What is Plasma (XPL)?

Mainnet Launch Details

Trading Debut — Market Reactions and Volumes

Plasma token market cap (pre-market) graph

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Tokenomics and Supply Metrics

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Ecosystem Positioning

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Risks and Challenges

Outlook

Plasma (Pre-Market)

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Plasma (XPL) went live on Sept 25, 2025, with $2B in liquidity, zero-fee USDT transfers, and a 14.6x ICO-to-market surge. Backed by Tether and Founders Fund, the chain targets stablecoin payments at scale.

Cobie

Framework Ventures

Bitfinex

Plasma $XPL Mainnet Launch

United States of America

Cobie, a well-known pseudonymous figure, has made a significant impact both on crypto Twitter and within the broader cryptocurrency industry. Beyond his online presence, he's also recognized as the founder of Echo.

Framework Ventures is a cutting-edge venture capital firm deeply immersed in the world of decentralized finance (DeFi) and blockchain technology. Founded by Michael Anderson and Vance Spencer, Framework Ventures stands out as a key player in the rapidly evolving landscape of digital assets and blockchain-based financial innovations.

Investing in the crypto-powered Web3 and creator economy ecosystems

6MV (6th Man Ventures)

Italy

Paolo Ardoino is the CEO of Tether & CTO of Bitfinex

Paolo Ardoino

Virgin Islands (British)

Bybit is a global cryptocurrency derivatives exchange designed for all retail traders, professionals and investment institutions alike.

Bybit

Taiwan

Bitfinex is the world's leading digital asset trading platform.

Zaheer

DRW Venture Capital, an arm of principal trading firm DRW, invests primarily in financial and enterprise technology. Many of our portfolio companies benefit from our engagement beyond capital: as a client, as a liquidity provider, through our review of new products, and through our deep industry expertise.

As a firm with no outside investors, wehave a flexible mandate to deploy capital and often tap into our core business to help companies grow. We’re powered by the people, technology and ideas of DRW, and those we invest in may leverage it all. DRW has diversified business expertise and deep networks in trading and technology, real estate investment, cryptocurrencies and product development — a unique advantage.

DRW Venture Capital

Flow Traders

IMC Financial Markets

Laser Digital is a crypto business redefining the frontier of digital finance for institutional investors.

Laser Digital

Guy Young

Peter Thiel

Plasma

Founders Fund is a venture capital firm based in San Francisco, specializing in investments in science and technology companies.

Founders Fund

Manifold Trading is a early-stage web3 fund that takes a data-driven, systematic approach to making high-conviction investments.

Manifold Trading

Anthos Capital

Karatage

Christian Angermayer

CMS Holdings may also invest in early-stage blockchain and cryptocurrency projects through private investments and strategic partnerships. They provide capital and support to innovative startups in the crypto space.

CMS Holdings

Australia

Kain Warwick

Larry Cermak is a Director of Research at The Block.

Larry Cermak

Fogo

Selini is a global trading firm focused on systematic trading, liquidity provision, efficient execution, and venture investing—all within the digital assets space.

Selini Capital

Distributed Global is an investment firm focused on the blockchain and digital asset ecosystem.

Distributed Global

GSR, founded in 2013, is a global leader in digital asset trading and market making.
GSR is a crypto market maker and ecosystem partner

GSR Markets (GSR)

Protocol Specialist at Bison Trails (acquired by Coinbase). Tweetsman. Actually helpful angel, specializing in protocols: layer 1, 2, interop, bridges, and defi

Viktor Bunin

Hart Lambur

Will Price

Zaki Manian

Konstantin Lomashuk

Sina Habibian

Igor Igamberdiev

Vasiliy Shapovalov

banteg

Charlie

Philipp Zentner

Vaibhav Chellani

Pedro Gomes

Matthew Tan

Lisa Cuesta Bunin

Nick Pai

Harith Kamarul

Kevin Pang

OneBalance

Blockchain Capital is a venture capital firm specializing in investments in blockchain technology and cryptocurrencies. It was founded in 2013 by Bart Stephens and Brad Stephens, and it's headquartered in San Francisco, California. Blockchain Capital is one of the earliest and most well-known venture capital firms dedicated exclusively to the blockchain and cryptocurrency space.

Blockchain Capital

Hong Kong

Mirana Ventures is a leading global investment fund that provides long-term capital and strategic partnerships to visionary founders and fund managers in the Web3 space.

