Plasma’s XPL token trades above $4.5 billion fully diluted valuation in pre-markets
Plasma’s yet-to-launch XPL token is now trading on multiple pre-listing markets, with Binance’s pre-market venue opening order books and Hyperliquid listing an XPL-USD “hyperps” contract that lets traders take up to 3x leveraged long or short positions ahead of a centralized-exchange spot debut.Hyperliquid said its hyperps do not rely on an external spot or index oracle. Instead, funding is set versus a moving average of the contract’s own mark price. The exchange argues that this approach reduces manipulation risks typical of pre-launch futures.The Plasma (XPL) token sale, conducted in July 2025, raised $373 million in 10 days, with a fully diluted valuation of $500 million. The sale involved 10% of the total 1 billion XPL token supply, implying a token price of approximately $0.05 per XPL at the time of the sale. Currently, it's trading at $0.45 on Hyperliquid and Binance, indicating a fully diluted valuation of $4.5 billion.Speculation around XPL’s early pricing is intense. DeFi analyst Ignas wrote on X that XPL was trading near 10x its initial public-sale valuation on Hyperliquid and that long positions were paying funding “around 1,200% APY” at an implied market value near $5 billion. Hyperliquid data showed $49 million in trading volume and $33 million in open interest shortly after the contract was listed. Notably, these conditions can change quickly in historically frothy pre-listing markets.The pre-market activity follows a series of Binance promotions tied to the project. This week, the world’s largest centralized crypto exchange said the initial 250 million USDT quota for its “Plasma USDT Locked Product”—which offers daily USDT yield and future XPL rewards after the token generation event—filled quickly, with more capacity promised.On Friday, Binance increased the total threshold to 1 billion USDT with plans to allow multiple subscription tranches. “Due to overwhelming response, we increased the Total Subscription Limit to 1,000,000,000 USDT and opened subscriptions in batches,” a spokesperson told The Block. A second 250 million USDT quota was filled in three minutes, Binance added.Plasma is a Bitfinex-backed, stablecoin-focused Layer 1 that secured about $373 million worth of commitments in a 10-day oversubscribed public sale. This was more than seven times its original $50 million raise target. The chain is designed to provide fee-free USDT transfers and was previously planned to blend Bitcoin’s UTXO architecture with the Ethereum Virtual Machine to combine Bitcoin-style accounting with EVM programmability. However, the project deemed it unfeasible and will now operate as an independent L1 with a trust-minimised Bitcoin bridge.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.