supported bridging vault deposits to Plasma, allowing users to withdraw USD₮0, marking the completion of the final launch phase. Zero-fee USD₮ transfers will be enabled through the Plasma dashboard. For more details, one can refer to the overview of Plasma Mainnet Beta and XPL features.

Strategic Backing and Funding Success

Plasma successfully raised $373 million in a public sale, reaching a launch market cap of $7.7 billion FDV (fully diluted valuation). This public pre-sale was oversubscribed by seven times the cap, ensuring broad token distribution. Institutional support comes from major players such as Tether, Founders Fund, Bitfinex, and Framework.

On-chain data revealed a $2 billion TVL on the first day, with $1 billion being committed within minutes during the early deposit phase. These figures demonstrate strong financial backing and community interest. Visit the Key milestones of the Plasma XPL project for more information.

DeFi Protocols and Cryptocurrency Impact

Successful integration with DeFi protocols like Aave, Ethena, Fluid, and Euler can influence cross-chain DeFi TVL. Although USDT is the core asset on Plasma, there is no direct link to ETH or BTC at the moment. However, they may indirectly affect DeFi TVL on Ethereum and competitors in the future.

Token XPL debuted at $0.73, representing a 14.6x increase from its $0.05 ICO price. In addition, 750,000 XPL tokens were allocated to vault participants as launch bonuses, enhancing community participation.

Comparisons with Past Crypto Launches

This event bears similarities to past Binance LaunchPool/Launchpad campaigns, which saw over $1 billion raised and significant TVL shifts. Likewise, the recent launches of Base and zkSync Era experienced large TVL inflows and heightened token volatility.

Historically, backer-driven launches result in short-term market surges. These are often followed by distribution periods and profit-taking, impacting backed assets. While regulatory bodies have not released statements, institutional involvement is highlighted by players like Tether and Founders Fund.