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Weekly Recap: Plasma Debuts at $10 Billion Valuation

Happy weekend Defiers!

Crypto markets sold off sharply this week as upbeat U.S. economic data dimmed hopes for imminent rate cuts. Investor sentiment was further dampened by news that the SEC and FINRA are investigating insider trading at crypto treasury companies.

BTC plunged as low as $108,600, while most altcoins posted heavy losses.

Stablecoin-focused blockchain Plasma launched its highly anticipated mainnet and XPL token, which has surged to a $15 billion valuation.

BNB Chain is booming, with monthly active users hitting a new record of 56.4 million.

Meanwhile, users are flocking to Base after the Coinbase-backed Layer 2 network teased a native token.

Finally, Hyperliquid’s HYPE token is cooling off after its massive run as investors mull upcoming unlocks.

Enjoy!

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Top stories this week

Plasma Mainnet Beta Goes Live With XPL Token FDV Reaching $10B at Launch

Plasma, a Layer 1 blockchain designed for stablecoins, launched its mainnet beta on Thursday with billions in stablecoin liquidity deployed across major DeFi partners such as Aave, Ethena, Fluid and Euler.

The network’s XPL token is trading at a $15 billion valuation.

Crypto Market Extends Losses on Bitcoin ‘Exhaustion’ Signals

The crypto market ended the week in the red, with many of the top-20 assets by market cap posting double-digit losses on the week as prices drifted lower into Friday.

The selloff was exacerbated by news that the SEC and FINRA are investigating potential insider trading at crypto treasury companies.

BNB Chain Active Users Reach All-Time High

Less than two weeks after CZ removed “ex-Binance” from his social media bio and replaced it with just “Binance,” activity across the BNB Chain ecosystem is soaring, with monthly active users reaching their highest levels ever.

Much of the activity is being driven by Aster, whose token hit another all-time high this week after the perpetuals DEX unveiled plans to launch its own Layer 1 blockchain.

Base Activity Hits All-Time High on Airdrop Speculation

Coinbase’s Ethereum Layer 2 network Base recently teased a native token for the first time since its launch in 2023, and activity on the chain is soaring as users rush to become eligible for the airdrop.

HYPE Drops Below $50 as Unlock Fears Intensify

As competition intensifies in the perpetuals trading sector, investors are starting to feel the pressure of upcoming HYPE unlocks in November.

HYPE is down 18% in the past seven days and is currently changing hands at $46.

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