Today, writing about $XPL again, I actually hesitated for a moment. It’s not that I have nothing to write about, but I’m afraid of writing that kind of analysis that seems right but both you and I are tired of seeing. To be honest, the most accurate description of this project’s current state can be summed up in one sentence: there’s no excitement, but it’s being used seriously.
In the past couple of days, many people in the square have been caught up in “settlements,” “points,” and “rules.” To put it bluntly, everyone has finally realized—stablecoins are not a narrative, they are a necessity. You will find that the line of Plasma is actually very closely aligned with the current market rhythm: when there’s no market activity, trading continues; when there’s no hot topic, transfers continue; even when no one is calling for trades, settlements are still happening.
Recently, I revisited the design of Plasma, and my feelings about it are quite different from before. It’s not trying to be the “new L1 king,” but has done something quite unsexy: taking the high-frequency, low-tolerance demand of USDT and optimizing it to the extreme. What does this mean? It means its growth won’t explode, but it also doesn’t rely too much on sentiment. When the market is good, you may overlook it; when the market is bad, you can’t do without it.
On a short-term level, I’m neither bullish nor bearish. Unlocks, activities, and timing will create volatility, but that’s a matter of trading, not of the project itself. What’s really worth observing is: when everyone is pulling back, is there still real capital flowing through Plasma?
I am very clear about the positioning of $XPL : it’s not about betting on a sharp increase, but observing whether the “stablecoin infrastructure” can gradually establish itself. If it can stand firm, it naturally has its place; if it can’t, no matter how good the story is, it’s useless.
That’s it, written for those who are willing to take a slower look at the project. DYOR, don’t just copy my judgment.
