XPL · a one-year cliff lands in the next 90 days.
XPL is the native token of Plasma, a stablecoin-focused layer-1 — ~2.69B circulating out of a 10B total, so roughly 73% of supply is still locked and vesting into 2028.
Sell pressure. Ecosystem tokens release at about 64M a month, but the story is the cliff: on Sep 25 2026 the one-year team and investor lock opens about 1,665M XPL at once. That lands inside the next 90 days, pushing forward supply to about 1,996M.
Buy pressure. Effectively none — no buyback, and the fee burn is immaterial because stablecoin transfers on Plasma are gas-free.
Net. About +74% to market over the next 90 days — a large, front-loaded jump driven almost entirely by the September cliff.
- Ecosystem monthly unlock+~64M XPLAug 25 2026 · adds to the float
- Team + investor cliff+~1,665M XPLSep 25 2026 · one-year cliff unlocks at once
- Monthly vesting + ecosystem+~203M XPLOct 25 2026 · adds to the float
Plasma's validator staking reward is designed to start at 5% a year and ease toward 3%, but it is not switched on yet — external validators and stake delegation are not live, so no new XPL is minted and total supply is still the fixed 10B. The Foundation has signalled activation is coming; until it fires this row stays at zero and is monitored.
Previously-locked XPL is released on a published calendar. Over the last 90 days only the Ecosystem and Growth stream was active — about 64M XPL a month, roughly 192.5M in total. The far bigger event is ahead: on Sep 25 2026 the one-year team and investor cliff releases about 1,665M XPL at once (one-third of each 2.5B allocation), and monthly team and investor vesting then begins. That cliff sits inside the next 90 days, so the forward figure jumps to about 1,996M.
About 7.3B XPL sits outside the float across team-controlled multisig wallets — the Team allocation (2.5B), the Investor allocation (2.5B) and the remaining Ecosystem and Growth reserve (~2.2B). All of it releases on the published calendar already counted above; no separate off-schedule distribution was observed. No public evidence of release in window — monitored.
Plasma is a live project with no bankruptcy estate and no trustee distribution — this row is empty.
Plasma runs no buyback. No protocol contract or Foundation programme repurchases XPL. No public evidence of buying in window — monitored.
Plasma has an EIP-1559-style base-fee burn in its design, but its core product is zero-fee stablecoin transfers with gas sponsored by a paymaster, so almost no base fee is paid and the amount of XPL burned is immaterial.
The Plasma Foundation discloses no open-market XPL accumulation programme. No public evidence of buying in window — monitored.
Validator staking and delegation — the mechanism that could lock XPL away as a supply sink — is not yet live, so nothing new was locked in the window.
My research. My portfolio. Free.
Deep research weekly. My real holdings monthly.