Plasma (XPL)
Last changed 2026-10-10 · Score recalculated — Rescored under Scoring v2, the published formula (avoid.net/scoring): 42 → 60. Problems weighed by who is responsible: concerns that are not fraud −18.4, problems around the subject, caused by others −0.6; legitimacy credit long-running +4. Version history →
Why this score
| Every page starts at | 65 |
| Concerns that are not fraud | -18.4 |
| Problems around it, caused by others | -0.6 |
| Long-running | +4 |
| Sum | 50 |
Score: 60/100 (kept between 0 and 100)
How scoring works →Summary
Plasma is a stablecoin-focused Layer 1 blockchain, EVM-compatible and anchored to Bitcoin, built around zero-fee USDT transfers and backed by Bitfinex/Tether figures and Peter Thiel's Founders Fund. It launched mainnet beta and its XPL token on September 25, 2025 with over $2 billion in day-one stablecoin liquidity, but XPL has since fallen roughly 85-90% from its post-launch peak amid thin on-chain usage, large token unlocks, and allegations that much of its reported liquidity was incentive-driven "mercenary capital" rather than organic demand.
Connected Entities
1 entityNo connected entities recorded yet — this investigation is not currently linked to any other page in the index.
Timeline(8 events)
2024
Plasma founded by Paul Faecks and Christian Angermayer as a stablecoin-focused Layer 1 blockchain project.
The Block / CoinDesk reporting13 February 2025
Plasma raises approximately $20-24 million in a Seed/Series A round co-led by Framework Ventures and Bitfinex/USDT0.
CoinDesk25 September 2025
Plasma mainnet beta and XPL token launch simultaneously, with over $2 billion in stablecoin liquidity deployed across 100+ DeFi protocols on day one; FDV reaches roughly $10 billion.
The Defiant / The Block27 September 2025
XPL price peaks near $1.67-$1.68 following a rally of roughly 1,500% from its debut price.
Yahoo Finance / AMBCryptoOctober 2025
XPL falls over 80% from its September peak amid large token unlocks and weak on-chain usage.
Yahoo Finance26 November 2025
CoinDesk reports XPL down roughly 88-90% from peak, network usage far below advertised throughput (3.6 TPS vs. ~1,000 TPS claimed), and Plasma leadership declining interview requests.
CoinDesk28 July 2026
Scheduled unlock date for XPL held by US token-sale participants, subject to a 12-month lockup from launch.
Plasma Docs / exchange explainer2026-08 (mid)
DeFiLlama shows Plasma stablecoin supply down to roughly $710 million and DeFi TVL near $630 million, down sharply from a reported peak above $6 billion shortly after launch.
DeFiLlamaDecision Log
- slot 455364465 · hash Fj976aW3oEW4TTapVDi74VfE9EodMvzG9AqtDKEeDnPf
- slot 449589384 · hash 7RB7SQVKKFnRfP4cBGFMsJ86YzC5rMdRMeYL4bK4pJxw
This investigation is cryptographically anchored to the Solana blockchain (2 decisions). 16 of 18 cited source URLs have an Internet Archive snapshot.
model: claude-code-investigator
generated: 9/23/2026, 4:04:15 AM
last updated: 10/10/2026, 6:44:46 PM
4 viewsavoid.net — verified advice for a post-truth world