J A S M I N E

ビットコインでは歴史は変わりません。数字が大きくなるだけです。
2017年、ビットコインは約$21,000でピークに達し、その後80%以上下落しました。2021年には約$69,000で最高値に達し、約77%下落しました。最近のサイクルでは、約$126,000に達した後、価格はすでに70%以上修正されています。
毎回違った気分です。毎回物語は新しいです。毎回人々は「このサイクルは他とは違う」と言います。しかし、ズームアウトすると、構造は痛ましいほど馴染みがあります。
放物線的な上昇。
幸福感。

紹介
今日、バイナンスとフランクリン・テンプルトンは、大規模な商人が担保を投稿できる新しい手段を発表しました。現金を預けたり、安定コインを取引所に保管したりする代わりに、資格のある機関は現在、オフ取引のマネーマーケットファンド（MMF）のトークン化された株式を担保にすることができます。トークン化された株式はフランクリン・テンプルトン・ベンジであり、これは米国政府のマネーマーケットファンドの単位をブロックチェーン上のトークンにするものです（各BENJIトークンはファンドの1株に相当します）。トークンはバイナンスの保管パートナーであるCeffuによって管理保管され、バイナンス取引システム内のトークンの価値に反映されています。

I keep thinking about a moment that never makes it into the decks. The room is quiet. Someone from payments ops is staring at a reconciliation sheet with tired eyes. Someone from compliance is asking the same question they always ask, because it’s their job to ask it. Treasury is on the call too, not because they love meetings, but because missing money creates a certain kind of panic that spreads fast. And in the middle of it, someone says, softly, “Do we know it’s final.”

That’s the point where “throughput” stops being an argument and becomes a responsibility.

In crypto, we’re trained to believe the rail should be expressive. Programmable by default. A place where everything can be composed and remixed. It sounds like progress when you’re building in a clean environment with clean assumptions. But real payments aren’t clean. Salaries come with deadlines. Remittances come with emotion. Merchant settlement comes with thin margins and impatient suppliers. Stablecoin usage in high-adoption regions comes with phone batteries at 9%, spotty signal, and a user who doesn’t care what the system is called—only whether it works and whether it stole a day’s wages in fees.

When money shows up for real, the “expressive rail” idea starts to wobble. Not because programmability is evil, but because defaults matter. If the default path is complicated, the default outcome is error. If the system invites creativity at the wrong layer, you end up with incidents that don’t look dramatic in the beginning. They look like drift. A few more retries. A few more stuck transfers. A few more “we’re looking into it” messages from support. Until one day the drift becomes a week you can’t erase.

Both of these statements have to stay true, even if they sound like they conflict.
Money needs to move quietly and cheaply.
Settlement must be final, correct, and boring.

I mean boring as a compliment. Boring like a ledger that matches. Boring like an end-of-day close that doesn’t require heroics. Boring like a payment system that doesn’t make you learn its personality before you can trust it.

Plasma makes more sense when you look at it through that lens. It’s a Layer 1 tailored for stablecoin settlement. Not a general-purpose playground trying to host every kind of experiment. More like a conservative settlement floor designed around the kinds of flows that actually happen: payroll runs, merchant payouts, treasury sweeps, remittance corridors, institutional settlement windows, and the repetitive, unglamorous movement of stable value.

This is why benchmarking throughput responsibly matters. Because the easiest thing in this industry is to claim speed. It’s easy to generate perfect transactions in a lab and measure how many you can cram through when nothing is going wrong. But that’s not a payments benchmark. That’s a performance demo. A responsible benchmark looks like the real week: batching behavior, retries, wallet quirks, network hiccups, partners sending a thousand transfers at once, and support teams trying to explain why a transfer is “pending” without sounding unsure.

In payments ops, the benchmark is not “peak.” The benchmark is “predictable.”

Gasless or stablecoin-paid transactions are a small detail that becomes very human the moment you operate at scale. In most chains, fees are a separate chore. “You want to send money? First go buy a different token so you can pay for the right to send money.” People in crypto accept that like it’s normal. People outside crypto do not. It confuses them. It punishes them. It creates this weird feeling that the system is making you do extra work just to prove you belong there.

And it creates mistakes. People run out of fee token. People buy the wrong one. People send funds to an exchange and then realize they can’t withdraw because they forgot to keep gas. Support gets the ticket. Ops gets the escalation. Treasury gets dragged in because now you’re manually fixing what should have been a routine transfer.

