Permissioned ledger

Plasma ticker XPL

No public-data lookups yet
3 reviewed developments
40 cited sources

Summary

Plasma mainnet opened as a beta on 25 September 2025 and runs PlasmaBFT, which its docs describe as a pipelined Rust implementation of Fast HotStuff. Validators vote on each proposed block; 2f+1 votes out of at least 3f+1 validators form a quorum certificate, and in the common case a block is final once two consecutive certificates build on it. The docs give about one second per block. A Reth-based execution client runs EVM transactions and receives blocks over the Engine API. The docs say misbehaving validators lose rewards, not stake, and are not penalised for downtime, and they mark proof of stake and committee formation as under active development. Staking rewards and delegation start only when external validators go live. 2 3 6 11 13 20 21 28

Design

System: Permissioned ledgerPlasma (chain ID 9745, still named Plasma Mainnet Beta) is a stablecoin payments chain whose native token is XPL. Anyone can read, send, deploy contracts and run a non-validator node, but only a small validator set selected by the Plasma team produces blocks, so this profile uses the permissioned class; Plasma's docs call it a proof-of-stake layer 1. Blocks are final on the chain itself, not settled to another chain. Accounts, transactions and contracts follow Ethereum's formats. It is unrelated to the 2017 Plasma scaling framework.
Settlement family: Ethereum / EVM
Scarce resource: Reputation
State model: Accounts
Finality: Other
Who makes blocks: Plasma's node docs say validators take turns proposing by round robin based on the current view; its consensus page describes a planned stake-weighted random committee selection. Enrolling an external validator needs the Plasma team. The mainnet observer configuration lists ten validator BLS keys as its static committee and a contract-based committee rotation (called Aquila) with 20,000-block epochs, whose configured activation height had passed by block-height reads on 29 September 2026. The pages reviewed do not name the validator operators.
Fork choice: No open weight-based chain selection. A block commits with a quorum certificate of 2f+1 validator signatures, and the docs say two conflicting blocks cannot both be finalized unless more than one-third of validators are Byzantine. After a leader failure, validators forward their latest certificate to the next leader, which aggregates them to find the highest known block. Non-validator nodes follow the chain without proposing blocks or voting.

Qualifications

System class · Contested. Plasma's docs call it a proof-of-stake layer 1 and plan a trusted validator launch, then a larger set, then permissionless participation. During the mainnet beta, external validators are selected by the Plasma team, the node docs say consensus nodes are not yet open to outside operators, the node templates say enrolment needs the Plasma team, and staking and delegation are not live. This profile follows who can produce blocks; once validator entry opens, the layer 1 class would apply.
Scarce resource · Partial. Plasma's own terms: proof of stake, with a stake-weighted random committee selection described as intended architecture and reward slashing rather than stake slashing. During the mainnet beta the validators are a small group selected by the Plasma team, proposers rotate by round robin, and staking rewards and delegation are not live. The consensus is recorded as authority or reputation based; whether validators bond XPL today was not verified.
Finality · Partial. Recorded as other. Plasma's own terms: deterministic PlasmaBFT finality. A block is final once two consecutive quorum certificates, each carrying 2f+1 validator signatures, build on it (the two-chain commit), normally within seconds. It is not finality backed by stake at risk: the docs say validators lose rewards, not stake, for misbehaviour.
Mainnet beta · Applies. Plasma's docs still name the network Plasma Mainnet Beta, with the public RPC and wallet settings under that name, a year after its 25 September 2025 launch. The docs mark proof of stake and committee formation as under active development and say external consensus participation will begin after mainnet.
Validator penalties · Partial. Plasma's consensus page says misbehaving validators forfeit rewards rather than stake and are not penalised for liveness failures, and it describes optional staking without a withdrawal delay as under exploration. No penalty that destroys stake is described.
Zero fee usdt transfers · Partial. Plasma describes free USD₮ transfers. Its September 2025 launch post described them as authorization-based transfers limited to Plasma's own products during rollout, and its site says they refer to Plasma routes and third-party fees may apply. A November 2025 docs page, since removed, described a Plasma Foundation-funded paymaster for plain USD₮ transfers only, with identity checks and per-wallet caps still being evaluated. The current testnet page says zero-fee USD₮0 transfers are still in development there. Current mainnet eligibility and limits were not verified.
Custom gas tokens · Contested. Plasma's docs disagree. The network fees page says Plasma is building a protocol-maintained paymaster for whitelisted gas tokens, the mainnet settings list XPL as the only live fee token, the testnet settings mark USD₮0 as a fee token in development, and the payments overview puts custom gas tokens on the roadmap. Yet that overview also calls USD₮ a whitelisted gas token, and a summary table on another docs page marks custom gas tokens as supported. Which tokens can pay fees on mainnet today was not verified.
Bitcoin bridge · Unknown. An October 2025 docs page, since removed, said the planned Bitcoin bridge (pBTC, minted after attestations by a permissioned verifier network and redeemed through threshold signing) would not be live at mainnet beta. The current docs no longer describe it, and whether it has launched was not verified.
Confidential payments · Unknown. Plasma's docs say it is developing an opt-in confidential payments module with zero-knowledge proofs, stealth addresses and selective disclosure. No live deployment was found in the pages reviewed.
Client source · Partial. Node templates pull published container images for the PlasmaBFT consensus client and the Reth-based execution client. No public source repository for the consensus client was found, and Plasma's public fork of Reth on GitHub is archived, with no code pushed since May 2026, so the running code could not be reviewed.
Tps · Unknown. Plasma publishes no throughput figure with a method; its consensus page cites internal benchmarks only, recorded in the classified claims list.

