Plasma’s XPL token will be the network’s native currency, powering transactions and governance.
Plasma’s rapid rise follows a record-setting initial coin offering (ICO) that concluded on June 9.
The sale generated $500 million in stablecoin deposits within minutes of going live on Sonar, a public token sale platform created by crypto startup Echo.
Market observers say the strong demand highlights rising interest in stablecoins and the infrastructure supporting them.
He also claimed that certain wallets interacted with the token contract before it became public, suggesting possible insider involvement.
