Plasma ranks #42 of 504 cryptocurrencies. On a list that also counts tokens, memecoins, wrapped coins, staked derivatives and stablecoins it appears at #123: 81 of the 122 assets ahead of it are not native coins but tokens or claims. A token is issued on a host blockchain rather than running its own; a claim stands for an asset already counted. Of the 113 non-native assets CoinSpectrum lists above it by market cap, about 56% are claims on other assets, 38% are tokens and 6% are memecoins.
| CoinSpectrum Grade | C · 55/100 · provisional |
|---|---|
| Rank among cryptocurrencies | #42 |
| Rank counting claims | #123 |
| Market capitalisation | $363M |
| Price | $0.0763 |
| Circulating supply | 4,761,111,111 XPL |
| Maximum supply | no fixed cap |
| Consensus family | Proof of Stake |
| Consensus mechanism | PlasmaBFT (Fast HotStuff) |
| Ledger type | Multi-asset ledger |
| Launch distribution | Presale |
Market figures from the 28 October 2026 build. Open the live view for every exchange's price, and charts.
C — 55 out of 100, provisional (from 17 of 20 criteria, 28 October 2026 build). With what is not yet measured anywhere from nothing to full marks, the score would be 46 to 65 (D to B).
| Criterion | Score | Basis |
|---|---|---|
| Leading Consensus Mechanisms (Source) | 9.1 | group average |
| Consensus: leader ladder | 9.1 | Proof of stake: 9.1 of 10 on the ladder of consensus families ranked by their largest chain's market cap |
| Consensus: family ladder | 9.1 | Proof of stake: 9.1 of 10 on the ladder of families ranked by the combined market cap of their chains |
| Cryptocurrency Standards (Source) | 4.4 | group average, 10 of 13 measured |
| Sound Money Qualities (6 checks) | 6 | 2.4 of 4 points, 2 not yet measured source |
| Scarcity: a fixed cap that holds, and a supply near 21 million | 3.5 | no fixed maximum; 4.76 billion in circulation: supply scale 6.9, cap 0 |
| Durability: five years or more with no halt, freeze or reversal | ✗ | 1 full year since its first recorded price, no halt, freeze or reversal in five years |
| Fungibility: every unit interchangeable, none the protocol can freeze or set apart | – | |
| Divisibility: the smallest unit worth a cent or less | ✓ | 18 decimal places, the smallest unit worth $7.6e-20 |
| Portability: fees of a cent or less and capacity for real demand | ✓ | typical fee $1e-7; about 1,710 transactions a second (9.4 on the throughput scale; 5 is the busiest networks' median demand) |
| Verifiability: open-source nodes and checking without a trusted server | – | |
| Privacy (5 checks) | 2 | 1 of 5 passed source |
| Whitepaper privacy: keys are not tied to an identity | ✓ | Any secp256k1 key can hold and send XPL; the chain's account and transfer rules carry no identity check. |
| UTXO ledger: a new key for each payment, no account linking every coin | ✗ | |
| Network-level privacy: the node hides where a transaction came from (Dandelion++, Tor or I2P, on by default) | ✗ | No transaction-origin hiding documented. |
| Hidden amounts (confidential transactions, RingCT, shielded pools, Mimblewimble) | ✗ | Confidential payments are not live on mainnet. |
| Hidden sender and receiver (ring signatures or zero-knowledge proofs, one-time or stealth addresses) | ✗ | No sender or receiver hiding. |
| Scalability (fees, throughput, block time, block space, features) | 6.9 | average of 5 parts source |
| Fees ($0.001 or less 10, $1 or more 0) | 10 | typical fee $1e-7 |
| Throughput (2,478 a second, the busiest network's peak day, 10; 119, the median of the ten busiest, 5) | 9.4 | about 1,710 simple transactions a second |
| Block time (10 minutes 10, less either side) | 0 | a block every 1 second |
| Block space per 10 minutes (32 MB or more 10) | 10 | 0.9 MB limit (converted from its gas, compute, mass or count limit), 540 MB per 10 minutes |
| Features (3 checks) | 5 | 1 of 2 passed, 1 not yet researched |
| Payments safe to accept within seconds | ✓ | PlasmaBFT (Fast HotStuff) finalises ~1 s blocks deterministically. |
| Pruned nodes: a full node can validate and drop old history | – | Node pruning behaviour not documented. |
| Light clients verify payments from headers or proofs, without a trusted server | ✗ | No light-client protocol documented; wallets trust RPC servers. |
| Security (miner pay and 7 checks) | 3 | 2 of 6 points, 3 not yet measured source |
