Plasma (XPL)
Plasma ranks #45 of 484 cryptocurrencies. On a list that also counts tokens, memecoins, wrapped coins, staked derivatives and stablecoins it appears at #144: 99 of the 143 assets ahead of it are not native coins but tokens or claims. A token is issued on a host blockchain rather than running its own; a claim stands for an asset already counted. Of the 139 non-native assets CoinSpectrum lists above it by market cap, about 55% are claims on other assets, 38% are tokens, 6% are memecoins and 1% are NFT collections.
| CoinSpectrum Grade | A · 63/100 · provisional, B to A |
|---|---|
| Rank among cryptocurrencies | #45 |
| Rank counting claims | #144 |
| Market capitalisation | $247M |
| Price | $0.0520 |
| Circulating supply | 4,761,111,111 XPL |
| Maximum supply | no fixed cap |
| Consensus family | Proof of Stake |
| Consensus mechanism | PlasmaBFT (Fast HotStuff) |
| Ledger type | Multi-asset ledger |
| Launch distribution | Presale |
Market figures from the 10 November 2026 build. Open the live view for every exchange's price, and charts.
CoinSpectrum Grade (Source)
A — 63 out of 100, provisional (from 10 of 10 sections, 10 November 2026 build). With what is not yet measured anywhere from nothing to full marks, the score would be 55 to 71 (B to A).
| Section and criteria | Score | Basis |
|---|---|---|
| Consensus | 9.1 | average of 2 criteria |
| By leader (its largest chain's market cap) (Source) | 9.1 | Proof of stake: 9.1 of 10 on the ladder of consensus families ranked by their largest chain's market cap |
| By family (all its chains' market cap) (Source) | 9.1 | Proof of stake: 9.1 of 10 on the ladder of families ranked by the combined market cap of their chains |
| Supply | 6.8 | the supply scale times 0.9, and a point for a fixed cap that holds |
| Supply (21 million scores 10) | 7.6 | no fixed maximum; 4.76 billion in circulation |
| Distribution | 5.5 | average of 3 parts |
| Holder concentration (Source) | – | Not yet measured |
| Active addresses | – | Not yet measured |
| Premine (allocated at launch) | 0 | 100% of today's supply allocated at launch to founders, a company, a foundation or investors. 10B XPL allocated at mainnet beta on 25 September 2025 (40% ecosystem, 25% team, 25% investors, 10% public sale). Validator inflation has not activated, and total supply is still 10.0B XPL (CoinGecko, 2026-10-23). source |
| Fundraising (share sold) (Source) | 6.5 | Sold by its issuer or insiders: 35% of supply sold. Investors (seed, $24M Series A led by Framework, Founders Fund strategic) hold 25% = 2.5B XPL and the July 2025 public sale sold 10% = 1.0B XPL at ~$0.05 ($50M cap). 3.5B / 10.0B XPL total (CoinGecko, 2026-10-24) = 35.0%. Seed round, then a $20M Series A led by Framework Ventures (Bitfinex, Peter Thiel, Paolo Ardoino; $24M in total, February 2025), plus a strategic investment from Founders Fund (May 2025). The public sale in July 2025 offered 10% (1B XPL) at about $0.05 ($500M FDV, $50M target) and drew about $373M in commitments. source |
| Developer share (after launch) | 10 | No developer share: every new coin goes to the miners or validators who produce blocks. No cut and no issuance yet: validator inflation (planned 5% to validators and delegators) has not activated, so total supply is still the 10B genesis allocation. source |
| Decentralisation | 2.5 | average of 2 parts |
| Governance (Source) | – | Not yet researched |
| No central team (Source) | 0 | A central team directs it: Plasma (the company behind the stablecoin chain) builds the only client: PlasmaBFT consensus with a Reth-based execution layer; no public consensus-client release located. source |
| Who can mint (Source) | 5 | Gated by stake rank: only a capped set of the largest stakes produces blocks |
| Nodes (Source) | – | Not yet counted |
| Security | 7.8 | 3.1 of 4 points, 4 not yet measured source |
| Pool diversity (Largest pool 50% 0 to 20% 10, largest three 90% 0 to 50% 10; 2 points) | – | |
| Network activity (Transactions a day, 250 0, 500,000 or more 10; 2 points) | 10 | about 864,000 transactions a day |
| Hashrate (Own work 5, its power 1 kW 0 to 10 GW 5; 1 point) | 1 | not mined: another consensus, 1 |
| Clients (Separate code and teams 10, separate code or teams 9, a fork by the same team or a stale second 8; one client: a new version within 12 months 7, 24 months 6, none in 24 months 5, none in 48 months 3; a second in development +0.5, a second seen running +1, 8 at most with one client; chain ended 0; 1 point) | – | |
| Open source (Node software) | – | |
| No 51% attack (Nor a deep reorganisation, five years) | ✓ | |