Tradeoffs

This view follows one way of thinking about design priorities, often called the blockchain trilemma. The design-priorities lesson sets out the counter-view. Read the design-priorities lesson.

Emphasizes

Scalability

Gives up

Open participation in consensus. During the mainnet beta a small trusted validator set, enrolled with the Plasma team, proposes and finalizes every block; permissionless validation and stake delegation are planned but not live; misbehaviour costs rewards, not stake; and non-validator nodes rely on the validators they follow for finalized blocks.Scalability here means about one-second blocks and finality in seconds for payment traffic, not a measured capacity figure. Security is not listed because the safety bound assumes fewer than one-third Byzantine validators while no stake can be lost, and the validator set is small and admitted by one team; readers who count deterministic finality as a security emphasis may disagree.

Full node at home

Practical at home 12 14 15 20Non-validator (observer) nodes are permissionless and run with Docker Compose from Plasma's node templates. The docs list at least 4 cores, 16 GB RAM, a 250 GB SSD and 100+ Mbps, recommending 8 cores, 32 GB and a 1 TB NVMe drive, and say mainnet data already uses about 350 GB, above that minimum; the snapshot guide asks for about 500 GB free (June 2026). A sync from genesis can take days to weeks, and the daily snapshots sit in a requester-pays S3 bucket that needs an AWS account. Observers do not vote; they follow validators' finalized blocks.

Throughput claims

Lab benchmark 3 6Controlled benchmark; not observed network behavior.No figure is published; the consensus page says PlasmaBFT finalizes many thousands of transactions per second in internal benchmarks.The benchmarks are Plasma's own and unpublished: no method, transaction mix, validator count, hardware or network conditions are given. The consensus page describes committee formation as under active development, so the benchmark setup may not match today's mainnet. Block interval (about one second per the docs) is not a throughput figure, and no observed transaction rate was measured for this profile.

Headline figures are not comparable across chains. A theoretical peak is never a like-for-like number.

Scaling layers

No scaling layer recorded in this profile.

