XPL (Plasma) fell 3.56% in the last 24 hours.

Gate News Bot news, October 09, according to CoinMarketCap data, as of the time of writing, XPL (Plasma) is currently priced at $0.87, with a 3.56% fall in the last 24 hours, reaching a high of $1.07 and a low of $0.83. The current market capitalization is approximately $157 million.

Plasma is a high-performance Layer 1 blockchain designed specifically for stablecoins. It can provide near-instant, fee-less payments with institutional-level security. Plasma supports a processing capacity of over 1000 transactions per second and a block time of less than 1 second. Currently, Plasma supports over 15 stablecoins and ranks as the 6th network by USDT balance, having established partnerships with over 50 institutions.

Important recent news about XPL:

1️⃣ Large capital injection and long positions A large investor recently deposited 8.358 million USDC into the HyperLiquid platform and then established a 1x leveraged long position in XPL. This move indicates that some large funds are optimistic about the future trend of XPL, which may provide short-term support for XPL.

2️⃣ Chainlink Integration Enhances Ecosystem Functionality Plasma has joined the Chainlink Scale program and will use Chainlink as its official oracle provider. This integration covers Chainlink's Cross-Chain Interoperability Protocol (CCIP), data streams, and data source services, which is expected to enhance the functionality and interoperability of the Plasma network, providing developers with more stablecoin application scenarios.

3️⃣ Rapid Growth of Ecosystem Pendle's total locked value (TVL) on the Plasma network exceeded $100 million in half a day, showcasing the rapid growth potential of the Plasma ecosystem. At the same time, Pendle's Boros platform has added USDT as a position feature, which can be used for trading funding rates on Hyperliquid, providing users with more trading and arbitrage opportunities.

From a technical perspective, the XPL price has recently experienced a pullback, which may be related to early investors taking profits. However, Plasma founder Paul Faecks clarified that both team members and investors have a 3-year lock-up period for their XPL, so there will be no selling pressure on the market in the short term. Currently, the XPL price is hovering below 1 dollar, and the market may be looking for new support levels.

This message is not intended as investment advice, and investors should be aware of market volatility risks.