Plasma reaches its first monthly vesting date after the one-year cliff today, and the amount becoming transferable is larger than the headline number on a widely used unlock dashboard. Token Recon’s calculation from Plasma’s published allocation schedule puts the combined October vesting at approximately 227.78 million XPL across ecosystem, team and investor buckets. DefiLlama’s Plasma page, by contrast, highlights an 88.89 million XPL Ecosystem and Growth event. Build on Plasma
Both figures can be internally consistent. They measure different scopes. The official Plasma tokenomics document assigns four billion XPL to Ecosystem and Growth. After 800 million unlocked at mainnet launch on 25 September 2025, the remaining 3.2 billion vests pro rata over 36 months. That produces an 88.89 million XPL monthly tranche.
Team and investor allocations add two more streams. Each received 2.5 billion XPL. One-third of each allocation unlocked after the 12-month cliff on 25 September 2026, while the remaining two-thirds vest over the following 24 months. Dividing 1.6667 billion XPL by 24 produces approximately 69.44 million XPL per month for the team and another 69.44 million for investors.
The arithmetic is therefore 88.89 million plus 69.44 million plus 69.44 million, or 227.78 million XPL. Against DefiLlama’s displayed circulating supply of about 4.761 billion, the combined amount equals roughly 4.78 percent of float. At the dashboard’s approximate price of seven-point-two cents, it carries a notional value near $16.4 million. The ecosystem tranche alone is about $6.4 million and 1.87 percent of float, matching the event DefiLlama displays.
This is a scheduled unlock analysis, not evidence that recipients sold tokens. Unlocking changes transferability. It does not establish that tokens moved to exchanges, entered market-making programs or reached spot markets. Dashboard providers also differ in whether they present each vesting stream as a discrete event, a linear release or an already modeled increase in unlocked supply.
The discrepancy matters to traders and treasury managers because an event card can be mistaken for the entire day’s supply change. Plasma’s documentation supports the larger schedule-derived number, while DefiLlama’s event view clearly labels only Ecosystem and Growth. Neither source, by itself, proves how much new XPL will become liquid in public markets today.
Methodology and limitations
Token Recon divided the remaining vested balance in each official allocation by its stated monthly term, then compared the result with the circulating-supply and next-event figures displayed by DefiLlama on 25 October 2026. Figures are rounded to two decimal places. The calculation assumes the words “unlock monthly on a pro rata basis” apply evenly across the stated periods. Actual on-chain distribution timing, custody arrangements and dashboard accounting may differ.
TOKEN RECON ASSESSMENT
The actionable finding is not that 227.78 million XPL will be sold. It is that relying on a single event card can understate the scheduled transferability change by almost 139 million XPL. Confirmation requires post-unlock movement from identifiable allocation wallets, a corresponding change in reported circulating supply, or both. Until then, the correct posture is to treat 227.78 million as schedule-derived potential supply, not verified market supply.
Sources
Plasma official XPL tokenomics
