$SENT pre-market crashes immediately, dropping 10% right after the announcement, while BNB remains unmoved.

Recently, it’s becoming more and more obvious that leading projects are all rushing to participate in a certain top exchange’s Pre TGE for new listings, basically a feast prepared for big U accounts. Those Alpha opportunities are becoming less friendly to ordinary retail investors, and major projects no longer frequently airdrop tokens. The grand spectacle of全民空投 like $XPL is probably coming to an end.

Speaking of the Plasma chain—since the hot mainnet launch last fall, it has reached an awkward stage of "decent data, low popularity." TVL remains stable around $7 billion, DEX daily trading volume can hit 70-80 million dollars, but actual payment traffic hasn’t picked up, mostly sustained by mining and arbitrage. Active addresses and on-chain transaction counts have sharply declined compared to peak periods—typical after the wave of incentives recedes.

$XPL’s price hovers around $0.14, with 24-hour trading volume of six to seven million dollars. Recently, it’s been slightly declining along with the broader market, lacking a clear direction. There’s also a small unlock pressure at the end of the month. Although the scale isn’t as massive as the July 2022 unlock, the market is fragile, and any supply pressure can easily break the support.

The inflation rate has dropped from an initial 5% to 3%. The token burn relies on complex transaction gas fees, but the actual on-chain consumption of XPL is very low. Users mainly transfer USDT, which has zero fees, so they don’t really need XPL. The token’s value capture remains largely illusory. The Plasma One neobank app has been promoted for over half a year, with virtual cards, physical cards, savings, and zero-fee transfers all launched, promoting a "inclusive finance" story, but actual user stickiness remains to be seen based on future data.