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

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.

Sky (ex. MakerDAO)

LayerZero is an omnichain interoperability protocol that unites decentralized applications across disparate blockchains.

LayerZero Network

Obex

Andreessen Horowitz, often referred to as "a16z," is a prominent venture capital firm based in Menlo Park, California. It was founded in 2009 by Marc Andreessen and Ben Horowitz, both of whom are well-known figures in the tech industry. Andreessen Horowitz is one of the leading venture capital firms in Silicon Valley and has gained a reputation for its investments in technology companies, particularly in the areas of software, internet, and more recently, blockchain and cryptocurrency.

Andreessen Horowitz (a16z)

Coinbase Ventures is the venture capital arm of Coinbase, one of the largest and most well-known cryptocurrency exchanges in the world. Coinbase Ventures is focused on investing in early-stage companies and projects in the blockchain and cryptocurrency space. It provides funding, resources, and support to startups and entrepreneurs working on innovative blockchain and crypto-related technologies and applications.

Coinbase Ventures

M13 provides strategic counsel and operational expertise to help founders grow their companies.

Not Boring Capital

Lerer Hippeau

Room40 Ventures

Escape Velocity

Crucible Capital

Turtle Hill Capital

Daylight

Colombia

Lattice Capital helps portfolio grow by providing structure & experience to the small business development through incubation & investment.

Lattice Capital

Valor is an investment firm that focuses on cross-border financial and investment opportunities. The firm operates across two investment strategies Growth Equity and Venture Capital. It was founded in 2011 and headquartered in New York, United States.

Valor Capital Group

Norte Ventures

Paxos

Edward Wible

Crown

Paradigm is a cryptocurrency-focused investment firm and venture capital company. It was founded by Matt Huang and Fred Ehrsam, both of whom have significant experience in the cryptocurrency and blockchain industry. Paradigm is headquartered in San Francisco, California, and is considered a prominent player in the digital asset and blockchain investment space.

Paradigm

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

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

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

Big Brain Holdings

Arbitrum Foundation

Bullish is a digital asset exchange that provides deep liquidity.

Bullish

Flowdesk

Hermeneutic Investments

USD.AI

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)

Mechanism Capital is an investment firm that invests in the cryptocurrency industry with a focus on decentralized finance or DeFi.

Mechanism Capital

SV Angel is a San Francisco-based venture capital firm. SV Angel supports entrepreneurs in building sustainable companies by helping them through key inflection points and using our network to help them grow their businesses.

SV Angel

Jason Choi is Venture Investor at Contrary Capital.

Jason Choi

Our belief is that the best ideas happen offline. Far away from the everyday. Away from the complexity of modern society and it’s mores. We exist to help founders find the space to create. To think big, original, and different. Then, to ensure founders and their teams stay healthy on the journey to take that thinking and transform the world. Withthe hope that along the way, beautiful companies are born that are driven by both profit and purpose while taking great care of the world around them. In the end, we believe the foundational technology breakthroughs that most benefit humanity are forged at the intersection of science, engineering, design, and art.

Offline Ventures

Neo is a diverse mentorship community, startup accelerator, and VC fund.

Kevin Hartz

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

tangent

Vance Spencer

Mecka.AI

Perle (Prev. Kiva Ai)

CoinFund is a blockchain-focused investment firm and cryptocurrency research company that specializes in supporting and investing in early-stage blockchain and crypto projects. Founded by Jake Brukhman and Alex Felix in 2015, CoinFund has been active in the cryptocurrency and blockchain space for several years

CoinFund

Hong Kong

HashKey Capital is a blockchain and cryptocurrency-focused venture capital and investment firm based in Hong Kong. They specialize in funding and supporting early-stage blockchain and cryptocurrency projects, startups, and companies.

HashKey Capital

Singapore

NGC Ventures is one of the largest institutional investors of blockchain technologies, and has been a key contributor to a number of leading projects.

NGC Ventures

Protagonist is a crypto fund and incubation lab supporting foundational protocols in emerging blockchain ecosystems.

