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What is Plasma (XPL)
Learned by 2.3k usersPublished on 2025.07.15Last updated on 2025.10.09
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注意：项目简介来自于官方项目团队所发布或提供的信息资料，可能存在过时、错误或遗漏，相关内容仅供参考且不构成投资建议，HTX不会承担任何依赖这些信息而产生的直接或间接损失。
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I. Project Introduction
1. What Is Plasma?
Plasma is a scalable Bitcoin-based payment and financial infrastructure that allows users to pay gas fees in BTC. Plasma aims to optimize the infrastructure for stablecoins, offering features such as PlasmaBFT consensus, high scalability via the Reth client, a customized gas mechanism, zero-fee USDT transfers, and privacy transactions. At its core is a Bitcoin-secured sidechain that is fully compatible with the Ethereum Virtual Machine (EVM). It not only supports USDT, but treats stablecoins as a foundational infrastructure, with the goal of building a financial network on top of Bitcoin that natively supports transactions settled by dollars.
2. How Does Plasma Work?
Architecturally, Plasma functions like a Bitcoin L2 sidechain and it is periodically anchored to the Bitcoin main chain to inherit its security and reduce trust assumptions. However, this chain is natively supportive of USDT, features built-in privacy mechanisms, and adopts a gas model that does not rely on governance tokens, enabling users to use on-chain functions without holding volatile assets. In addition, Plasma’s infrastructure plans include full AML compliance, enterprise-grade integrations, bank custody integration, and fiat off-ramp channels, so that while meeting regulatory requirements, it still supports permissionless DeFi applications. This enables Plasma to compete with traditional banking networks by offering nearly real-time and low-cost cross-border settlement.
3. Who Founded Plasma?
Founding Team:
Paul Faecks is the founder of Plasma. He previously worked at Deribit and graduated from the Technical University of Munich. Hans is the CTO of Plasma and previously served as CEO of Topl. He graduated from the University of California, Irvine and holds both a Master’s and a PhD in Computer Science from Arizona State University. Jacob Wittman is Plasma’s General Counsel. He previously worked at Pixel Vault and earned a JD from Georgetown University. Karen Shen currently leads ecosystem efforts at Plasma. She was formerly an investor of Collab+Currency and a research analyst at Messari. She graduated from Queensland University of Technology.
Funding Details:
Plasma has raised a cumulative $27.5 million, with participation from many leading institutions.
In October 2024, Plasma announced a $3.5 million fundraising round led by Bitfinex, with participation from Manifold Trading, Anthos Capital, Karatage, Split Capital, and Christian Angermayer.
In February 2025, Plasma announced a $24 million funding round led by Framework Ventures. Bitfinex continued investing in this round, and it also attracted the participation of Paolo Ardoino, CEO of Tether and CTO of Bitfinex, as well as Mirana Ventures, Cumberland DRW, Flow Traders, Bybit, IMC Trading, Karatage, Nomura Holdings, Cobie, among others.
In May 2025, Plasma announced a strategic investment from Founders Fund, a venture capital firm co-founded by PayPal co-founder Peter Thiel. The funding amount was undisclosed. Bitfinex and Tether (specifically CTO and CEO Paolo Ardoino) also participated in this round.
4. Plasma Tokenomics
The token name is XPL with a total supply of 10,000,000,000 XPL at token generation event (TGE). Additional supply may be issued via PoS over 8 years, bringing the total potential supply to 13.15 billion XPL.
Token Distribution:
25% of the initial supply is allocated to investors. 10% is allocated to users who participate in deposit activities. 25% is reserved to incentivize existing and future service providers. The remaining 40% is designated for the strategic growth plan to expand Plasma’s utility, liquidity, and institutional adoption. Of that 40%: 8% will be unlocked immediately at Plasma's mainnet beta launch for use in DeFi incentive programs with strategic partners to meet liquidity needs, support exchange integration, and promote early-stage ecosystem growth. The remaining 32 % (3,200,000,000 XPL) will be unlocked linearly on a monthly basis over the following three years, ensuring that by the third anniversary of the mainnet beta launch, 100% of the Ecosystem and Growth allocation is unlocked.
5. Timeline of Key Milestones
In 2025, Plasma has engaged in integration talks with multiple DeFi projects such as Curve, Maker, Aave, and Morpho, with the aim of providing users with services including stablecoin swaps, lending, and yield farming. Meanwhile, Yellow Card, Africa’s largest stablecoin infrastructure provider, will leverage Plasma’s free USDT transfers to help merchants handle peer-to-peer payments. In addition, smart contracts will support micro-payment use cases based on stablecoins, such as installment payments and subscription billing.
II. Token Information
1) Basic InformationToken name:Plasma（XPL）
III. Related Links
Website: https://www.plasma.to/Explorers： https://plasmascan.to/
Socials： https://twitter.com/PlasmaFDN
Note: The project introduction comes from the materials published or provided by the official project team, which is for reference only and does not constitute investment advice. HTX does not take responsibility for any resulting direct or indirect losses.