Mirana Ventures

Cayman Islands

cyber•Fund is committed to partnering with founders at every stage, from inception to growth and beyond. cyber•Fund’s mission is to accelerate the transition to an open cyber economy by supporting entrepreneurs innovating at the intersection of blockchain, artificial intelligence, robotics, and related technologies.

cyber Fund

L2 Iterative Ventures (L2IV)

Canada

Vitalik Buterin, a Russian-born Canadian programmer and writer, is best known for co-founding Ethereum, one of the most influential blockchain platforms.

Vitalik Buterin

Dragonfly Capital Partners, commonly referred to as Dragonfly Capital, is a venture capital firm that focuses on investments in the blockchain and cryptocurrency space. Dragonfly Capital is known for its active involvement in the blockchain and crypto industry and its commitment to supporting innovative projects and companies.

Dragonfly Capital

Robot Ventures primarily invests in projects and companies related to decentralized finance (DeFi), blockchain technology, cryptocurrencies, and the broader Web 3.0 ecosystem. They seek to identify promising early-stage projects that are building innovative solutions in these areas.

Robot Ventures

Santiago Roel Santos is the Partner at ParaFi Capital

Santiago Roel Santos

Big Brain Holdings Invests in Seed, Pre-Seed and Early Stage Startups

Big Brain Holdings

Figment Capital launched its first fund in 2021 to invest in high-conviction, early-stage blockchain infrastructure projects. As an early-stage investor, they work closely with founders as they scale from idea to adoption and beyond.

Figment Capital

Sreeram Kannan

Mert Mumtaz

Hasu

Kartik Talwar

Joseph Lubin

MegaETH (Pre-Market)

Shima Capital is an early stage VC firm investing in disruptive web3 and blockchain technology companies.

Shima Capital

Scott Lewis Co-Founder of Concourse Open Community.

Scott Lewis

Austin Green

Ari Litan

Fortunafi

Polychain Capital is a cryptocurrency-focused investment management firm and hedge fund. It was founded in 2016 by Olaf Carlson-Wee, who was the first employee at Coinbase and is known for being one of the earliest advocates of cryptocurrencies and blockchain technology. Polychain Capital is headquartered in San Francisco, California, and is considered one of the prominent players in the cryptocurrency investment space.

Polychain Capital

Arrington Capital is a thesis-focused digital asset and Web3 investing firm. Since 2017, Arrington Capital has invested in over 200 early-stage companies in the crypto ecosystem. Arrington Capital's crypto-native team of seasoned entrepreneurs, founders, and executives is committed to doubling down on efforts to ensure our partners' success.

Arrington Capital

Hypersphere is a crypto-native investment platform designed to partner with early-stage and public blockchain networks.

Hypersphere Ventures

Bryan Pellegrino is the co-founder and CEO of LayerZero Labs, a blockchain company developing LayerZero, an interoperability protocol that enables seamless communication between different blockchains. This protocol is especially significant in the DeFi space, as it allows data and tokens to move across networks like Ethereum, Binance Smart Chain, and Solana.

Bryan Pellegrino

Managed by the family office of Arthur Hayes (co-founder, BitMEX), Maelstrom is building a long-term portfolio of infrastructure companies that will serve as the foundation of the next wave of trustless decentralization.

Maelstrom

rushi

Primitive Ventures is an international venture investment firm that invests on blockchain and cryptocurrency technologies.

Primitive Ventures

Republic is an investment platform providing access to startups, real estate, crypto, and video game investments.

Republic

Meltem Demirors

India

Aniket Jindal

dao5

Georgios Vlachos

Build A Bera Workshop

Shogun

Malta

YZi Labs is an investment firm formerly known as Binance Labs that invests in all stages of development in the fields of Web3, artificial intelligence (AI), and biotechnology.

YZi Labs (prev Binance Labs)

Delphi Digital is a dynamic research-driven firm at the intersection of blockchain technology and traditional finance. Founded by a team of seasoned professionals, the firm is committed to providing cutting-edge insights and strategic analysis in the rapidly evolving digital asset space.

Delphi Digital (Delphi Labs)

Lightspeed Venture Partners is a prominent venture capital firm recognized for its strategic investments in innovative and high-growth technology companies. Founded in 2000 by Chris Schaepe, Barry Eggers, Ravi Mhatre, and Peter Nieh, Lightspeed has played a pivotal role in shaping the success stories of numerous startups across various sectors.

Lightspeed Venture Partners

United Kingdom

Brevan Howard Asset Management LLP is an investment manager authorised and regulated by the Financial Services Authority in the United

Brevan Howard

South Korea

Empowering mass adoption of the decentralized future 
through network building of the protocol economy.