| Scalability | 6.9 | average of 5 parts source |
| Fees ($0.001 or less 10, $1 or more 0) | 10 | typical fee $1e-7 |
| Throughput (2,478 a second, the busiest network's peak day, 10; 121, the median of the ten busiest, 5) | 9.4 | about 1,710 simple transactions a second |
| Block time (10 minutes 10, less either side) | 0 | a block every 1 second |
| Block space per 10 minutes (24 MB or more 10: the ten busiest networks' median demand, 16.4 MB, and half again for growth) | 10 | 0.9 MB limit (converted from its gas, compute, mass or count limit), 540 MB per 10 minutes |
| Features (3 checks) | 5 | 1 of 2 passed, 1 not yet researched |
| Fast payments (Safe to accept within seconds · Whitepaper abstract, §1, §2 and §11) | ✓ | PlasmaBFT (Fast HotStuff) finalises ~1 s blocks deterministically. |
| Pruned nodes (Old history dropped, every rule checked · Whitepaper §7) | – | Node pruning behaviour not documented. |
| Light clients (Payments verified from headers · Whitepaper §8) | ✗ | No light-client protocol documented; wallets trust RPC servers. |
| Privacy | 3.5 | 3.5 of 10: whitepaper privacy 3.5 of 7, extra features 0 of 3, 1 not yet researched source |
| Protocol level privacy (Keys not tied to an identity · Whitepaper §10) | 10 | Any secp256k1 key can hold and send XPL; the chain's account and transfer rules carry no identity check. |
| UTXO ledger (Separate outputs, change to a new address · Whitepaper §2, §9) | 0 | An account ledger: one running balance for each address, so the remainder stays at the sending address and its payments share one public history. |
| HD addresses (A new address for each payment, unlinked · Whitepaper §10) | – | |
| Hidden amounts (Amounts confidential) | 0 | Confidential payments are not live on mainnet. |
| Hidden parties (Sender and receiver hidden) | 0 | No sender or receiver hiding. |
| Network privacy (Origin hidden by default) | 0 | No transaction-origin hiding documented. |
| Programmability | 8.9 | 8 of 9 points source |
| Token issuance (At protocol level) | 2 | ERC-20 contracts on its Reth-based EVM, open to any account since mainnet beta in September 2025. |
| Smart contracts (General-purpose) | 2 | An EVM-compatible layer 1 open to any account since mainnet beta in September 2025. |
| Multisig and time locks (Without a third party) | ✓ | Multisig and timelock contracts on the EVM. |
| Atomic swaps (With other chains) | ✓ | EVM HTLC contracts (hash lock plus timelock refund). |
| Native DEX (Trades the coin itself, not a claim) | ✓ | Traded as itself, not as a wrapped token or a claim: its own chain's DEXes (Plasma, DefiLlama). |
| Cross-chain messaging (Verified by the chain itself) | ✗ | No validator-verified messaging documented in the protocol; bridging runs through separate services. |
| NFTs (Carried by the chain's rules) | ✓ | ERC-721 contracts on the EVM. |
| Demand | 6.7 | average of 7 measures |
| Exchanges (10 or more: 10) | 10 | 39 exchanges |
| Daily volume ($10K 0, $1B or more 10) | 6.6 | $16,317,144 traded in 24 hours; #76 by volume on the exchanges the site reads (scored on the median day of the last 30, $19,662,357) |
| Turnover (volume ÷ market cap, 5% a day: 10) | 9.9 | 5.2% of its market cap a day, median of the last 30 days |
| Order-book depth (±2% of the price ÷ market cap, 1%: 10) | 10 | $3,290,589 within 2% of the price on 9 exchanges, 1.3% of its market cap, median of the last 15 days |
| Market cap ($1M 0, $10B or more 10) | 6 | $247M, 6 on a scale of 2.5 points per tenfold |
| Paper trading (futures, options and margin ÷ market cap, 0%: 10, 100%: 0) | 3.3 | futures, options and margin positions 45% of its market cap |
| Wallet support (wallets that hold it, 10 or more: 10) | 1 | its own node and wallet, counted as 1: no wallet in the site's directory lists it yet |
| Record | 5.7 | average of 3 criteria |
| Age (years since genesis) (Source) | 1 | 1 full year since 2025-09-25, the first day with a recorded price (genesis not yet researched, so the age can only be understated). |
| Development (work, fixes, vulnerabilities) | 6 | 1 positive, 0 negative, 4 not yet researched source |
| Positive | ||
| Steady work, 6 of 6 | ✓ | No public reference-client release page located; mainnet beta live since 2025-09-25 with a Reth-based execution client. Not verified against releases. |
| Not yet researched | ||
| Shipped a security fix in two years | – | |
| Shipped a scaling upgrade in two years | – | |
| Shipped a new capability for users in two years | – | |
| Unfixed vulnerabilities and exploits | – | |
| Conduct (origin, claims, halts) | 10 | 3 positive, 0 negative source |
| Positive record | ||
