Paul noted that no Plasma team member has sold their XPL allocation as the tokens have been locked for 3 years with a 1-year cliff.
He defended the team from the FUD largely associated with the Blast and Blur projects.
Due to the FUD, the XPL token has dropped over 43% in less than a week.
Plasma (XPL) CEO and Founder Paul Faecks has defended the team members from a previous unconfirmed allegation circulating through social media. Paul has posted on X stating that the rumors circulating, since the launch of XPL, are not grounded in truth thus causing the communityโs fear, uncertainty, and doubt (FUD).
Plasma Founder Defends the Project
During the past few days, the XPL holders were hit with rumors that the same developers of Blast (BLAST) and Blur (BLUR) migrated to Plasma. Notably, both Blast and Blur projects have suffered heavy losses in the last few months, with their respective tokens still down around 90% at press time.
As such, Paul issued three defensive tackles to set the records straight:
- No team members have sold any XPL – Paul reassured the Plasma community that investors and team membersโ XPL tokens have been locked for three years with a one-year cliff.
- Professional Plasma team – according to Paul, the Plasma team consists of around 50 members with three members having a background from Blast and Blur. He noted that the Plasm team also came from Google, Facebook, Square, Temasek, Goldman Sachs, and Nuvei.
- No communication with Wintermute – According to Paul, Plasma has not engaged with the Wintermute market maker.
โWe are laser-focused on building the future of money and wonโt be commenting further. We remain incredibly grateful for our community’s support. Now back to work,โ Paul noted.ย
XPL Price Remains Under Pressure
After a highly hyped market launch, the XPL price has dropped over 43% in the last four days to trade about 94 cents at press time. During the past 24 hours, XPL price dropped 6.6% while the wider crypto market gained in value.ย
Nonetheless, XPL and Plasma are well-positioned to grow exponentially ahead amid the mainstream adoption of stablecoins. According to market data from CoinMarketCap, XPL has a market cap of about $1.69 billion and a 24 hour average traded volume of around $2.89 billion.
Trust with CoinPedia:
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
Investment Disclaimer:
All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored and Advertisements:
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.