#plasma $XPL Today I’m looking at $XPL from a very unglamorous but very real angle: how the chain actually absorbs supply shocks once tokens become usable on-chain. On January 25 (12:00 UTC), 88.89M XPL will unlock — a little over 4% of the circulating supply. Days like this tend to strip away narratives and force the market back into pure arithmetic.
On-chain data paints an “awkward but honest” picture. Plasma’s Bridged TVL sits around $7.06B, with $4.71B native, and stablecoins at roughly $1.92B in market cap. Yet activity is thin: $85 in chain fees over 24 hours, $4.02M in daily DEX volume, and $93.65M over seven days — down 70% week-over-week. Capital is present, but the concentration of users who trade frequently and pay fees consistently hasn’t materialized yet.
At the price level, XPL trades near $0.13, with about 1.8B tokens circulating, putting the market cap just north of $200M. Whether this unlock causes real downside pressure comes down to one question: can these newly liquid tokens be absorbed by genuine usage demand, or will the market be forced to lean back on hype to digest the supply?
