Jeeya_Awan

We are building a global financial system powered by stablecoins. To support this vision, we need a credit layer that turns USD₮ deposits into predictable, market-grade capital.
‍Our partnership with Aave, combined with precise risk calibration and targeted incentives, has delivered a low USD₮ borrow rate that converts deep deposit liquidity into dependable borrowing capacity.
That durable and low-cost borrow rate is the foundation of our onchain strategy. It enables builders and institutions to design yield products and leverage strategies that remain viable in both bear and bull markets.
Plasma with Aave: The Global Credit Layer

As part of the Aave deployment proposal, we committed an initial $10 million in XPL tokens. This commitment was part of a broader incentive program.
Within 48 hours of the @Plasma mainnet launch, deposits into Aave on Plasma reached $5.9 billion. By mid-October, it peaked at $6.6 billion.
The incentives and Aave’s deployment on Plasma attracted billions of dollars in cumulative deposits and established it as a core venue for stablecoin credit.
The PlasmAave Effect: A New Standard for Credit Launches
The launch of Aave on Plasma set a new benchmark for a day one credit layer. The program achieved a peak of about $6.6 billion in TVL. The first 8 weeks were especially efficient, delivering $160 in TVL for every $1 of incentives.
We worked closely with Aave ecosystem contributors on risk, oracles, and asset parameters so that once incentives went live, the system was ready for large flows.
Key pieces include LayerZero-native assets like Tether on Plasma (USD₮0), Ethena's USDe and sUSDe, and Ether.fi's weETH, all using the OFT standard. These assets can bridge into Plasma and directly into Aave with zero slippage.
Beyond TVL: Building a True Credit Market

While TVL measures deposits, borrowing measures actual credit market activity.
People generally borrow for two primary reasons: to increase exposure to an asset (leverage) or to amplify yield (looping). We created a market with deep liquidity and stable borrowing rates on Aave, which is critical for these strategies.
Aave on Plasma has generated $1.58B in active borrowing, with exceptional utilization rates: WETH at 84.9% and USD₮0 at 84.1%. This represents significant active borrowing relative to incentives spent in the initial period.
Utilization shows the share of supplied liquidity that’s actively borrowed. The 84%-plus utilization on WETH and USD₮0 means most available liquidity for those assets is being put to work, fueling leverage and yield-looping strategies rather than sitting idle.
Market-wide utilization of 42.5% signals durable, broad-based demand for credit that underpins predictable borrow rates and the flexible yield primitives builders and institutions rely on.
What makes Plasma's rate structure notable is its stability. Despite TVL fluctuations from $6.6B to $1.7B, USD₮0 borrow rates have maintained a remarkably consistent 5-6% range since launch.
This stability is critical for leverage strategies and yield looping, where borrowers need predictable costs to maintain profitable positions.

At a 4.48% net borrow rate it remains competitive with broader DeFi yields. Users can borrow USD₮ and deploy it into strategies earning higher APY, creating net positive carry.
The concentrated liquidity model with only three borrowable assets created deep markets that support these strategies at scale, with $1.70B in active borrowing demonstrating sustained demand.
Plasma: The #2 Aave Market Globally
‍As of November 26, 2025, Plasma is the second-largest Aave market in the world across all chains, second only to Ethereum mainnet.

