XPL Crash or Bottom Formation? Analyzing Its Real Performance After the Plasma Mainnet Launch

Plasma (token XPL) is a high-performance Layer-1 blockchain focused on the stablecoin ecosystem. Its mainnet will launch on September 25, 2025, and XPL/USDT spot trading will be available on the Gate platform.

Mainnet launch and the first wave of price increase

Shortly after the launch of the Plasma Mainnet, the price of XPL experienced a strong surge. Media reports indicated that its price briefly exceeded $1.50, partly due to large capital inflows and market speculation. In addition, Binance partnered with Plasma to launch a USDT staking product, allowing participants to receive XPL airdrop rewards.

This wave of increase has attracted a lot of attention, and many believe that the vision of Plasma’s zero-fee stablecoin chain is becoming a reality.

The truth behind the significant drop

However, the good times didn’t last long. According to CoinDesk, XPL fell from a peak of about $1.67 to around $0.31, a cumulative drop of over 80%.

Why is there such a large fluctuation? The core issue lies in on-chain activity and real usage rates. Plasma claims a high TPS (up to 1000 TPS in ideal conditions), but real-time data shows only about 14.9 TPS. This indicates that the current network load is far from its theoretical expectations.

On the other hand, although its lending vault has a certain scale (reportedly $676 M), it currently resembles more of a financial product rather than active transactions on a real payment chain.

Core applications: stablecoin transfers and ecosystem development

The core technology of Plasma is to provide a high-efficiency, low-cost trading environment for the stablecoin ecosystem. Its zero-fee USDT transfer feature is its main selling point. In addition, the customizable Gas token model enhances flexibility, allowing developers to optimize the fee structure according to their scenarios.

From an ecological perspective, Plasma is also building its own financial products, such as lending vaults, to provide users with yield opportunities.

Investor Hotspots: Staking and Lock-up Mechanisms

The Plasma team plans to launch staking and delegation features in the first quarter of 2026. This is a step that many long-term investors are eagerly anticipating, as it may provide continuous returns for token holders.

At the same time, users participating in Gate Launchpad had the opportunity to subscribe to XPL in advance. Whether early holders can obtain real value through staking and ecological applications is key to its long-term trend.

Community Disputes and Risk Reminders

However, XPL is not without controversy. Some market observers point out that the capital flow behind the price surge is complex, with some large transfers possibly being early lock-up releases or cash-outs. Although the Plasma team responded that the token lock-up mechanism is strict, continuous monitoring is still needed.

In addition, if the staking function, real trading scenarios, and ecological applications cannot be implemented in a timely manner, the current hype may shrink as market enthusiasm wanes.

Long-term value assessment of XPL

• If you are a speculator: You can participate in short to medium-term trading using Gate’s futures contracts, but be very cautious of the risks.
• If you are a value investor: you may consider holding for the medium to long term, paying attention to future staking, ecosystem growth, and the usage of stablecoin transfers.
• If you are a risk-averse person: this may currently just be a highly volatile and uncertain project, it is recommended to try a small position or observe more practical developments.

Summary: The vision of Plasma (XPL) is grand - to build a zero-fee superchain that serves stablecoins. However, reality is still in the polishing stage. The sharp drop after the price surge reminds us to rationally assess its potential and risks. The key to the future lies in the staking function, ecological implementation, and real usage volume. If these points are realized, XPL could truly become an important part of the stablecoin payment field.