Capabilities

Capabilities of Plasma: how each one is provided, or its research status
Capability	How it is provided	Notes and sources
Account abstraction	Structured assessment pending	Not yet assessed for any chain.
Atomic swaps	Unknown	No hash-time-locked or other trust-minimized swap mechanism was documented for Plasma. Plasma's docs list intent and solver bridges, which were not reviewed against this definition, and EVM contracts could host hash-locked swaps, but none was verified. 17
Authenticated data publication	Unknown	Not yet assessed under this row's current definition.
Light clients	Unknown	No light client was documented. Non-validator nodes hold validator public keys and follow finalized blocks, but they keep full state and run the full execution client, so they are full nodes rather than light verification. 12 13
Native staking or delegation	Structured assessment pending	Not yet assessed for any chain.
On-chain governance	Structured assessment pending	Not yet assessed for any chain.
Parallel execution	Structured assessment pending	Not yet assessed for any chain.
Payment or state channels	Unknown	No payment or state channel network settling to Plasma was reviewed.
Programmable spending	Native (protocol or core-team software) Earlier definition	Plasma's Reth-based execution layer runs EVM smart contracts written in Solidity or Vyper, and its docs say smart accounts under EIP-4337 and EIP-7702 work, so spend conditions can be contract code. 4 9 19
Protocol-verified messaging	Structured assessment pending	Not yet assessed for any chain.
Reversible transfers or recovery	Unknown	Not yet assessed under this row's current definition. Plasma's docs list Safe and other smart-account providers on mainnet, and Safe's registry lists its version 1.4.1 contracts on chain 9745, but no cited source shows a delay, cancel or pre-set recovery module deployed there; an owner threshold alone meets neither part of this row. 19 39
Rollups	Unknown	No rollup or validium settling to Plasma was reviewed.
Shielded transfers	Structured assessment pending	Not yet assessed for any chain.
Signed partial offers	Unknown	Not yet assessed under this row's current definition.

Reading these values

How this feature is provided: Built into the protocol, core-team software or independent software says where a feature lives and who can change it. These are implementation layers, not quality: core-team software is not closer to the protocol than independent software.
Structured assessment pending: The shared review has not assessed this feature for any chain yet (Account abstraction, Native staking or delegation, On-chain governance, Parallel execution, Protocol-verified messaging and Shielded transfers). That does not mean it is absent, and a chain’s profile may already describe it.
Unknown: The review has not established this for this chain under the current definition; the note beside it says why. Unknown is not absent and not a low score. A feature reads “Not present” only when a source shows it is absent.
Earlier definition: Payment or state channels, Programmable spending and Rollups keep the earlier definition until the next fact-check. There, “Native” does not separate the protocol from core-team software, “Ecosystem software” does not say who publishes it, and “Partial” does not say which layer.
Reading across rows: The list of capabilities is incomplete. Do not read these rows as a chain leading or lagging overall.

Definitions, schema version and review history

Ecosystem & custody

Ecosystem products for Plasma
Product type	Status	Notes and sources
Automated market makers	Established in the ecosystemFluid DEX, Uniswap V3, Curve	Plasma's ecosystem contracts page lists partner deployments of Uniswap V3, Fluid's exchange and Curve's stable-swap and crypto-swap factories on mainnet, and DeFiLlama lists all three on Plasma. These rest on Plasma's page and DeFiLlama; the venues' own deployment lists were not confirmed to include Plasma. Liquidity depth and audits were not reviewed. 16 34 As of Sep 29, 2026.
Issuer-native stablecoins	Established in the ecosystemUSDC (Circle)	Circle lists a natively issued USDC contract on Plasma. USD₮ on Plasma is USD₮0, a LayerZero token that USDT0's deployment page lists for Plasma and that is minted against USD₮ locked on Ethereum. Tether's own supported-protocol list does not include Plasma, so USD₮0 is recorded as a bridged representation, under bridges, rather than as a stablecoin its issuer created on this chain. Risk: USD₮0 holders depend on the locked USD₮ and on the LayerZero messages that mint and burn it; USDT0's docs say each message needs all three of its named verifiers. 29 31 32 33 As of Sep 29, 2026.
Algorithmic stablecoins	Unknown	No algorithmic stablecoin with material use on Plasma was reviewed. As of Sep 29, 2026.
Bridges	Established in the ecosystemCircle CCTP (domain 33), USDT0 and Stargate (LayerZero), Chainlink CCIP, Hyperlane, Across, Relay, deBridge and other listed bridges	Circle lists Plasma as domain 33 in the current version of its cross-chain transfer protocol, not in its legacy-only list. Plasma's cross-chain page lists LayerZero, Stargate, Chainlink CCIP, Hyperlane and several intent or solver bridges, and USDT0 lists a Plasma deployment. No bridge run or verified by Plasma's own validators was found, and the planned Bitcoin bridge was not confirmed live. Risk: Each route has its own trust model: CCTP depends on Circle's attestation service, LayerZero tokens on the verifiers each token deployer configures, and solver bridges on their operators. The planned Bitcoin bridge was described as a permissioned verifier network with threshold signing, not a trust-minimized design. 17 26 30 32 33 As of Sep 29, 2026.
Block explorers	ThinPlasmascan (Etherscan)	Plasma's docs name Plasmascan, run by Etherscan, as the primary explorer, and Etherscan's supported-chain list includes Plasma mainnet and testnet; Arkham is listed for analytics only. Plasmascan refused automated reads during review, and the community chain registry still credits Routescan, so the operator was not confirmed on the site. Explorer data is provider-indexed. 18 35 40 As of Sep 29, 2026.
Hardware wallets	ThinTrezor (through MetaMask or Rabby)	See custody rows: Trezor lists Plasma only through third-party wallet apps, not Trezor Suite, and no Ledger page or registry entry for the Plasma network was found. 36 37 As of Sep 29, 2026.

