What is XPL Coin (Plasma)? - A Comprehensive Guide About the Cryptocurrency of the Plasma Ecosystem

Source: BTCHaber Original Title: What is XPL coin (Plasma)? Original Link: XPL coin is the cryptocurrency of the Plasma ecosystem. Plasma is an EVM-compatible layer 1 blockchain developed for global stablecoin transfers. Its focus is to meet the scalability, speed, and reliability needs required by stablecoins.

A layer 1 blockchain like Plasma operates on its own blockchain. This blockchain has also been developed with a focus on high volume and low fees. With EVM (Ethereum virtual machine) compatibility, developers can leverage well-known languages like Solidity, and they can also benefit from other EVM-compatible tools.

Plasma Founder

Plasma was founded in 2024 by Paul Faecks and Christian Angermayer.

How to Use Plasma?

To use Plasma, you must first connect your cryptocurrency wallet to the Plasma network. Since it is EVM compatible, it has a fairly simple process for those who are accustomed to using other EVM compatible chains. After connecting the wallet, you can also make additions by going to your wallet's network settings.

The aim is also to provide free USDT transfers for suitable transactions. The network operates on a special transfer management system that automatically covers gas fees. Thus, the goal is to make your stablecoin transfers more efficient, faster, and free if possible, using your existing digital wallet. Developers can create these stablecoin-focused transfer systems using Plasma.

What is XPL Coin?

XPL coin is the cryptocurrency of Plasma. It is responsible for securing the network. It also plays an important role in fundamental economic and operational processes. In other words, transaction fees, the distribution of smart contracts, and the transfers needed for calculation operations are provided with XPL.

The PlasmaBFT consensus is used to ensure the security of the network. Users who want to contribute to this consensus must perform validator staking using XPL. In return for staking XPL, they earn various rewards.

The distribution of the cryptocurrency with a total supply of 10 billion XPL is as follows:

• Ecosystem and development: %40
• Team: %25
• Investors: %25
• Public sale: %10

Where to Buy XPL Coin and How to Buy It?

To buy XPL coin, you first need to create an account on a cryptocurrency exchange. You also need to complete the identity verification process for the account you have created. During the purchasing process, you must have a balance in your wallet. If you do not have a balance, you can opt for payment methods such as bank transfer or credit card.

You can use a cryptocurrency trading platform to purchase XPL with the TL trading pair. The steps for the transaction are as follows:

1. On the main page of the exchange, click on the “Buy/Sell” or “Markets” option at the top of the screen. Type XPL in the search section to proceed with the purchase. On the 2nd Buy/Sell page, start your transaction by clicking the “Buy” button. If you do not have an existing account, create one; if you do, log in.
2. Enter the amount of Turkish Lira you have set for the purchase and proceed with the transaction. After deciding on the amount you wish to deposit, confirm the transaction.
3. In the final step, click the “Buy” button once more to confirm the transaction. Your cryptocurrency purchase will be processed immediately, and the cryptocurrencies you purchased will be credited to your account shortly.

Warning: This article does not contain investment advice or recommendations. Every investment and trading move carries risks, and readers should conduct their own research when making decisions.