| Launched with a stated purpose, not as a joke | ✓ | |
| No claims by its founders that contradict its own design | ✓ | |
| No halt, freeze or reversal in five years | ✓ | |
Ten sections, weighted equally, each 0 to 10: consensus (the two ladders), supply (the supply scale and a fixed cap that holds), distribution (premine, fundraising, developer share, holders), decentralisation (governance, no central team, who can mint, nodes), security, scalability, privacy, programmability (what the scripting layer can do beyond the whitepaper's payment system), demand, and record (age, development, conduct). They are built from the criteria in the second table: privacy, scalability, security and decentralisation are the Cryptocurrency Standards among them, as follows: privacy (the whitepaper's three checks a base of 7 of 10, three extra features up to 3 more), scalability (four measures and three features), security (pool diversity, network activity, hashrate, clients and two checks) and decentralisation (governance, no central team, who can mint, nodes, holders, premine, fundraising and developer share); programmability (token issuance, smart contracts and five checks) follows them, and supply and demand are two: the supply, scored against 21 million, and demand, the average of seven measures of the market and the wallets. Provisional: parts marked — are not yet measured and are left out of the average. A rating of structure and market depth, not a price forecast or investment advice. How the grade is built · Highest-graded cryptocurrencies.
Proof of Stake coins
Ethereum ETHA+
BNB BNBA
Solana SOLA+
Sei SEIA
Tezos XTZA+
Terra Luna Classic LUNCA
Kaia KAIAAAll Proof of Stake chains →Proof of Work coins
Bitcoin BTCA+
Zcash ZECA+
Dogecoin DOGEA+
Monero XMRA+
Bitcoin Cash BCHA++
Litecoin LTCA+
Ethereum Classic ETCAAll Proof of Work chains →Supply
4,761,111,111 XPL are in circulation, against no fixed cap — issuance has no defined end.
Launch and allocation
| Premine (allocated at launch) | 100% of today's supply |
|---|---|
| Sold by the issuer or insiders | 35% of today's supply |
| Developer share received since launch | 0% of today's supply |
| Developer share of new coins today | 0% |
| Fundraising | Private or venture funding |
10B XPL allocated at mainnet beta on 25 September 2025 (40% ecosystem, 25% team, 25% investors, 10% public sale). Validator inflation has not activated, and total supply is still 10.0B XPL (CoinGecko, 2026-10-23).
Seed round, then a $20M Series A led by Framework Ventures (Bitfinex, Peter Thiel, Paolo Ardoino; $24M in total, February 2025), plus a strategic investment from Founders Fund (May 2025). The public sale in July 2025 offered 10% (1B XPL) at about $0.05 ($500M FDV, $50M target) and drew about $373M in commitments.
Investors (seed, $24M Series A led by Framework, Founders Fund strategic) hold 25% = 2.5B XPL and the July 2025 public sale sold 10% = 1.0B XPL at ~$0.05 ($50M cap). 3.5B / 10.0B XPL total (CoinGecko, 2026-10-24) = 35.0%.
No cut and no issuance yet: validator inflation (planned 5% to validators and delegators) has not activated, so total supply is still the 10B genesis allocation.
Sources: governance.aave.com · unchainedcrypto.com · thedefiant.io · coingecko.com · docs.plasma.to · plasma.org. Researched 2026-10-24, medium confidence.
What a regulator has said
No SEC/CFTC determination — unclassified.
The regulator's position, reported as stated, not CoinSpectrum's. Assets nobody has ruled on are left unclassified rather than sorted by a guess.
How CoinSpectrum ranks Plasma
Plasma is #45 among cryptocurrencies and #144 in the market ranking, which lists wrapped coins, staked derivatives, stablecoins and tokens alongside them. CoinSpectrum counts an asset once, and counts only cryptocurrencies: assets with their own blockchain and their own consensus. A wrapped coin, a staked derivative or a stablecoin is a claim on something already counted; a token, memecoin or otherwise, runs on another chain's blocks. All of them are listed, each in its own section, and none is added to the total. The 99 places between Plasma's two ranks are held by claims and tokens, not by other networks. The methodology sets out the rule and the counting rule argues for it.
The price above is the median of the exchanges the site reads live, checked every minute and cross-checked against a market snapshot (how market data is gathered). The grade is scored on published criteria, each with its source (the method). The site is independent, nothing on it is a paid placement, and its statements are signed (about CoinSpectrum, the manifesto).
See the 2 wrapped and staked claims on Plasma →