Plasma XPL

Commentary versus actual token vesting

Observed unlocking matches the published terms almost exactly. Derived current unlocked reconciles to CoinGecko's circulating supply within 0.0041% and to DropsTab's per-bucket position within 0.07%, using nothing but the project's own documented schedule. No deviation, delay, acceleration or redistribution is detectable. The project publishes more vesting detail than the assessment credits it with. All four buckets carry a TGE unlock, a cliff, a cadence and a dated end point in Plasma's own documentation, including the Ecosystem and Growth bucket. The one genuine gap is the US/non-US Public Sale split, which is nowhere quantified — and it is the reason the reported 18.00% Day 1 float overstates the true free float by an unknown amount. The 25 September 2026 cliff is 35 days away and will release 16.67% of supply — 62.0% of current circulating — in one day. It is the first insider unlock in the token's history. The CEO's October 2025 statement that team tokens are subject to a three-year lockup is consistent with the published schedule (12-month cliff, fully unlocked at 36 months), and no team unlock had occurred at the time of the allegations — the schedule itself makes team selling of vested tokens impossible before 25 September 2026. What cannot be verified is holdings outside the vesting contract, because no insider wallet is published. Inflation is designed but not running. Total supply is still exactly at genesis because external validators and delegated staking are not live.