Plasma absorbs over $4 billion in cryptocurrency within 24 hours of launch, ranking eighth in blockchain DeFi TVL

BlockBeats News, September 27th. The stablecoin L1 blockchain Plasma absorbed over $4 billion in cryptocurrency within 24 hours of its launch, ranking eighth in blockchain DeFi deposit value. This growth is mainly attributed to the Plasma lending pool and users staking assets in partner DeFi protocols to earn the network's native token, XPL.

Plasma's initial success has driven up the price of the XPL token, which has increased by 30% from its opening price and is currently trading at around $1.2, corresponding to a fully diluted valuation of nearly $12 billion. This marks a 24x growth from the $500 million valuation during the June public sale. For investors who participated in the Plasma seed round on the early investment platform Echo in November last year, this translates to a staggering 324x return.