Pulse (XPL)

I'm not going to buy $XPL either 🙅‍♂️ https://t.co/qmgdov0gzH

$XPL https://t.co/vroiVjDXDI

So here is the @Plasma card volume:

Apr $1M → May $3.4M → Jun $9M → Jul $10.5M (so far)

$25M+ volume generated so far and every $$$ spend on this card creates two simultaneous effects on $XPL

1. Immediate demand via cashback (already 7.6M XPL distributed)
2. Duration demand via tier locks (10K/100K for 12 months)

This eventually leads to an unusual fee capture. Tho at $10M monthly volume the absolute impact is still small cuz it has a measurable coefficient on the token as one side distributes, the other locks.

The only thing that matters in my opinion is how much of the distributed XPL stays locked/held vs gets sold and that ratio will decide whether this becomes a demand floor tied to actual spending or just higher turnover.