#数字资产市场动态 $XPL representing the Plasma public chain has been doing something in recent months that many people haven't noticed — quietly shifting from a "hyped stablecoin solution" to a "truly used settlement network."

Look at the on-chain data and you'll understand. Many public chains get drained during a bear market, with users and funds evaporating instantly, but Plasma is different. The trading volume and holdings of stablecoins remain stable, indicating that this chain isn’t just talk — people are actually using it for transfers and settlements.

Recently, $XPL's price has faced significant pressure, with unlocking, increased circulation, and market re-pricing stacking up, making it look quite messy. But from another perspective, under this supply release pressure, on-chain activity hasn't collapsed — this is actually a passive stress test. The market is forcibly stripping away its "hype halo," revealing the real fundamentals.

My attitude towards Plasma is quite calm. Don’t expect any exciting stories in the short term; instead, focus on three key indicators: first, whether the growth rate of stablecoins can continue to rise; second, whether the DeFi ecosystem and real transfer demand can stay stable; third, whether $XPL can gradually shift from emotion-driven to function-based pricing. As long as these three points don’t deteriorate significantly, this chain still has a chance.

Honestly, it’s not very sexy, but it might just be the infrastructure left behind after the industry bubble deflates.

Most public chains are currently selling the dream of "getting rich overnight," but Plasma is doing something else — building efficient settlement channels for stablecoins like USDT and USDC. Its TVL has already surged to $25 billion, backed by a very pragmatic logic: not relying on narrative-driven hype, but accumulating value through real utility.

Its approach is quite restrained. The core is one thing: making money flow, minimizing transaction costs. By using PlasmaBFT to bind security to Bitcoin while maintaining EVM compatibility, it balances stability and flexibility. Even more impressively, it pushes USDT transfer fees close to zero, not siphoning off fees from stablecoin transactions, but instead maintaining the network through gas fees from mainstream coins like BTC — a killer feature for markets like Southeast Asia and Africa, where transaction fees are extremely sensitive.

The team behind it is also worth noting. Engineers from Apple and Microsoft, financial experts from Goldman Sachs and Bloomberg, nearly $80 million from institutions like Founders Fund and Bitfinex, plus public endorsements from former CFTC chairmen. Such a lineup is rare in project teams.

In summary, Plasma is doing subtraction rather than addition — cutting away exaggerated hype and focusing on deepening the stablecoin track. Whether it ultimately wins depends on the market, but at least it’s not acting out of frustration; it’s proving itself through real actions.