| Miners paid a day ($1,000 0, $10 million or more 10), 2 points | 0 | not mined |
| Its own hashrate: at least half its algorithm's largest, not merge-mined | ✗ | not mined |
| Largest pool or validator under 50% | – | |
| Largest three under 75% | – | |
| More than one maintained client | ✗ | 1 |
| Node software is open source | – | Plasma (the company behind the stablecoin chain) builds the only client: PlasmaBFT consensus with a Reth-based execution layer; no public consensus-client release located. |
| Real on-chain use: 1,000+ transactions a day | ✓ | about 864,000 a day |
| No 51% attack or deep reorganisation in five years | ✓ | |
| Programmability (tokens, contracts, 5 checks) | 7.8 | 7 of 9 points source |
| Token issuance at protocol level, validated by its own nodes | 2 | ERC-20 contracts on its Reth-based EVM, open to any account since mainnet beta in September 2025. |
| Smart contracts: a general-purpose contract system | 2 | An EVM-compatible layer 1 open to any account since mainnet beta in September 2025. |
| Multisig and time locks | ✓ | Multisig and timelock contracts on the EVM. |
| Atomic swaps with other chains | ✓ | EVM HTLC contracts (hash lock plus timelock refund). |
| An exchange built into the protocol | ✗ | No exchange in the protocol. |
| Cross-chain messaging the chain verifies itself | ✗ | No validator-verified messaging documented in the protocol; bridging runs through separate services. |
| Non-fungible tokens | ✓ | ERC-721 contracts on the EVM. |
| Decentralisation | 3.7 | section average, 5 of 8 measured |
| Censorship resistant (Source) | — | Not yet researched |
| No central team (Source) | 0 | A central team directs it: Plasma (the company behind the stablecoin chain) builds the only client: PlasmaBFT consensus with a Reth-based execution layer; no public consensus-client release located. source |
| Who can mint (Source) | 8.6 | Proof of stake: 8.6 of 10 on the ladder of who produces blocks |
| Nodes (Source) | — | Not yet counted |
| Holder concentration (Source) | — | Not yet measured |
| Premine (allocated at launch) | 0 | 100% of today's supply allocated at launch to founders, a company, a foundation or investors. 10B XPL allocated at mainnet beta on 25 September 2025 (40% ecosystem, 25% team, 25% investors, 10% public sale). Validator inflation has not activated, and total supply is still 10.0B XPL (CoinGecko, 2026-10-23). source |
| Fundraising | 0 | Sold by its issuer or insiders: 100% of supply was theirs to sell, 35% sold so far. Investors (seed, $24M Series A led by Framework, Founders Fund strategic) hold 25% = 2.5B XPL and the July 2025 public sale sold 10% = 1.0B XPL at ~$0.05 ($50M cap). 3.5B / 10.0B XPL total (CoinGecko, 2026-10-24) = 35.0%. Seed round, then a $20M Series A led by Framework Ventures (Bitfinex, Peter Thiel, Paolo Ardoino; $24M in total, February 2025), plus a strategic investment from Founders Fund (May 2025). The public sale in July 2025 offered 10% (1B XPL) at about $0.05 ($500M FDV, $50M target) and drew about $373M in commitments. source |
| Developer share (after launch) | 10 | No developer share: every new coin goes to the miners or validators who produce blocks. No cut and no issuance yet: validator inflation (planned 5% to validators and delegators) has not activated, so total supply is still the 10B genesis allocation. source |
| Supply & Demand | 7.3 | group average |
| Supply & Demand (Source) | 7.7 | average of 6 measures |
| Exchanges (10 or more: 10) | 10 | 40 exchanges |
| Daily volume ($10K 0, $1B or more 10) | 6.5 | $18,898,077 traded in 24 hours; #95 by volume on the exchanges the site reads (scored on the median day of the last 30, $18,425,726) |
| Turnover (volume ÷ market cap, 5% a day: 10) | 9.9 | 4.8% of its market cap a day, median of the last 30 days |
| Order-book depth (bids and asks within 2% ÷ market cap, 1%: 10) | 10 | $3,688,150 within 2% of the price on 9 exchanges, 1.0% of its market cap, median of the last 2 days |
| Market cap ($1M 0, $10B or more 10) | 6.4 | $363M, 6.4 on a scale of 2.5 points per tenfold |
| Paper trading (futures, options and margin ÷ market cap, 0%: 10, 100%: 0) | 3.2 | futures, options and margin positions 46% of its market cap |
| Supply (smaller is better) | 6.9 | no fixed maximum; 4.76 billion in circulation |
| Record | 5.7 | group average |
| Record (origin, claims, halts) | 10 | 3 positive, 0 negative source |
