What is Plasma (XPL)?
Plasma is a layer-1 blockchain designed around stablecoin payments, and XPL is its native token. The mainnet beta and the token launched together on 25 September 2025. The team also builds Plasma One, a stablecoin account and card app that runs on the network.
- Type
- Layer-1 gas token (EVM-compatible, stablecoin-focused)
- Launched
- 2025
- Consensus
- PlasmaBFT (Fast HotStuff, Proof of Stake)
- Max supply
- No fixed cap (10 billion at launch)
- Swap network
- Plasma
How Plasma works
Plasma reaches consensus with PlasmaBFT, a pipelined version of the Fast HotStuff protocol in which staked validators finalize blocks within seconds, and it executes transactions on an Ethereum-compatible engine built on Reth. Validators that misbehave lose rewards rather than their stake. The network started with a small set of known validators and plans to open validation to the public over time.
What XPL is used for
XPL pays transaction fees on Plasma, which currently accepts gas only in XPL, and it is the stake validators lock to secure the network. Plasma is also building a protocol-run paymaster so apps can let users pay fees in stablecoins instead.
XPL supply
Ten billion XPL existed at the mainnet beta launch. Validator rewards are planned to start at 5% annual inflation and fall by half a percentage point a year to 3%, but they only switch on once external validators and delegation go live. Base fees are burned, as on Ethereum.
Before you swap XPL
XPL arrives as the native coin of Plasma mainnet beta (chain ID 9745) at a standard 0x address, so add the Plasma network to your EVM wallet to see it. Keep some XPL afterwards, since gas on Plasma is currently paid in XPL even when you move stablecoins.