Plasma's XPL Token Hits $4.5 Billion Valuation

Plasma's XPL token, which has not yet launched, is actively trading on various pre-listing markets. Binance has opened its pre-market platform for orders, while Hyperliquid offers an XPL-USD 'hyperps' contract, allowing traders to take leveraged positions of up to 3x ahead of the token's official debut on centralized exchanges. Hyperliquid's hyperps product doesn't depend on external spot or index oracles; instead, it bases funding on the contract's own moving average price. This method aims to minimize manipulation risks that are common in pre-launch futures trading. The XPL token sale in July 2025 raised $373 million in just 10 days, achieving a fully diluted valuation of $500 million. This initial sale represented 10% of the total 1 billion XPL supply, pricing tokens at approximately $0.05 each. Currently, it is trading at $0.45 on Hyperliquid and Binance, positioning its fully diluted valuation at $4.5 billion. Speculation on the token's pricing is rampant, with DeFi analyst Ignas noting on X that XPL is trading nearly 10 times its initial public sale evaluation on Hyperliquid. Long positions are reportedly yielding funding at around 1,200% APY, with market valuations nearing $5 billion. Hyperliquid reported a trading volume of $49 million and an open interest of $33 million shortly after the contract launched, although these figures may fluctuate rapidly in volatile pre-listing environments. This pre-market activity coincided with Binance's recent promotions for the project. Earlier this week, Binance announced that the initial 250 million USDT quota for its 'Plasma USDT Locked Product,' which offers daily USDT yield and future XPL rewards, filled quickly, prompting the exchange to increase the total limit to 1 billion USDT. A Binance representative stated, 'Due to overwhelming response, we increased the Total Subscription Limit to 1,000,000,000 USDT and opened subscriptions in batches.' A second batch of 250 million USDT was fully subscribed in just three minutes. Plasma is a Layer 1 blockchain, backed by Bitfinex, focusing on stablecoins. The project raised around $373 million in an oversubscribed public sale, surpassing its initial target of $50 million by over seven times. The network aims to provide fee-free USDT transactions and initially planned to integrate Bitcoin's UTXO model with Ethereum's programming capabilities, but has since decided to function independently with a minimized trust Bitcoin bridge. Disclaimer: The Block is an independent news outlet. As of November 2023, Foresight Ventures is a primary investor in The Block and invests in various cryptocurrency initiatives. Bitget serves as a key LP for Foresight Ventures. The Block maintains its impartial reporting on the cryptocurrency sector. This article is for informational purposes and should not be construed as legal, tax, investment, or financial advice.