On the first day of Plasma's launch, the market capitalization broke 10 billion, and the luxurious "pork rice" marketing effect was fully pumped.

Author: Nancy, PANews

"The consensus in the industry is that 'the hot will surely die', but Plasma has put on a textbook-level debut, achieving a 'Grand Slam' with its exchange launch, while its 'big airdrop' strategy aimed at presales and the community has further maximized the excitement.

The luxury airdrop marketing effect is maximized, with FDV soaring to 10 billion USD.

With its generous airdrop strategy, Plasma sparked a frenzy in the market on its launch day, effectively dispelling the negative rumors surrounding the team.

On the evening of September 25, the stablecoin public chain Plasma officially launched its mainnet and introduced its native token XPL, with an initial circulation ratio of 18%. Subsequently, major exchanges such as Binance, OKX, and Upbit announced almost simultaneously the listing of XPL, instantly igniting market enthusiasm.

CoinGecko shows that after its launch, the price of XPL surged to $1.47, with an FDV close to $12 billion. According to Coinglass data, its futures trading volume skyrocketed to $14.93 billion in a short period, with a daily increase of 1578%. The open interest also quickly climbed to $1.48 billion. In the Binance XPL/USDT contract, the long-short ratio among top traders is about 3.1, indicating a general bullish sentiment from large funds. For example, the largest XPL long position on Hyperliquid has already realized a profit of over $10 million.

In fact, backed by the halo of Tether, Plasma was crazily snatched up by whales during its previous public sale, even experiencing oversubscription. According to data from Dune, Plasma attracted approximately $1.6 billion in funds across two rounds of deposits, with nearly 5,000 participants. Among them, the average deposits in the two rounds were about $450,000 and $283,000, respectively. Moreover, Plasma previously held a $1 billion deposit airdrop event in collaboration with Binance, which also sold out instantly.

These large investors who rushed to buy also received a substantial reward from the presale. According to monitoring by Lookonchain, whale @RegbilTrades participated in the public sale of XPL, spending $571,800 to buy 11.44 million XPL at a price of $0.05, with profits exceeding $11 million, yielding a return of 19 times; the giant whale 0x790c previously deposited 50 million USDT into Plasma, obtaining a public sale quota of $2.7 million, and purchased 54.09 million XPL at an average price of $0.05, currently realizing profits exceeding $47.7 million. Even participating through Binance channels, according to analysis by @ai_9684xtpa, a single account filled with $100,000 can acquire 11,489 XPL, with maximum earnings exceeding $16,600. In addition, PANews has compiled airdrop data and will comprehensively review Plasma airdrop data in subsequent articles.

Even more surprisingly, Plasma has also airdropped "luxury pig trotter rice." It is reported that Plasma has additionally allocated a total of 25 million tokens for all pre-deposit users, which will be distributed equally among all depositors. This means that regardless of whether you deposit 1 dollar or 10,000 dollars, you can receive an additional reward of 9,304 XPL, with a maximum value exceeding 13,000 dollars. This operation has directly won the "favor" of retail participants and has maximized the marketing effect.

Mining incentives drive the stablecoin ecosystem layout, will it compete directly with TRON?

Undeniably, Plasma made a strong start when its mainnet launched. After successfully introducing over $2 billion in liquidity through multiple rounds of pre-deposits, Plasma is rapidly leveraging a series of token distribution incentive activities to boost ecosystem enthusiasm.

At the exchange end, multiple platforms have simultaneously launched XPL mining, such as OKX with a reward pool of 8.8 million coins, Gate with 3 million coins, and Bitget also providing 2.2 million coins, among others. Meanwhile, Plasma has reached cooperation with over 100 DeFi projects including Aave, Ethena, Fluid, and Euler. According to Merkl page data, XPL mining yields generally range from 10% to 40%, with TVL varying from millions to hundreds of millions of dollars. Among them, the official Vault performs particularly well, currently holding over 1.5 billion dollars in deposits, with an annualized yield (APY) of up to 31.64%.

Of course, in order to reduce liquidity management risks and strengthen users' willingness to lock up funds, Plasma has chosen to adopt a gradual capital injection and incentive subsidy strategy. According to its DeFi director River, when the Plasma mainnet Beta launches, the team will bridge $1 billion USDT from the Ethereum mainnet and gradually inject it into Aave. However, to avoid market fluctuations or imbalances in utilization caused by a large influx of funds in a short period, Plasma has chosen to inject it in batches over 5 days. During this period, if users deposit funds into the Veda vault, they can receive additional XPL rewards; however, if they choose to withdraw during the stabilization period, the funds will need to wait 48 hours to arrive, and they will forfeit all earnings during that period.

As a new L1 public chain, in addition to building competitive on-chain ecosystems, Plasma has also strategically focused on emerging markets with strong demand for stablecoins, such as Southeast Asia, Turkey, and South America. Its selling points include lower usage thresholds, such as customizable Gas tokens, zero Gas transactions, and privacy features, and it is therefore considered a direct challenge to TRON.

Moreover, in the global payment scenario, Plasma's ambitions have taken a further step. Recently, Plasma announced the launch of a new type of digital banking service, Plasma One, which will introduce stablecoin services after the launch of the mainnet Beta version. This prepaid credit card will use the Plasma blockchain as a payment channel and will be issued by Rain, the company behind products like the Avalanche Card, aiming to allow everyone around the world to save, spend, and earn in USD within a single application without permission. Users can earn while they spend, for example, by paying directly from their stablecoin balance while earning over 10% returns. Spending with any Plasma One card (physical or virtual) can earn up to 4% cash back. Plasma states that the reason for building Plasma One is to unlock channels for the use of global dollars and to build technology based on its own infrastructure.

However, what truly determines whether Plasma can go further is not just the current high TVL under substantial subsidies and the aura of Tether, but whether it can establish a long-term stable user base in emerging markets, find a genuine landing path in real payment scenarios, and withstand regulatory scrutiny.