Plasma conducted its TGE and launched mainnet beta on Thursday, debuting the XPL token and handing every single pre-deposit ICO participant a surprise ~$10k worth of tokens, even those who never actually bought in.

What’s the Scoop?

• The Launch: Plasma’s mainnet beta went live alongside the XPL token. CEO Paul Faecks called it “just the beginning” of the team’s vision for a stablecoin-first blockchain.
• The Valuation: XPL briefly peaked at $1.54 before settling around $1. That puts its fully diluted valuation at $1oB, a massive jump from the prior $500M valuation that makes XPL the 73rd largest crypto asset by market cap.
• The Bonus: Plasma confirmed it allocated 25M tokens to be split evenly among all pre-depositors, equating to 9,304 XPL. That means whether someone deposited $1 or $10,000, they got the same $10k gift.
• The Investors: Backers include Tether CEO Paolo Ardoino and PayPal co-founder Peter Thiel, who are also advising the project.