Plasma Protocol Absorbs Over $4 Billion in Crypto Assets within 24 Hours of Launch, Ranks Eighth in Blockchain DeFi Total Value Locked

BlockBeats News, September 27th: Stablecoin L1 blockchain Plasma absorbed over $4 billion in cryptocurrencies within 24 hours of its launch, ranking eighth in blockchain DeFi deposit value. This achievement was mainly due to the Plasma lending treasury and users locking assets in collaborating DeFi protocols to earn the network's native token, XPL.

Plasma's initial success has driven up the price of the XPL token by 30% from its opening price, reaching around $1.2 currently. This corresponds to a fully diluted valuation of nearly $12 billion, a 24x increase from the $50 million valuation at the public sale in June. For investors who participated in the Plasma seed round on the early investment platform Echo in November last year, this implies a staggering return of up to 324x.