Hardware-wallet custody

Hardware-wallet custody for Plasma
Device maker	Status	What users can and cannot do
Ledger	UnknownSame as native: Unknown	No Ledger coin or support page for Plasma was found (three coin page addresses returned not found). Ledger's asset registry returned no entry for the Plasma network, and its published currency list (@ledgerhq/cryptoassets 13.56.0) has no Plasma or chain ID 9745 entry. Neither Ledger nor Plasma documents a signing path, so support is unknown rather than absent. 37 38 As of Sep 29, 2026.
Trezor	Through an intermediaryMetaMask or Rabby (third-party wallet apps)Same as native: Unknown	Can: Use a Trezor Safe 3, Safe 5 or Safe 7 with Plasma through MetaMask or Rabby, which Trezor's Plasma page lists Cannot: Manage Plasma in the Trezor Suite app, which Trezor's page marks as not supportedTrezor's page describes the stablecoin layer 1 and lists a single network, Plasma. Signing of contract interactions and older Trezor models were not reviewed. 36 As of Sep 29, 2026.

Public data

iKnow Blockchain has no public-data lookups for Plasma yet. This is a limit of the service, not a statement about the network.

Public-data lookups for Plasma
Lookup	Status	What it covers and its limits
Address or account	Not available yet	Public-data lookups for this chain are not built yet.
Tokens and assets	Not available yet	Public-data lookups for this chain are not built yet.
NFTs	Not available yet	Public-data lookups for this chain are not built yet.
Transactions	Not available yet	Public-data lookups for this chain are not built yet.

A lookup covers one address or transaction from one provider. It is never a complete wallet, and an error or private value is reported as unknown, not zero. About public data · Connect your AI

Sourced developments

Developments: Reviewed Sep 29, 2026 Next review due Oct 9, 2026, 12:00 UTC.

Publication date · newest first

Published Sep 2, 2026ProtocolVerified against sources

Node templates v1.1.0 move to consensus 1.1.0 and set mainnet Aquila committee rotation

Plasma released node templates v1.1.0, which update the PlasmaBFT consensus client to 1.1.0 and add the Aquila settings for testnet and mainnet: a committee rotation read from a contract, with 20,000-block epochs and a set activation height. The release also disables vote fanout.
- Implementation:shipped in node templates v1.1.0 with consensus client 1.1.0
- Release:released 2026-09-02
- Activation:configured mainnet activation height passed per a 2026-09-29 block-height read; rotation behaviour not observed directly
Date basis: GitHub release timestamp 2026-09-02T08:29Z; the mainnet Aquila change was merged on 2026-09-01.

Sources: Plasma (PlasmaLaboratories, GitHub) — node-templates v1.1.0 release (external site) · Plasma (PlasmaLaboratories, GitHub) — feat: Mainnet Aquila activation (pull request 25) (external site) · Plasma (PlasmaLaboratories, GitHub) — config/mainnet/non-validator.toml (node templates) (external site) · Plasma (PlasmaLaboratories, GitHub) — Plasma Node Templates README (external site) · Plasma — Plasma public RPC (eth_blockNumber read) (external site)
Published Aug 14, 2026ProtocolVerified against sources

Validator instructions and mainnet validator configuration published

Plasma's node templates v1.0.0 added instructions and configuration for running a validator on devnet, testnet and mainnet: generating a BLS12-381 keystore, setting a fee recipient and switching the node role. The templates say this does not place a node in the active validator set; enrolment still needs the Plasma team.
- Implementation:validator templates published
- Release:released 2026-08-14
- Activation:no open enrolment; validators join through the Plasma team
Date basis: GitHub release timestamp 2026-08-14T13:15Z.