Plasma’s stablecoin-first posture is basically saying: remove the side quests. If the purpose is stablecoin settlement, paying fees should not require a second balance and a second mental model. You can argue about implementation all day, but the intent is straightforward: fewer steps, fewer ways to fail, fewer reasons for a user to feel stupid for trying to move their own money.

Sub-second finality is another thing that gets talked about like it’s a trophy. But if you’ve ever sat through a late-night settlement check, you know speed isn’t the core feeling. Certainty is. The moment you stop watching a transfer and start treating it as done is the moment operations can breathe. Finality that arrives quickly doesn’t just make things faster. It removes limbo. It reduces disputes. It shrinks the window where someone can say, “Wait, is this actually settled?” and force the whole organization to pause.

So when Plasma talks about sub-second finality through PlasmaBFT, the serious framing isn’t “we’re faster.” It’s “we’re easier to operate.” It’s “we reduce the time you spend holding your breath.” In treasury terms, it’s the difference between making decisions off settled truth versus guessing around pending states.

EVM compatibility fits into this the same way. Not as a badge. As continuity. Teams already know the tooling. Auditors already know how to look at Solidity. Engineers have muscle memory. Monitoring stacks exist. Hiring is easier. Incident response is more legible. Familiarity sounds boring, but in risk terms, it’s comfort. It’s fewer unknown unknowns.

And then we need to talk about the part people avoid: the risk that concentrates outside the happy path. Bridges and wrapped representations. They’re often necessary, but they compress trust into smaller, sharper points. They become the place where a mistake hurts more. They become the place where an attacker will look first. They also become the place where a perfectly reasonable operational change—an upgrade, a migration, a key rotation—can create a failure no one intended.

This is why I keep coming back to that line: systems don’t fail loudly at first—they drift. Drift is what happens when complexity accumulates faster than discipline. You don’t wake up to “the system is broken.” You wake up to “something feels off.” The worst incidents often start that way.

Plasma’s security framing—Bitcoin-anchored security designed to increase neutrality and censorship resistance—should be read through operations, not ideology. The point isn’t symbolism. The point is reducing the chance that settlement becomes negotiable. Payments cannot run on “it depends.” If the rail can be pressured, captured, or quietly steered, then the system becomes politics. And politics is slow. Politics is unpredictable. Politics is not what you want sitting underneath salaries and merchant payouts.

Then there’s the token, and this is where I prefer to keep the language plain. $XPL is fuel and responsibility. It exists in the system as an incentive mechanism, but the mature way to talk about it is not as a reward machine. It’s as skin in the game. Staking should mean: if you help secure this, you accept consequences if it degrades. You don’t get to treat infrastructure like a casino and still claim you’re building payments rails.

If Plasma is serious, it will earn trust the way serious infrastructure earns trust: slowly. Through boring weeks. Through clean reconciliations. Through fewer escalations. Through audits that don’t produce surprises. Through compliance conversations that don’t feel like a negotiation. Through merchant partners who stop asking “are you sure” and start acting like the system is just there, like electricity.

That’s the ecosystem direction that matters. Stablecoins. Payment rails. Merchant settlement. Institutional usage. Compliance-aware growth that doesn’t pretend regulation is optional. The kind of boring that signals seriousness, not weakness.

Plasma isn’t trying to reinvent money. It’s trying to make money stop feeling experimental. It’s infrastructure that disappears when it works.
@Plasma #plasma $XPL

\u003cm-69/\u003e\u003ct-70/\u003e\u003cc-71/\u003e
皆さん、こんにちは！最近のDUSK（ダスクファウンデーションとDUSKネットワーク）で何が起こっているのか、深く掘り下げてみましょう。友達がコミュニティにアップデートを共有するようにお話ししたいと思いますので、ハードファクト、実際の進展、そしてそれが未来に何を意味するのかについてカジュアルな解説を期待してください。誇大宣伝も繰り返しもなく、最近のエコシステムの出来事に基づく新鮮な洞察をお届けします。
DUSKが構築しているもの
プロジェクトにしばらくいるなら、DUSKが大きな約束から始まったことを知っているでしょう：プライバシーと現実のユーティリティを組み合わせること。そのアイデアは常に素晴らしく聞こえましたが、昨年まではほとんど理論的なものでした。メインネットが開発の数年を経てついに稼働したとき、すべてが変わりました。これは単なるチェックリストの達成ではなく、誰でも使用し、構築し、参加できる機能的なインフラストラクチャへのシフトを示しました。