The XPL currency is the native token of the Plasma Blockchain network, and it acts as the primary fuel for all operations within the network, starting from transaction confirmations to rewarding validators. The XPL currency is similar in importance to Bitcoin on the Bitcoin network or Ethereum on the Ethereum network.
As it represents the element that ensures the security and continuity of the network. Additionally, XPL has been carefully designed to serve purposes of scalability, attract traditional financial institutions, and support the growth of stablecoins on a global scale.
What is XPL Currency?
XPL Currency Project
The Plasma project behind the XPL currency aims to rewrite the rules governing traditional financial systems. The network is built specifically to meet the requirements of large-scale digital payments, focusing on reducing fees to zero, supporting instant USD₮ transfers, and providing features such as private payments and native bridges with Bitcoin.
Key features of the project:
Full EVM compatibility allowing developers to deploy smart contracts using familiar tools like MetaMask and Hardhat.
Massive liquidity with over $1 billion in stablecoins available since day one of launch.
An integrated infrastructure including card issuance, entry and exit gateways, compliance tools, and risk management.
To dive deeper into these technical aspects, you can visit Plasma Insights.
Uses of XPL Currency
The uses of XPL currency within the Plasma network include:
Transaction fees: where XPL is used as a token to pay gas fees on the network, with a fee-burning mechanism (EIP-1559) to maintain inflation balance.
Incentivizing validators: rewards are distributed to validators through a proof-of-stake (PoS) mechanism to maintain network security.
Governance: XPL holders are empowered to vote on future decisions regarding inflation, rewards, and network development.
Institutional expansion: XPL is used as a key tool to support growth campaigns and network adoption by banks and financial institutions.
The team behind XPL Currency
The success of any project relies on the quality of its team, and Plasma has managed to attract top investors and institutions to support its project. It has secured funding from leading companies such as Founder’s Fund and Bitfinex.
This support reflects market confidence in the Plasma team's ability to lead the XPL currency project towards global success, especially with their plans to build a financial system that transcends traditional boundaries and benefits from the stablecoin revolution.
Vision and Goals for XPL Currency
The vision of the Plasma project is based on building a financial infrastructure that allows money to be transferred at internet speed, with no fees and full transparency. The goal is to transfer trillions of dollars to the blockchain, opening a new layer of programmable money that can scale globally. The core objectives of XPL currency focus on:
Achieving widespread adoption of stablecoins.
Providing institutional solutions for banks and traditional financial markets.
Ensuring the security of the network through a proof-of-stake system.
Expanding decentralized applications that rely on stablecoins.
XPL Currency Amount and Distribution
XPL was launched with an initial total supply of 10,000,000,000 XPL, with a distribution schedule designed to support growth and sustainability:
10% (1 billion XPL) allocated for public sale.
40% (4 billion XPL) to support growth and ecosystem development.
25% (2.5 billion XPL) for the project team as long-term incentives.
25% (2.5 billion XPL) for early investors who supported network development.
To enhance network security, a gradual inflation schedule has been adopted, starting at 5% annually, with a gradual decline to 3% to maintain the value of XPL currency in the long term. Details of the distribution can be found through XPL Allocation.
Plasma Project (XPL) Structure in Blockchain Development
The Plasma chain (XPL) represents an advanced step in the development of blockchain infrastructure, designed specifically to provide stable and highly efficient financial transactions on a global scale. The project focuses on building an EVM-compatible first-layer network, which means developers and Ethereum-based projects can easily migrate to it and benefit from low fees and high execution speeds.
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