- The native token of the Plasma network, XPL, surged by 23% to a $1.07 high intraday, fueled by major ecosystem milestones.
- XPL gained significant momentum when BNB Chain announced its partnership with Chainlink, Plasma’s oracle provider.
Plasma (XPL) Performance
Plasma (XPL) rallied over 23% from a $0.868 low to a $1.07 high in the last 24 hours heading to Tuesday noon (UTC). Along the way, its trading volume spiked by more than 93% as it moved $5.36 billion in assets within the same timeframe. Meanwhile, the market cap of its 1.8 billion circulating supply moved between $1.56 billion and $1.93 billion. Currently, there are around 16,780 holders of XPL.
At the same time, XPL’s total value locked (TVL) in decentralized finance (DeFi) sat at $5.12 billion based on DeFiLlama feeds. This reflects the level of investor interest, liquidity, engagement, and value used in DeFi.
What Led Plasma’s Surge
Plasma is a Layer-1 (L1) blockchain with a use case centered on providing infrastructure for global stablecoin payments. It also offers zero-fee USDT transfers and custom gas tokens to give users permissionless access to financial services.
Analysts attributed the XPL token’s latest surge to its series of exchange listings. These unlocked more liquidity and reach for the asset while the promotional campaigns helped drive initial momentum. Its recent listings include Binance, Bybit, OKX, Upbit, Bithumb, and MEXC Launchpad.
The token’s listing on Bybit was a momentous occasion, as it enables XPL spot trading and zero-fee USDT deposits and withdrawals via the Plasma network.
Strategic Partnership with Chainlink
One of the big partnerships Plasma recently entered into was with Chainlink SCALE (Sustainable Chainlink Access for Layer 1 and 2 Enablement). Additionally, the network integrated Chainlink as its official oracle provider for real-time payments, stablecoin liquidity, and cross-chain connectivity with over 60 networks.
Hence, XPL also got a substantial boost in demand when BNB Chain, one of the world’s largest blockchains, adopted Chainlink data to bridge the US Department of Commerce’s data on-chain. This will synchronize BNB to the price feeds of Chainlink based on crucial information from the US government, like the PCE (Personal Consumption Expenditures) Price Index, Real Final Sales to Private Domestic Purchasers, and Gross Domestic Product (GDP).
The feature will allow developers to leverage real-time economic data for decentralized applications (dApps), such as those centering on prediction markets, perpetual futures benchmarked to official government data, and DeFi protocol risk management aligned with real-world economic conditions.