Sources: Plasma (PlasmaLaboratories, GitHub) — node-templates v1.0.0 release (external site) · Plasma (PlasmaLaboratories, GitHub) — Plasma Node Templates README (external site) · Plasma Docs — Tokenomics (external site)
Published Oct 22, 2025FoundationVerified against sources

Plasma said it acquired an Italian licensed entity and plans EU license applications

Plasma said it had acquired a VASP-licensed entity in Italy, opened an office in the Netherlands and hired compliance officers, and that it plans to apply for a crypto-asset service provider license under the EU's MiCA rules and an electronic money institution license for cards, accounts and fiat access.
- Proposal:CASP and EMI license applications planned
- Implementation:Italian licensed entity acquired, per Plasma
- Release:Announced
- Activation:license outcomes not verified
Date basis: Publication date shown on the blog post, 22 October 2025.

Source: Plasma blog — Licensing Our Payments Stack to Reach Global Scale (external site)

Topics your AI can explain

Your AI can explain these topics for Plasma through the connection, with sources.

What Plasma is: a layer 1 for stablecoin payments
PlasmaBFT: quorum certificates and a team-enrolled validator set
Accounts and the Reth-based execution layer
Fees in XPL and the limits of zero-fee USD₮ transfers
Finality: two-chain commits in seconds
Running a Plasma node: observers and team-enrolled validators
USD₮0, USDC and the routes onto Plasma
Wallets and hardware-wallet custody on Plasma

Known gaps

What this profile's review did not establish:

Who operates each validator, how many validators are active after the committee rotation upgrade, and whether any external operator has been enrolled were not published in the pages reviewed.
What the Aquila committee rotation contract decides (for example whether bonded XPL sets membership) was not documented; only its configuration in the node templates was read.
No public source repository for the PlasmaBFT consensus client was found, and Plasma's public fork of the execution client is archived with no code pushed since May 2026, so neither the fork choice nor the penalty rules could be checked in code.
Current eligibility, identity checks, rate limits and funding for zero-fee USD₮ transfers on mainnet were not verified; the only detailed design page (November 2025) has been removed from the docs, and the current testnet page says zero-fee USD₮0 transfers are still in development there.
Plasma's docs conflict on whether USD₮ can already pay gas: one page calls it a whitelisted gas token while the network settings list only XPL as a live fee token and the same payments page puts custom gas tokens on the roadmap.
Whether the planned Bitcoin bridge (pBTC) has launched, and who its verifiers are, was not verified.
The docs' non-validator setup page still lists consensus 0.15.0 and Reth v1.8.3, while the node templates list consensus 1.1.0 and Reth v1.11.3; the templates were treated as current.
Plasmascan refused automated reads, so its operator was confirmed only through Plasma's docs and Etherscan's supported-chain list; the community chain registry still names Routescan.
Ledger support for Plasma is unknown: no Ledger page or registry entry was found, and neither Ledger nor Plasma documents a signing path.
No rollup, channel or sidechain settling to Plasma was reviewed, so the scaling list is empty; this is not a finding that none exist.
Atomic swaps, data publication, reversible transfers, signed offers and algorithmic stablecoins were not researched in depth.
The Core Protocol roadmap that Plasma's docs mention (payment lanes, faster finality, custom fee structures) was not found as a published page.
No observed transaction rate or finality time was measured for this profile; the one-second block interval comes from Plasma's docs.

Sources

Oldest dated source check: Source checked Sep 29, 2026 Next check due Oct 29, 2026.

All 40 sources were checked in the last 30 days.

