After a strong start at the end of last week, the Plasma (XPR) blockchain continued its momentum to overtake Base. The network is now the sixth largest in decentralized finance.
Plasma (XPL) doubles Base in blockchain rankings in terms of TVL
On Friday, we reported on the sensational debut of Plasma, a new layer 1 that, although not officially developed by Tether, has received support from Paolo Ardoino and Bitfinex. Over the weekend, adoption continued, and the network managed to double Base, taking sixth place among decentralized finance (DeFi) blockchains. Excluding loans and double counting, the network now has a total value locked (TVL) of $5.6 billion:
Regarding the network’s main applications, there has been no change since Friday; the lending and borrowing protocol continues to capture most of the value, with $4.53 billion in TVL.
While the performance is significant enough to be highlighted, it should be noted that, for the time being, many XPL token incentives are being issued on Aave, which naturally attracts liquidity. Therefore, it will be necessary to analyze the sustainability of this TVL over time, when depositing funds on Aave’s Plasma instance will not necessarily be more economically profitable than on another.
Moreover, it should be noted that to date, DefiLlama’s data lists only 17 active protocols on Plasma, compared to 720 on Base.
In terms of network activity, it should be noted that the million transaction mark was quickly surpassed. Data as of Sunday evening shows a total of more than 4.32 million transactions for 174,500 active users:
As for the price of the XPL token, it reached an all-time high (ATH) of $1.68 over the weekend, but has since fallen to $1.29 at the time of writing, down 7.8% over the last 24 hours.
In terms of stablecoins on its network, Plasma is also the fifth-largest blockchain, with $6.1 billion.
