Key Notes
- Bitfinex-backed Plasma blockchain becomes eighth-largest within one day, securing $3.14 billion in deposits.
- XPL token price jumped 35% to $1.43 peak with $2.5 billion market cap on launch day trading.
- Bybit exchange partnership offers zero-fee USDT transfers and 9 million XPL rewards program for early adopters.
Plasma is a new Layer 1 blockchain backed by Bitfinex, a sister company of the stablecoin giant Tether. It aims to deliver low-cost, high-speed transfers, particularly for Tether’s USDT, to provide competition to rivals like Circle’s Arc Blockchain and Stripe’s Tempo.
Plasma (XPL) @PlasmaFDN is now live on #Binance Spot.
We’re celebrating with 3 special promotions → 12,500,000 XPL in token vouchers up for grabs. Plus, a bonus reward for top traders.
Don’t miss out 👉 https://t.co/Ww585fubxw pic.twitter.com/DC3XY70Pgz
— Binance (@binance) September 25, 2025
Following a timely listing on Binance and a critical partnership with hardware crypto-wallet provider Backpack, Plasma has attracted more than $3 billion in Total Value Locked (TVL) deposits within 24 hours of its launch on Sept. 25.
Plasma Total Value Locked hit $3.14 billion within 24 hours post-launch | Source: DeFiLlama, Sept. 26.
According to DeFiLlama data, the blockchain has also taken in $125,000 in fees from $117 million on-chain transaction volumes.
Why is Plasma (XPL) Price Up Today?
Plasma’s explosive on-chain adoption makes it the eighth-largest blockchain within 24 hours post-launch. The instant impact also reflects in its native XPL token price action.
As seen in the CoinMarketCap chart below, XPL price rallied 35% on Friday, trading as high as $1.43, with a peak market cap of $2.5 billion and daily volume exceeding $5 billion. An imminent XPL community campaign cited in its latest partnership announcement with Bybit could potentially intensify the market frenzy.
Plasma (XPL) Price Action | Source: CoinMarketCap
On Thursday, Bybit, the world’s second-largest exchange by trading volume, confirmed it will list XPL and enable Tether
USDT
$1.00
24h volatility:
0.0%
Market cap:
$173.54 B
Vol. 24h:
$134.07 B
deposits and withdrawals through Plasma with zero transfer fees.
For the first time, the world’s largest crypto exchange brings crypto’s largest lending protocol into its Earn suite, powered by Plasma.
280M+ Binance users can now earn with Plasma USD₮ via Aave’s lending rails, with more incentives ahead.
The future is bright, on Plasma. https://t.co/wp9GAMASUc pic.twitter.com/QYOv1DXxfq
— Plasma (@Plasma) September 25, 2025
Bybit is also rolling out a community campaign to incentivize early XPL adoption. According to the press release, the “XPL Tokensplash” rewards program allocates 9 million XPL tokens to users through deposit, trading, and staking activities.
New participants can earn up to 300 XPL each, while existing users qualify for prize pools by trading or depositing USDT via Plasma.
Beyond the rewards program, Bybit also offers Plasma users zero-fee USDT withdrawals, staking yield up to 100% APR for new users and a separate $100,000 USDT lucky draw for depositors, creating additional incentives for onboarding.
Maxi Doge Presale Gains Momentum as Traders Seek High-Risk Plays Beyond BNB
Plasma’s 35% price rally on its first day trading has sparked interest in other early-stage projects like Maxi Doge (MAXIDOGE), offering outsized profit opportunities through high-leverage strategies.
Maxi Doge Presale
The Maxi Doge presale is currently priced at $0.000259 and has already raised more than $2.5 million of its $2.8 million target. With just hours left before the next price tier, prospective investors can still participate through the official Maxi Doge presale website.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Ibrahim Ajibade is a seasoned research analyst with a background in supporting various Web3 startups and financial organizations. He earned his undergraduate degree in Economics and is currently studying for a Master’s in Blockchain and Distributed Ledger Technologies at the University of Malta.