Protagonist

Jack Herrick

Foresight Ventures is an investment institution focusing on blockchain technology and crypto industry established in 2020, whose predecessor was an international private equity venture capital with more than ten years of investment experience.  We take solid research on market and technology as investment orientation when investing in both primary and secondary markets of equity and token, with nearly 80 million dollars asset under management.

Foresight Ventures

Actai Ventures

PEER is an early stage venture capital ﬁrm focused on opportunities in peer-to-peer assets, marketplaces and technology.

Peer Ventures

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

Blockchange Ventures is an investing firm that invest in early-stage blockchain companies, protocols, and applications.

Blockchange Ventures

W3.io

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

Hypersphere Ventures

Vietnam

Coin98 Ventures rebrands to Arche Fund, a new chapter to provide enhanced support to bold founders and ideas that will shape the future of the internet. Arche is much more than a mere name change; it encapsulates our mission, values, and the panorama of possibilities that await.

Arche Fund

China

SNZ Holding is a crypto fund founded by a group of engineers, blockchain evangelists and entrepreneurs passionate about disruptive blockchain technologies.

SNZ Holding

Cayman Islands

ArkStream Capital is a crypto fund dedicated to growing Web3.0 unicorns.

ArkStream Capital

North Island Ventures is a crypto-focused VC fund

North Island Ventures

Founded in 2018, Mindfulness Capital is an investment firm that specializes in private equity, and mergers & acquisitions. The firm has invested in blockchain, tech products (both hardware and software), finance sectors, etc.

Mindfulness Capital

Portal Ventures is a fundamentals driven early stage crypto investment firm.

Portal Ventures

Arbitrum Gaming Ventures

T-Rex

Electric Capital is a venture capital firm that focuses on investments in blockchain and cryptocurrency-related projects and companies. Founded by Avichal Garg and Curtis Spencer, Electric Capital is known for its active involvement in the cryptocurrency space and its support for innovative blockchain technologies.

Electric Capital

Unto

We believe in Bitcoin as a next generation politically neutral monetary system, the foundation for decentralized finance of the future. While Bitcoin is an efficient settlement layer, it needs a Layer-2 solution for everyday transactions. That is why we support development of the Lightning Network - an essential step towards decentralized finance.As technology entrepreneurs we combine decades of experience creating business from zero and scaling it in emerging and fast-growing industries.
We support outstanding teams in several ways: writing checks of $50-$200k for pre-seed startups; granting rewards for acknowledged contributions to the ecosystem; providing startup advisory and mentoring; investing in later stages.

Along the way we help startups to navigate cryptocurrency legal and regulatory environment according to the evolving industry standards and best practices.

Fulgur Ventures

Wences Casares

Meanwhile

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

Sam Altman is the co-founder and CEO of OpenAI. Sam was previously the Chairman of Y Combinator, a leading silicon valley startup accelerator.

Sam Altman

Lachy Groom

Gradient Ventures helps founders build transformational AI companies.

Gradient Ventures

Haun Ventures

Bain Capital Crypto backs renegades and pioneers building the next generation of open internet infrastructure

Bain Capital Crypto

Stillmark

Apollo Global Management

Northwestern Mutual Future Ventures

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

Larry Wu

South Africa

Andre Cronje

Knollwood Investment Advisory is a multi-billion dollar global investment firm located outside of Baltimore, Maryland

Knollwood Investment Advisory

Rubik Ventures

Karatage

Jason Yanowitz

Bartosz Lipiński

Arete Capital

Uranium Digital

Santiago Roel Santos is the Partner at ParaFi Capital

Santiago Roel Santos

Marc Weinstein

John Kikko

Alex Svanevik is a Co-Founder & CEO of Nansen.

Alex Svanevik

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

Animoca Brands is a global digital entertainment company that specializes in the development and publishing of mobile games, blockchain-based games, and non-fungible tokens (NFTs). They are known for creating and publishing a wide range of popular games, including licensed intellectual properties such as Formula 1, Doraemon, and MotoGP. Animoca Brands is also heavily involved in the blockchain gaming space, leveraging the benefits of blockchain technology and NFTs to create unique gaming experiences.