Hashed

Galaxy is a digital asset and blockchain leader helping institutions, startups, and qualified individuals shape a changing economy.

Galaxy

OKX Ventures is a fund focused on exploring high-quality and promising projects, with an initial capital of $100 million.

OKX Ventures

Finland

Founder and CEO of Aave and ETHLend. He is an experienced businessman with extensive knowledge of blockchain, cryptocurrencies and financial technology.

Stani Kulechov

Wintermute is a truly value adding investor dedicated to supporting the innovation in the blockchain ecosystem.

Wintermute

Amber Group is a one-stop crypto finance service provider that provides liquidity provision, trading and asset management services 24/7.

Amber Group

Nascent is a team of builders who back early-stage crypto founders creating products and primitives for an open financial world.

Nascent

DCF GOD

Franklin Templeton

Kraken Ventures invests in businesses and projects at the nexus of both the FinTech and Blockchain / Crypto revolution.

Kraken

Sam Kazemian is an Iranian-American​ software engineer​ and Founder of Frax Finance

Sam Kazemian

Andrew Kang is a cryptocurrency entrepreneur and investor. He is the Co-Founder of Mechanism Capital which invests in cryptocurrency through prop trading, mining, ventures, and secondary markets. Kang previously worked in portfolio management and venture capital at Digital Capital Management.

Andrew Kang

Anthony Sassano

Mr.Block is a blockchain community that creates a connection between international projects and another country.

Mr. Block

Gemini Funds provides a range of pooled investment solutions in the United States.

Gemini Funds

Castle Island Ventures is a venture capital firm

Castle Island Ventures

Netherlands

Deribit is live since June 2016 after several years of development. John Jansen, the original founder, teamed up with Marius Jansen, Sebastian Smyczýnski and Andrew Yanovsky. Deribit started as a Bitcoin Futures and Options platform. Soon was realized more services could be offered due to the choices made regarding technology and infrastructurethat powers the platform. These choices have resulted in a high availability, high throughput and low latency trading environment. Deribit is is expanding every day as we speak and new cryptocurrency trading products are under development. We have a team of 8 people working on the platform and we run our daily office from Amsterdam (The Netherlands).

Deribit

Nic Carter

Ethena

Pantera Capital is a blockchain and cryptocurrency-focused investment firm and hedge fund. It was founded in 2013 by Dan Morehead, who is a former Wall Street executive and chief financial officer (CFO) at Tiger Management. Pantera Capital is known for being one of the earliest institutional investors in the cryptocurrency space and has been actively involved in supporting the growth and development of blockchain technology and digital assets.

Pantera Capital

BlockTower is an institutional investment firm, applying professional trading, venture investing, credit underwriting, and portfolio management to digital and traditional assets.

Strobe (Prev. BlockTower Capital)

The CMT Group has acted as a valued collaborator to numerous exchanges, clearing firms, and trading and investment teams, generating edge by pairing market insight with early adoption and innovation of nascent technologies.

CMT Digital

HTX Venture, the global investment arm of HTX, integrates investment, incubation, and research to identify the best and brightest teams in the world.

			Stage	Investors
XPL Plasma	$20.50 M	~$205.00 M	Funding Round	+10	Blockchain	Feb 13, 2025
FOGO Fogo	$8.00 M	~$80.00 M	Funding Round	+1	Blockchain	Jan 24, 2025
OneBalance	$5.00 M	~$50.00 M	Angel	+16	Infrastructure	Aug 26, 2024
MEGA MegaETH (Pre-Market)	$20.00 M	~$200.00 M	Seed Round	+10	Layer-2	Jun 27, 2024
Fortunafi	$9.56 M	$48.00 M	Strategic Round	+3	DeFi	May 29, 2024
Shogun	$6.90 M	$69.00 M	Seed Round	+12	DeFi	May 15, 2024
ENA Ethena	$14.00 M	$300.00 M	Seed Extension Round	+24	DeFi	Feb 16, 2024
ENA Ethena	$6.50 M	~$65.00 M	Seed Round	+18	DeFi	Jul 19, 2023
MON Monad	$19.00 M	~$190.00 M	Seed Round	+5	Blockchain	Feb 2023
COW CoW Protocol	$23.00 M	$230.00 M	Private Round	+18	DEX	Mar 29, 2022
GEAR Gearbox Protocol	$2.30 M	$25.00 M	SAFT	+18	Lending Platform	May 1, 2021

Cobie

About Cobie

Investments Allocation

Fundraising Rounds