Plasma Launches Public Testnet, Announces XPL Token Sale

On July 15, Plasma, a Layer 1 blockchain built specifically for global stablecoin payments, has officially launched its public testnet, marking the first public release of its core protocol. Just a day earlier, the team announced the upcoming public sale of its native token, XPL, which begins on July 17 at 13:00 UTC.

According to the official statement, the testnet includes the two key components that make this possible: PlasmaBFT, high-throughput consensus layer and EVM execution layer, a modular Reth-based client written in Rus. Both are now live and ready for integration testing.

Plasma is designed to deliver zero-fee USD₮ transfers, custom gas token support, confidential payments, and the throughput to scale globally. Future releases will expand functionality to include:

• Protocol-managed paymaster for gasless USD₮ transfers

• Stablecoin gas payments through custom tokens

• Native Bitcoin bridging via a trust-minimized MPC architecture

At mainnet, Plasma aims to become one of the most liquid stablecoin networks, with over $1 billion in USD₮ liquidity ready from day one, giving developers immediate access to deep on-chain capital. Developers will also benefit from integrated infrastructure, including card issuance, global on/off ramps, stablecoin orchestration, and advanced compliance tools, all provided via third-party services.

Plasma Reveals XPL Token Allocation and Vesting Schedule

XPL will function as the utility token of the network, used for transaction fees and as rewards for validators who secure the blockchain by processing and validating transactions. The total supply of XPL is 10 billion tokens, distributed across four main categories:

1. Public Sale: 10% (1B XPL)

The public sale allocation will go to deposit campaign participants, representing over 4,000 wallets with a median deposit of approximately $12,000.

Unlock Schedule:

• Non-U.S. participants: Fully unlocked at mainnet beta.

• U.S. participants: Subject to 12-month lockup, fully unlocked on July 28, 2026.

2. Ecosystem & Growth: 40% (4B XPL)

This is to supports ecosystem expansion, liquidity provisioning, DeFi incentives, and institutional adoption.

Unlock Schedule:

• 8% (800M XPL) unlocks immediately at mainnet beta for DeFi incentives, liquidity provisioning, exchange integrations, and early growth campaigns.

• Remaining 32% (3.2B XPL) unlocks monthly over 3 years, completing by Q3 2028.

3. Team: 25% (2.5B XPL)

Incentivizes core contributors and aligns long-term commitment.

Unlock Schedule:

• 1-year cliff: One-third unlocks after 12 months from mainnet beta.

• Remaining two-thirds: Unlocks monthly over the next 2 years, fully vested by Q3 2028.

4. Investors: 25% (2.5B XPL)

This is allocated to early backers and strategic partners.

Unlock Schedule:

• Follows the same vesting as the team:

  • 1-year cliff

  • Monthly unlocks over the next 2 years, fully vested by Q3 2028

Plasma Introduces Gradual Inflation for Validator Incentives

Plasma has outlined a carefully structured validator rewards system for its XPL token, aiming to balance strong network security with long-term value preservation for holders. In most proof-of-stake (PoS) networks, validator rewards are funded through protocol-level token inflation.

Similarly, XPL introduces a controlled inflation mechanism that begins at 5% annually and decreases by 0.5% each year until it reaches a long-term baseline of 3%. This design ensures that validator incentives remain competitive while gradually reducing dilution over time.

Notably, inflation will only begin once external validators and stake delegation are activated, reinforcing the network’s transition to decentralization. Validator emissions will be distributed exclusively to stakers via validators, with locked tokens held by the team and investors excluded from reward eligibility. According to the Plasma team, the dual objectives behind this structure are to attract top-tier validators and to limit unnecessary token inflation, protecting the long-term interests of XPL holders.

Funding Round

Plasma has secured strong backing from prominent investors across multiple funding rounds. Its initial round in October 2024 secured $3.5 million from investors including Bitfinex, Anthos Capital, and Paolo Ardoino. This was followed by a $20.5 million Series A in February 2025, led by Framework Ventures and Bitfinex, with participation from top firms like Bybit, Laser Digital, and DWF Labs. In May 2025, Plasma completed a strategic round at a $500 million valuation backed by Founders Fund.