XPL's Pre-Market Surge Sparks New Era of DeFi Speculation

Hyperliquid recently introduced a new safeguard update following a significant price spike in the XPL token associated with the Plasma project. The XPL token, which has yet to launch on a centralized exchange, is currently trading on pre-listing markets such as Hyperliquid and Binance’s pre-market venue. As of the latest data, XPL is trading at approximately $0.45, implying a fully diluted valuation (FDV) of $4.5 billion—nearly 10 times the valuation at its initial public sale price of $0.05 [1].

The XPL token sale, conducted in July 2025, successfully raised $373 million in commitments over 10 days, selling 10% of the total 1 billion XPL supply. This initial valuation was set at $500 million, but the current pre-market trading reflects a substantial increase in investor optimism and speculative activity [1]. DeFi analyst Ignas highlighted that traders are earning funding rates of around 1,200% APY on XPL long positions, based on an implied market value near $5 billion [1]. Hyperliquid reported $49 million in trading volume and $33 million in open interest shortly after listing its XPL-USD "hyperps" contract, which allows traders to take up to 3x leveraged positions [1].

To address concerns around potential manipulation risks, Hyperliquid designed its hyperps contracts to operate without reliance on an external spot or index oracle. Instead, the funding rate is set against a moving average of the contract’s own mark price. The exchange claims this method reduces the likelihood of price manipulation that is commonly associated with pre-launch futures markets [1]. This update reflects Hyperliquid’s ongoing efforts to enhance the integrity and stability of its trading environment, especially in the context of high volatility surrounding new token listings.

Meanwhile, Binance has played a pivotal role in driving early interest in XPL through its promotional initiatives. The centralized exchange introduced a “Plasma USDT Locked Product” that offers daily USDT yield and future XPL rewards after the token generation event. The initial 250 million USDT quota for this product filled rapidly, prompting Binance to increase the total subscription limit to 1 billion USDT and open additional tranches [1]. This surge in demand underscores the strong appetite for XPL among crypto investors, further amplifying the token’s pre-listing momentum.

Plasma, the project behind XPL, is a stablecoin-focused Layer 1 blockchain backed by Bitfinex. It aims to facilitate fee-free USDT transfers and has previously explored integrating Bitcoin’s UTXO architecture with Ethereum Virtual Machine (EVM) compatibility. However, the project has shifted focus to operating as an independent L1 with a trust-minimized Bitcoin bridge. Plasma is also aligned with the EU’s Markets in Crypto-Assets (MiCA) regulations, as outlined in a 37-page whitepaper that confirms its compliance with EU Regulation (EU) 2023/1114 [2]. This regulatory alignment has helped attract institutional investors and enhance the project’s credibility within the global crypto market.

Source: [1] Plasma's XPL token trades above $4.5 billion fully diluted valuation in pre-markets (https://www.theblock.co/post/367929/plasmas-xpl-token-trades-above-4-5-billion-fully-diluted-valuation-in-pre-markets) [2] What is Plasma Chain? Stablecoins, XPL Tokenomics & Airdrop (https://www.datawallet.com/crypto/what-is-plasma-chain)