Overview (Why Build on Plasma) (external site)Plasma Docs · retrieved Sep 29, 2026
System Overview (external site)Plasma Docs · retrieved Sep 29, 2026
Consensus (external site)Plasma Docs · retrieved Sep 29, 2026
Execution (external site)Plasma Docs · retrieved Sep 29, 2026
Connect to Plasma (external site)Plasma Docs · retrieved Sep 29, 2026
Mainnet Details (external site)Plasma Docs · retrieved Sep 29, 2026
Testnet Details (external site)Plasma Docs · retrieved Sep 29, 2026
Network Fees (external site)Plasma Docs · retrieved Sep 29, 2026
Differences: Ethereum & Plasma (external site)Plasma Docs · retrieved Sep 29, 2026
Core Concepts (Payments) (external site)Plasma Docs · retrieved Sep 29, 2026
Tokenomics (external site)Plasma Docs · retrieved Sep 29, 2026
Node operators: Overview (external site)Plasma Docs · retrieved Sep 29, 2026
Node Types (external site)Plasma Docs · retrieved Sep 29, 2026
Hardware Requirements (external site)Plasma Docs · retrieved Sep 29, 2026
Operator Onboarding (external site)Plasma Docs · retrieved Sep 29, 2026
Ecosystem Contracts (external site)Plasma Docs · retrieved Sep 29, 2026
Cross-Chain (external site)Plasma Docs · retrieved Sep 29, 2026
Block Explorers (external site)Plasma Docs · retrieved Sep 29, 2026
Account Abstraction (providers) (external site)Plasma Docs · retrieved Sep 29, 2026
Plasma Node Templates README (external site)Plasma (PlasmaLaboratories, GitHub) · retrieved Sep 29, 2026
config/mainnet/non-validator.toml (node templates) (external site)Plasma (PlasmaLaboratories, GitHub) · retrieved Sep 29, 2026
node-templates v1.1.0 release (consensus 1.1.0, Aquila activation) (external site)Plasma (PlasmaLaboratories, GitHub) · retrieved Sep 29, 2026
PlasmaLaboratories/reth (archived fork of paradigmxyz/reth; last push 22 May 2026) (external site)Plasma (PlasmaLaboratories, GitHub) · retrieved Sep 29, 2026
Plasma Mainnet Beta and XPL (external site)Plasma blog · retrieved Sep 29, 2026
Zero-Fee USD₮ Transfers (docs page, archived copy of 17 November 2025) (external site)Plasma Docs (via Internet Archive) · retrieved Sep 29, 2026
Bitcoin Bridge (docs page, archived copy of 23 October 2025) (external site)Plasma Docs (via Internet Archive) · retrieved Sep 29, 2026
Plasma Network: Built for stablecoin payments (external site)Plasma · retrieved Sep 29, 2026
Plasma public RPC (eth_blockNumber read on 2026-09-29) (external site)Plasma · retrieved Sep 29, 2026
USDC Contract Addresses (external site)Circle · retrieved Sep 29, 2026
Supported blockchains and domains (CCTP) (external site)Circle · retrieved Sep 29, 2026
Supported protocols (external site)Tether · retrieved Sep 29, 2026
USDT0 deployments (external site)USDT0 docs · retrieved Sep 29, 2026
USDT0 developer documentation (external site)USDT0 docs · retrieved Sep 29, 2026
DeFiLlama protocols API (Plasma entries) (external site)DeFiLlama · retrieved Sep 29, 2026
Supported Chains (external site)Etherscan · retrieved Sep 29, 2026
Plasma wallet (external site)Trezor · retrieved Sep 29, 2026
Ledger crypto-assets registry query for Plasma (empty result) (external site)Ledger (crypto-assets service API) · retrieved Sep 29, 2026
@ledgerhq/cryptoassets 13.56.0 currency list (external site)Ledger (npm package via jsDelivr) · retrieved Sep 29, 2026
SafeL2 v1.4.1 deployments by chain ID (safe-deployments registry) (external site)Safe (safe-global GitHub organisation) · retrieved Sep 29, 2026
Chain registry entry eip155-9745 (Plasma Mainnet) (external site)ethereum-lists/chains (GitHub) · retrieved Sep 29, 2026

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Funding disclosure

Funding disclosures appear here when an upkeep arrangement exists, in the form “Upkeep funded by [name]; verdicts unaffected.” The funder ledger has not been published yet. Neutrality & funding