Stablecoin dedicated to Plasma Blockchain’s native token, XPL, debuting major exchanges, including Binance and OKX, on Thursday.
The token has drawn a price of up to $ 1.54 in early trading, resulting in a market capitalization of more than $ 2.8 billion. The plasma token has a Genesis supply of 10 billion, of which 18% or 1.8 billion are in circulation.
The plasma network also debuted with over $ 2 billion in the total amount of stablecoin locked and a design compatible with EVM.
Use a case
XPR serves as a gas token for transactions and implementation of smart contracts, as well as staking assets that ensure the network, and finally, as a reward token for validators.
Plasma allows gasless transfer of stablecoins for end-users. In other words, zero-fee transfers are allowed only for simple USDT shipping.
However, more complex transactions, such as deployment of contracts or decentralized applications, require XPL to be paid as gas, or a portion of stablecoins to be converted to XPL as fees, according to Delphi Digital explains.
Earlier this week, Plasma launched Plasma One, a stablecoin-native neobank with the aim of providing users unauthorized access to spending, achieving, and saving digital dollars.
Tokenomics
XPL is the native token of the plasma blockchain, identical to the ETH in Ethereum and Sol in Solana. XPL serves as a gas token for transactions and implementation of smart contracts, the staking asset that acquires the network, and the reward token for validators.
The XPL token has a fixed total supply of 10 billion tokens. Here, 40%-equaling 4 billion tokens – are allocated for ecosystems and growth initiatives. In the launch, 8% of the total supply (800 million tokens) will be locked from the allocation of this ecosystem to support initial activities such as the provision of liquidity and partnerships.
The remaining 3.2 billion ecosystem tokens will gradually be locked monthly over a three-year period to ensure stable liquidity and ongoing development.
Additionally, 25% of supply (2.5 billion tokens) were allocated to founders, developers, and employees, facing a cliff that preceded the vesting, followed by linear vesting over the next two years. Another 25% (2.5 billion tokens) is allocated to early supporters and strategic partners, with the same vesting terms as a team: a cliff person followed by two years of linear vesting.
The token adheres to an inflationary model, with validator rewards starting at a 5% inflation rate, which will decrease each year until it stabilizes 3%.
