Newton Gitonga
The Layer1 platform Plasma has been on the investor radar since debuting its native coin, XPL, on September 25.
The launch triggered both speculations and optimism among cryptocurrency enthusiasts.
Some have attacked the project for recycling teams, undisclosed collaborations, and early token dumps, narratives that have likely hindered XPL’s anticipated takeoff.
That’s why Plasma co-founder Paul took it to X to ensure clarity.
He has pushed back against prevailing misinformation while shifting the bias towards the project’s primary objective of creating a stablecoin infrastructure that serves the new global monetary system.
We’ve seen a number of rumors circulating since the launch of XPL and want to set the record straight.
We’ve seen a number of rumors circulating since the launch of XPL and want to set the record straight.
1/ No team members have sold any XPL. All investor and team XPL is locked for 3 years with a 1 year cliff.
2/ Of our team of ~50, three spent time at Blur or Blast. Our team
Tokens locked for 3 years with a 1-year cliff
Plasma faced the pressing rumors that most early-stage cryptocurrency projects encounter.
Some market watchers speculated that insiders are using the community as exit liquidity, offloading XPL days after the token’s launch.
Paul set the record straight:
No team members have sold any XPL. All investor and team XPL is locked for 3 years with a 1-year cliff.
With this lock-up model, neither the team nor early backers can access their XPL assets until Plasma digs deeper into its roadmap.
Such structures remove the fear of sudden dumps that might destabilize markets and dent community confidence.
That’s crucial for an early-stage project, since it confirms the Plasma team is interested in long-term players and not profit-hunting.
“Ex-Blast” labelling is wrong
Another narrative that has gained traction is that most of Plasma’s team members are from Blast or Blur.
Paul confirms that only three of around 50 staff at Plasma previously worked with either of the projects.
He added that they have a diverse team with experience from top institutions like Goldman Sachs, Facebook, Google, Nuvei, Temasek, and Square.
To say our team is ‘ex-Blast’ is to say it is ‘x’ any of these firms. We are proud of the team we’ve assembled at Plasma.
The clarification demonstrates the breadth of technical and financial experience behind the Plasma project.
No links with Wintermute
The co-founder also refuted claims of a concealed collaboration with leading trading firm Wintermute.
He emphasized that Plasma has never sought Wintermute’s services or hired them as market maker, and has no idea about their XPL holdings.
That means there are no shadow plans to influence the altcoin’s liquidity or performance behavior.
We have the same information as the public on Wintermute’s ownership of XPL.
XPL price outlook
Plasma’s native token trades at $0.9517 after a minor 0.9% dip over the past 24 hours.
XPL gained nearly 15% the previous week amid TVL surges and meme token activities.
However, rumors and speculations about the project have likely limited the alt’s growth.
Enthusiasts will watch the alt’s performance in the coming session as the team seeks credibility, with a focus on long-term building.
Paul finalized:
We are laser-focused on building the future of money and won’t be commenting further. We remain incredibly grateful for our community’s support. Now back to work.
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