What is $XPL?
XPL is the native token of the Plasma blockchain, a Layer 1 network specifically designed as a global payment infrastructure using stablecoins (such as USDT).
Unlike many other cryptocurrencies that are often speculative, XPL functions as the "backbone" technical element to ensure the Plasma network remains stable, secure, and efficient.
Main Roles and Uses of XPL
The XPL token has several key functions within its ecosystem:
Network Security (Staking): Since Plasma uses a Proof-of-Stake (PoS) mechanism, validators are required to stake (lock) XPL to gain the right to validate transactions and secure the network.
Transaction Fees (Gas Fees): Although Plasma offers a feature to transfer USDT without gas fees (gasless) for basic transactions, XPL is still needed to pay for more complex transaction fees, such as interactions with smart contracts or DeFi applications.
Governance: XPL token holders have the voting rights to vote on development proposals or changes to parameters within the Plasma protocol.
Deflationary Mechanism: Plasma implements a fee-burning model (similar to EIP-1559 in Ethereum), where a portion of the transaction fees in the form of XPL will be burned, aimed at maintaining the economic value of the token in the long term.
What Makes It Different?
The main innovation of the Plasma project (XPL) is its very specific focus on Digital Dollar (Stablecoin):
Free Transfers: Users can send USDT without needing to hold XPL tokens first (through a paymaster system).
Bitcoin Security: Plasma uses a mechanism that links its transaction proofs to the Bitcoin network to achieve a higher level of security.
High Speed: Designed for instant transaction processing (under 1 second), making it very suitable for payments at physical stores (merchants) or international money transfers.
#plasma $XPL
