The competition among stablecoin public chains has been fierce for a long time, but Plasma has stood out among many contenders with its precise market positioning and solid technological foundation. Its goal is to become the native settlement layer for USDT, focusing solely on this direction.

From the data perspective, the mainnet test version launched on September 25th this year, and within just three days, stablecoin deposits exceeded $7 billion, setting a new record among Layer1 blockchains. Aave V3 also performed well on this chain, with TVL reaching a high of $6.5 billion, second only to Ethereum. Even after market adjustments, it still maintains a locked-in amount of $2.1 billion, remaining a leader among similar public chains.

The ecosystem applications are also expanding rapidly. The Plasma One wallet attracted 75,000 users in its first month, with on-chain transactions totaling tens of millions. Most importantly, the feature of zero transaction fees for USDT transfers has a strong appeal to global users, especially in emerging markets like Africa and Latin America, where it has created actual payment demand.

Regarding the native ecosystem token $XPL, it is responsible for core functions such as network security, governance, and incentives. The total supply is 10 billion tokens, with 40% or 4 billion tokens allocated specifically to the ecosystem and growth funds. Early on, 800 million tokens have been unlocked to empower partners, with the remaining 3.2 billion tokens to be released monthly over three years. Functionally, XPL serves as staking assets for validator nodes (ensuring the security of the PlasmaBFT consensus mechanism), as a gas fee payment tool for complex transactions, and in the future, as a governance voting credential. The entire design references the mechanism concept of EIP-1559.