Plasma token mechanics are more interesting than typical L1s. They’re using an EIP-1559 style fee model where base fees get burned, creating deflationary pressure. While users can pay fees in USDT, it’s automatically swapped to XPL in the background. Validators stake XPL and earn around 5% annually that tapers to 3% over time. What surprised me is they launched with $2 billion in stablecoin liquidity and hit $5.5 billion TVL within a week. The backing from Tether directly, plus partnerships with Aave and major DEXs, suggests they’re building real infrastructure not just hype.
XPL
0.1217
-15.19%