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What is PLASMA
Plasma: A Cutting-Edge Solution for Blockchain Scalability Introduction to Plasma As the cryptocurrency landscape evolves, so too does the need for enhanced efficiency within blockchain networks. Plasma, a Layer 2 scaling solution, emerges as a pioneering player in this sphere, particularly in the realm of Web3 development. By strategically shifting a substantial portion of tasks from the main chain to a series of smaller chains, Plasma vows to significantly boost the scalability and performance of Ethereum—a widely-used blockchain platform at the forefront of decentralised applications. What is Plasma? Plasma is an innovative off-chain scaling solution particularly designed for the Ethereum blockchain. It was introduced in August 2017 by Vitalik Buterin, co-founder of Ethereum, and Joseph Poon, a prominent advocate of scaling solutions like the Lightning Network. Plasma serves as a framework that enables the creation of scalable applications by establishing a hierarchical structure of child chains above the main Ethereum chain. At its core, Plasma allows for the development of potentially infinite side chains that can operate independently while still relying on the Ethereum network for security and consensus. This architecture is underpinned by smart contracts and Merkle Trees, which efficiently handle transactions and data storage. Core Objectives of Plasma The primary aim of Plasma is to increase the throughput of the Ethereum network. By diverting a substantial volume of transactions away from the congested main chain, Plasma's architecture offers higher transaction speeds, more efficient data processing, and lower transaction costs. This is particularly vital in an age where demand for decentralised applications—especially in finance, gaming, and supply chain management—is reaching unprecedented levels. Creator of Plasma Plasma is the brainchild of two renowned figures in the blockchain community: Vitalik Buterin and Joseph Poon. Buterin is celebrated primarily for co-founding Ethereum and pushing the boundaries of what blockchain technology can achieve. Poon, on the other hand, is known for advocating scalable solutions, which enable faster and more cost-effective transactions on blockchain networks. Their collaboration on the Plasma framework has greatly contributed to its innovative nature, combining advanced technical insights with practical applications. Investors of Plasma While the specific investment foundations or organizations supporting Plasma remain undisclosed, the project has garnered interest from various prominent figures and players in the blockchain and cryptocurrency space. With its potential for enhancing scalability within Ethereum, it has caught the attention of various entities aiming to push the boundaries of blockchain technology. How Does Plasma Work? Plasma's unique functionality is attributed to its architectural framework that relies on child chains and their interaction with the main Ethereum network. Below are some key factors that contribute to Plasma's innovative approach: Child Chains: Plasma establishes numerous child chains that can execute transactions independently of the main Ethereum chain. Each child chain operates as a separate smart contract with unique features, allowing developers to create tailored solutions based on their specific requirements. Smart Contracts and Merkle Trees: The framework utilises smart contracts, which are self-executing agreements with predefined conditions, paired with Merkle Trees that enable efficient verification of data. This technology allows Plasma to achieve both high scalability and security. Transaction Compression: By batching transactions on the child chains, Plasma reduces the data load on the Ethereum network. This means that fewer transactions need to be recorded on the main chain—thereby freeing up space and reducing congestion. Enhanced Security: Despite being off-chain, Plasma leverages the security measures of the main Ethereum network, ensuring that all transactions on child chains maintain a high level of integrity and security. Timeline of Plasma Understanding the development of Plasma involves tracing its significant milestones: August 2017: Plasma was first introduced by Vitalik Buterin and Joseph Poon as a scalable solution to address Ethereum's performance challenges. 2018: The Plasma framework was officially developed and made available on GitHub, marking a crucial step towards its implementation in practical applications. 2019: As awareness about Plasma grew, it began to attract developers interested in scaling Ethereum applications, thus increasing its adoption. 2020: Plasma continued evolving, with substantial enhancements made to its architecture and functionality—making it even more appealing to developers. Key Features of Plasma Plasma boasts several characteristics that make it a transformative solution in the blockchain space: Scalability: By creating multiple child chains, Plasma can handle a higher volume of transactions without further taxing the main Ethereum chain. Speed: Each child chain can process transactions more swiftly, providing users with better experience and service. Lower Transaction Costs: Plasma's structure effectively reduces the costs associated with transactions by minimizing the burden on the main chain. Interoperability: The architecture allows Plasma to seamlessly interact with multiple blockchains, enhancing cross-network functionality. Security: By harnessing the security of Ethereum’s main chain, Plasma ensures the integrity of its operations while utilising its child chains. Use Cases for Plasma The innovative architecture of Plasma opens the door for various practical applications across different sectors: Decentralized Finance (DeFi): Plasma has the capacity to enhance the scalability and efficiency of DeFi applications, creating smoother and more effective trading processes. Gaming: The framework facilitates the development of quick and cost-efficient gaming experiences, making it appealing to developers in the gaming industry. Supply Chain Management: With the ability to archive efficient transaction processing, Plasma can foster the development of decentralised supply chain management solutions. Conclusion Plasma stands at the forefront of blockchain technology, positioned as a pivotal Layer 2 scaling solution aimed at enhancing the efficiency of the Ethereum network and beyond. Through its unique structure of child chains, smart contracts, and Merkle Trees, Plasma offers a compelling solution to the scalability crisis that has long plagued blockchain networks. As blockchain technology continues to advance, solutions like Plasma promise to reshape how developers approach scalability challenges, potentially revolutionising how decentralised applications function. The ongoing efforts by its creators and the interest of various stakeholders signal a bright future for Plasma as it seeks to elevate blockchain capabilities to new heights in the digital realm.
346 Total ViewsPublished 2024.12.03Updated 2024.12.03
How to Buy XPL
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1.7k Total ViewsPublished 2025.09.26Updated 2025.10.09
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