Animoca Brands

Citizen X is a thesis-driven venture fund investing in Web 3.0 and decentralized technologies.

CitizenX Crypto Ventures Fund, L.P.

Symbolic Capital is a crypto-native fund founded by web3 founders.

Symbolic Capital

No Limit Holdings

AlfaDAO

Auros is an algorithmic trading and market making firm that delivers best-in-class liquidity for exchanges and token projects.

Auros Global

Decima

Baboon VC

TempleDAO

Halo Capital

Infrared BGT

Tribe Capital is a venture capital firm with over $1.6 billion in assets under management that focuses on using product science and data to design N-of-1 companies and investments.

Tribe Capital

Signum Capital invests in distributed ledger technologies and crypto assets. Signum Capital support game-changing projects that advance us towards the future of blockchain-enabled socioeconomic transformation.

Signum Capital

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

Shima Capital

DCF GOD

Tenzor Capital

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

Mr. Block

Alex Shin

DoraHacks Ventures

dao5

Oak Grove Ventures is an early-stage investment firm with a primary focus on advanced technology sectors.

Oak Grove Ventures

Synergis has made 10 investments so far, the most recent investment project is Hibiki Run, and the investment announcement time is July 24, 2023

According to the CoinCarp fundraising database, Synergis has invested in 4 Web3 projects, 2 NFTs projects, 1 DeFi projects and 1 Others projects. Among all, 50% of Synergis's investments are Web3 projects.

Synergis

Ouroboros Capital

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.

			Stage	Investors
Obex	$37.00 M	~$370.00 M	Funding Round			Finance	Nov 18, 2025
Daylight	$75.00 M	~$750.00 M	Funding Round	+7	--	DePIN	Oct 16, 2025
Crown	$8.10 M	~$81.00 M	Seed Round	+3		Finance	Oct 14, 2025
USD.AI	$13.40 M	~$134.00 M	Series A	+5		DeFi	Aug 14, 2025
Mecka.AI	$8.00 M	~$80.00 M	Seed Round	+7		Infrastructure	Aug 12, 2025
Perle (Prev. Kiva Ai)	$9.00 M	~$90.00 M	Seed Round		--	Artificial Intelligence (AI)	Aug 7, 2025
W3.io	$7.00 M	~$70.00 M	Seed Round			Infrastructure	Jul 15, 2025
T-Rex	$17.00 M	~$170.00 M	Funding Round	+6		Modular Blockchain	May 9, 2025
Unto	$14.40 M	~$144.00 M	Funding Round			Blockchain	Apr 29, 2025
Meanwhile	$40.00 M	$190.00 M	Series A			Insurance	Apr 10, 2025
Uranium Digital	$6.10 M	~$61.00 M	Seed Round	+8		DeFi	Mar 20, 2025
IBGT Infrared BGT	$14.00 M	~$140.00 M	Series A	+11		DeFi	Mar 4, 2025
XPL Plasma	$20.50 M	~$205.00 M	Funding Round	+10		Blockchain	Feb 13, 2025
HENLO Henlo	$3.00 M	~$30.00 M	Seed Round	+12		Meme	Feb 5, 2025
Reservoir	$14.00 M	~$140.00 M	Series A	+10		Infrastructure	Feb 5, 2025
GG GOAT Gaming	$4.00 M	~$40.00 M	Strategic Round	+27		Gaming	Feb 3, 2025
Hyve DA	$2.75 M	~$27.50 M	Pre-seed	+1	--	Blockchain Service	Jan 16, 2025
Starpower	$2.50 M	~$25.00 M	Funding Round			Blockchain Service	Jan 9, 2025
AVL Avalon	$10.00 M	~$100.00 M	Series A	+9		DeFi	Dec 23, 2024
Uranium Digital	$1.70 M	~$17.00 M	Pre-seed	+5		DeFi	Dec 12, 2024

Framework Ventures

About Framework Ventures

Investments Allocation

Fundraising Rounds