Plasma, Backed by Thiel & Ardoino, Launches $8.6B Layer-1 Blockchain for Stablecoins
Plasma, a Layer-1 blockchain project, has launched with a focus on improving stablecoin payments and expanding decentralized finance. The project has attracted high-profile advisors like Paolo Ardoino and Peter Thiel. Its native XPL token initially debuted at $1.54 and is now at $0.91.
Plasma secured $500 million through its initial coin offering earlier this year. Upon launch, the platform's fully diluted valuation rose to $8.6 billion, a seventeen-fold increase from its initial valuation. The project distributed XPL tokens valued at $8,390 each to participants in its pre-deposit ICO program, totaling approximately $25.5 million.
Plasma's chief executive, Paul Faecks, envisions the platform as a hub for Money 2.0, focusing on stablecoin infrastructure. The Plasma blockchain is structured as a Layer-1 network dedicated to stablecoin transactions, incorporating a staking-driven consensus model powered by the XPL token. Alongside the blockchain debut, Plasma One, a digital-first banking service for stablecoin users, was launched.
Plasma's Layer-1 blockchain aims to enhance stablecoin payments and expand decentralized finance applications. With high-profile advisors and a significant valuation increase, the project shows promise in the stablecoin and decentralized finance sectors.
