XPL Token Soars 52% as Plasma Mainnet Launch Ignites Trading Frenzy

Plasma’s Tether backed mainnet launch sent XPL price up within a day. Its stablecoin DeFi position is strengthened with Binance, Aave and Chainlink integrations.

Binance Adds 280 Million Users to Plasma USDT And XPL

The introduction of the mainnet of Plasma caused significant enthusiasm among market players, with price of XPL gaining 52% in a day. Based on data from CoinMarketCap, XPL rose to $1.26 at the time of writing with a market capitalization of $2.28 million.

The quick increase in XPL price depicts more trading volume, increasing by more than 18,000% in the last 24 hours. With Tether backing and industry players supporting, the Plasma blockchain could become a central infrastructure for the next generation of digital finance. This comes as regulators like the CFTC explore stablecoin collateral in U.S. derivatives. This further highlights the growing role of stablecoins in global markets.

The world’s largest crypto exchange Binance added Plasma USDT through the Aave lending system addition to its Earn suite. It means more than 280 million Binance users can now access yield opportunities powered by Plasma, instantly expanding the network’s reach and adoption potential.

Chainlink stated that its CCIP, Data Steams and Data Feeds are compatible with Plasma by default. A separate XPL/USD Data Stream is also available. This can be used to power DeFi markets for XPL across more than 40 blockchains. This means developers building on Plasma or other connected chains can access secure pricing data and liquidity infrastructure for XPL.

Tether Backing and Key Positions Arrange Plasma As A Future DeFi Powerhouse

Furthermore, Tether said USDT0 and XAUT0 are already live on Plasma blockchain. This makes it the number one blockchain based on the USDT0 circulating supply.

XPL’s sharp price rise from $0.83 earlier in the day to $1.26 demonstrates the huge demand the project has generated since launch. The rapid rise is a sign that retail investors and large companies are making an attempt to invest early on before more adoption milestones and further price increases.

Plasma has Binance, Aave, and Chainlink support. Hence, it is a ready-to-expand ecosystem since it has the infrastructure needed to accomplish this growth.

The platform could soon be a core layer for the stablecoin and tokenized assets market because of the support from Tether, DeFi infrastructure and oracle help. If adoption picks up, Plasma may overtake popular blockchains in stablecoin transactions and DeFi applications soon.