Plasma Launches Layer-1 Network for Stablecoin Revolution
Plasma, a trailblazing blockchain project, has launched its Layer-1 network, aiming to revolutionize stablecoin payments and expand decentralized finance. Backed by prominent advisors like Paolo Ardoino and Peter Thiel, the platform introduced its native XPL token, currently valued at $0.91.
The Plasma blockchain is dedicated to stablecoin transactions, utilizing a staking-driven consensus model powered by the XPL token. Alongside the blockchain, Plasma One, a digital-first banking service tailored for stablecoin users, was launched.
The project raised $500 million through an initial coin offering earlier this year. Participants in the pre-deposit ICO program received XPL tokens valued at $8,390 each, totaling approximately $25.5 million. Upon its market debut, the XPL token initially reached $1.54.
Plasma's chief executive, Paul Faecks, envisions the platform as a hub for Money 2.0, reshaping financial systems around stablecoin infrastructure. With a fully diluted valuation now at $8.6 billion, a seventeen-fold increase from its initial $500 million valuation, Plasma's Layer-1 blockchain launch signals significant growth and potential in the stablecoin and decentralized finance sectors.
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