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

Inside the ICO Details and What’s Next for the Project

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XPL Public Sale

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Confidence in the Project and Its Backers

Plasma raises $24M in Seed and Series A rounds with support from top investors

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Decreased Potential Returns

What Is Plasma?

Ethereum

Bitcoin

Tether

Glowing "$1B" hologram above a circular platform with a suited figure in a dark, futuristic crypto-themed illustration

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Plasma, the first project launched on Cobie’s Sonar platform, stunned the crypto world by raising $1B in days. With high-speed deposits, major backers, and a stablecoin-first blockchain design, Plasma is shaping up to be a serious player in DeFi.

DRW Venture Capital

Bybit

Mirana Ventures

Nomura

Founders Fund

Peter Thiel

Paolo Ardoino

Plasma Raises $1B on Sonar Platform

ICO Plasma by Tether

How does the sale work?

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How much can you return from a $1,000 investment?

Why this ICO could be an opportunity for investors

Who invested earlier?

Community support isn’t just talk

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Plasma’s $250M XPL Token Sale

Minimalist digital illustration of a futuristic balance scale in teal light, set against a dark, clean background.

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Downsides of the Decision

Potential Upsides

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Conclusion

USDS

Tether coin glowing above a launchpad with radial lines and a silhouetted figure on a dark teal background.

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Plasma is launching a major public token sale for XPL via Sonar, Echo’s new platform. With backing from Tether and Cobie, and a fair, transparent structure, it’s a rare shot at early access without insider ties.

echo

Coinbase Ventures

XPL Token Sale Launches June 9 on Sonar

Zaheer

United States of America

Investing in the crypto-powered Web3 and creator economy ecosystems

6MV (6th Man Ventures)

Virgin Islands (British)

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

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.

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.

Flow Traders

IMC Financial Markets

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

Laser Digital

Guy Young

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.

Taiwan

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

Italy

Paolo Ardoino is the CEO of Tether & CTO of Bitfinex

Plasma

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

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

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.

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)

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

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

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

Big Brain Holdings

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

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

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

rushi

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

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

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

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)

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

Nascent

DCF GOD

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)

Franklin Templeton

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

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)

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.

Cobie

About Cobie

Latest Cobie Research

Plasma $XPL Mainnet Launch

Plasma Raises $1B on Sonar Platform

XPL Token Sale Launches June 9 on Sonar