| Positive record | ||
| Launched with a stated purpose, not as a joke | ✓ | |
| No claims by its founders that contradict its own design | ✓ | |
| No halt, freeze or reversal in five years | ✓ | |
| Age (years since genesis) (Source) | 1 | 1 full year since 2025-09-25, the first day with a recorded price (genesis not yet researched, so the age can only be understated). |
| Development (work, improvements, unfixed issues) | 6 | 1 positive, 0 negative, 4 not yet researched source |
| Positive | ||
| Steady work, 6 of 6 | ✓ | No public reference-client release page located; mainnet beta live since 2025-09-25 with a Reth-based execution client. Not verified against releases. |
| Not yet researched | ||
| Shipped a security fix in two years | – | |
| Shipped a scaling upgrade in two years | – | |
| Shipped a new capability for users in two years | – | |
| Unfixed vulnerabilities and exploits | – | |
Twenty criteria, weighted equally. The Cryptocurrency Standards have six sections: sound money qualities (six checks: scarcity, durability, fungibility, divisibility, portability, verifiability), privacy (five checks), scalability (four measures and three features), security (miner pay and seven checks), programmability (token issuance, smart contracts and five checks) and decentralisation (censorship resistance, no central team, who can mint, nodes, holders, premine, fundraising and developer share). Provisional: criteria marked — are not yet measured and are left out of the average. A rating of structure and market depth, not a price forecast or investment advice. How the grade is built · Highest-graded cryptocurrencies.
4,761,111,111 XPL are in circulation, against no fixed cap — issuance has no defined end.
| Premine (allocated at launch) | 100% of today's supply |
|---|---|
| Sold by the issuer or insiders | 35% of today's supply |
| Developer share received since launch | 0% of today's supply |
| Developer share of new coins today | 0% |
| Fundraising | Private or venture funding |
10B XPL allocated at mainnet beta on 25 September 2025 (40% ecosystem, 25% team, 25% investors, 10% public sale). Validator inflation has not activated, and total supply is still 10.0B XPL (CoinGecko, 2026-10-23).
Seed round, then a $20M Series A led by Framework Ventures (Bitfinex, Peter Thiel, Paolo Ardoino; $24M in total, February 2025), plus a strategic investment from Founders Fund (May 2025). The public sale in July 2025 offered 10% (1B XPL) at about $0.05 ($500M FDV, $50M target) and drew about $373M in commitments.
Investors (seed, $24M Series A led by Framework, Founders Fund strategic) hold 25% = 2.5B XPL and the July 2025 public sale sold 10% = 1.0B XPL at ~$0.05 ($50M cap). 3.5B / 10.0B XPL total (CoinGecko, 2026-10-24) = 35.0%.
No cut and no issuance yet: validator inflation (planned 5% to validators and delegators) has not activated, so total supply is still the 10B genesis allocation.
Sources: governance.aave.com · unchainedcrypto.com · thedefiant.io · coingecko.com · docs.plasma.to · plasma.org. Researched 2026-10-24, medium confidence.
No SEC/CFTC determination — unclassified.
The regulator's position, reported as stated, not CoinSpectrum's. Assets nobody has ruled on are left unclassified rather than sorted by a guess.
Plasma is #42 among cryptocurrencies and #123 in the market ranking, which lists wrapped coins, staked derivatives, stablecoins and tokens alongside them. CoinSpectrum counts an asset once, and counts only cryptocurrencies: assets with their own blockchain and their own consensus. A wrapped coin, a staked derivative or a stablecoin is a claim on something already counted; a token, memecoin or otherwise, runs on another chain's blocks. All of them are listed, each in its own section, and none is added to the total. The 81 places between Plasma's two ranks are held by claims and tokens, not by other networks. The methodology sets out the rule and the counting rule argues for it.
The price above is the median of the exchanges the site reads live, checked every minute and cross-checked against a market snapshot (how market data is gathered). The grade is scored on published criteria, each with its source (the method). The site is independent, nothing on it is a paid placement, and its statements are signed (about CoinSpectrum, the manifesto).
See the 2 wrapped and staked claims on Plasma →