@Plasma launched in September 2025 with something straightforward in mind let people move stablecoins without paying gas. That's it. No unnecessary complexity. The network pulled in roughly $250 million in the first hour, a genuinely rare feat. But here's where the separation matters.
When you deposit stablecoins to Plasma, you're accessing a core utility. The network does what it claims that's the foundational piece. Separate from this sits $XPL , the token designed to reduce fees for non-stablecoin transfers and eventually unlock staking rewards starting Q1 2026.
Why keep them apart? Because they solve different problems. The protocol's EIP-1559-inspired model burns base fees from transactions CoinMarketCap, meaning the network itself improves as volume grows. You don't need to own XPL to use #Plasma for stablecoins. You can just use the chain. The token becomes optional for those seeking deeper engagement.
The real tension emerged after launch. XPL dropped from its $1.67 peak to $0.31 amid low network activity and waning sentiment CoinDesk. Plasma's currently processing around 14.9 transactions per second despite claims of higher capacity. This gap between promise and reality matters for investors holding the token.
The bigger risk ahead: A July 2026 unlock of 2.5 billion XPL—25% of total supply—looms as a critical risk factor, with similar unlocks historically triggering 79% price declines over 90-day periods Ainvest. Roughly 106 million XPL could flood markets monthly starting mid-2026 CoinMarketCap, unless stablecoin adoption accelerates enough to absorb that supply.
Separating deposits from token ownership protects the infrastructure's core function while letting XPL stand on its own fundamentals. It's cleaner, less forced. But the token's future depends entirely on whether Plasma's real-world payment volumes not hype justify holding it. Early signs suggest patience will be tested before proof arrives.