#Plasma consists of approximately 8.0% of all Aave borrowing liquidity globally, a significant achievement for a market that launched only recently. Among the largest markets with over $1B in TVL, Plasma demonstrates strong capital efficiency with a 42.5% utilization rate.
Plasma's $1.58B in active borrowing is nearly 2x the size of the #3 market and represents a substantial portion of all L2 and alternative L1 lending activity combined.
Activating Credit Across Assets
With Aave live and incentives active, the market quickly organized around a clear structure of borrowable assets and supply-only collateral.
Of the assets listed on Aave Plasma, only USD₮0, USDe, and WETH are configured as borrowable. Assets like sUSDe, weETH, Pendle PT tokens, and XAUt0 serve as supply-only collateral, allowing users to deposit and earn yield while using these positions to borrow assets.
USD₮0: The Backbone of the Market
‍USD₮0 is the primary dollar asset for both the chain and Aave. As of November 2025, the market has $1.78B in USD₮0 supply with $1.49B borrowed, maintaining a strong 83.7% utilization rate.
USD₮0 now acts as the unit of account and main lending currency on Plasma.
Ethena and Ether.fi: Yielding Collateral
‍Ethena's USDe and sUSDe generate yield at the asset level. On Plasma, users can deposit sUSDe into Aave to earn both Ethena's yield and Aave rewards, then borrow USD₮0 against that position.
Ether.fi's weETH serves as high-quality collateral with $270M supplied, allowing users to borrow against their restaked ETH positions while maintaining yield exposure.
Lessons and What Comes Next
‍We anchored Plasma's credit market to a group of partners including but not limited to: Aave for lending, Tether for dollars, Ethena and Ether.fi for productive collateral.
The launch of Aave on Plasma was a strong start, but the true test of an ecosystem is net new borrowing activity to drive capital efficiency.
To get there we will deepen integrations with on/off ramps as well as FX providers, and expand our licensed payments and custody stack so onchain credit connects to real-world settlement and distribution.
Those distribution and payments capabilities are the multiplier: they plug predictable onchain credit into merchant settlement, treasury services and cross-border corridors at scale for both individuals and institutions.
Over time, this is how Plasma powers the credit layer for stablecoin infrastructure in the new global financial system we are building.
$XPL

What impressed me most when I first used Dusk wasn't its speed or novelty, but its quietness.
On @Dusk , when a rule was applied for the first time, no one objected.
The applicability of a rule was determined entirely by its text. After committee approval, Phoenix continued generating blocks. On Moonlight, everything was so straightforward that no one added comments or opened files. There was no noise. It just… silently ran.
The second time, someone recognized the rule and relaxed.
The third time, no one even shouted out the rule's terms. They would say, "It's already approved," and move on to the next step.
That's when I truly understood Dusk's design philosophy.
#Dusk is the first layer of security designed for the regulated financial sector, where privacy doesn't mean secrecy, and its application doesn't mean controversy. The rule's inevitable application with limited visibility is itself a form of protection. It doesn't always prove its worth, but it ends the debate. Challenging it is like challenging the decision itself.
Over time, subtle changes occurred. Exceptions ceased to appear. Not because they disappeared, but because the reactions far exceeded human perception. The system doesn't provide exception paths, and the exceptions in Dusk aren't innocent; they are proprietary problems associated with specific names.
Therefore, behavior adjusts accordingly.
Inputs are pre-filtered. Decisions are made early. Timelines adapt to predetermined paths, rather than disrupting them. Things themselves remain unchanged, but everything around them changes.
This is the hidden power of Dusk.
Founded in 2018, Dusk assumes that regulation is permanent, not an obstacle to overcome. Its design embodies this reality: selective disclosure through zero-knowledge proofs, private settlements through verifiable compliance, and explicit finality that organizations can truly trust. Not complete transparency, nor blind secrecy, but controlled visibility.
Most blockchains reveal intent the instant value is transferred. In the real financial world, this is an operational risk. The Dusk platform views privacy as a data retention infrastructure because organizations don't abandon systems for ideological reasons, but rather when these systems create obligations.
This is what makes Dusk's implementation unique. It focuses on migration paths, validation incentives, settlement guarantees, and compliance foundations. This architecture isn't elegant, but it's crucial—it's an architecture that builds trust gradually.
Dusk doesn't demand trust; it uses mathematical principles instead, and execution to justify it.
Moreover, the smoother it operates, the harder it is to find a reason to change a solution that's already so perfectly implemented.
Therefore, the real question isn't whether Dusk prioritizes privacy or compliance, but whether the financial industry is ultimately ready to let mathematics solve the argument.
$DUSK

Reālā problēma, ko risina Dusk
Reālās pasaules finanšu sistēmā neveiksmes retu reizi ir katastrofālas sekas; tās bieži ir neuztveramas.
Galu galā, apmešanās ir iespējama.
Gandrīz apmierinošs ziņojums.
Nepārliecinošs skaidrojums.
@Dusk network pastāv delikātajā krustojumā starp finansēm, atbilstību un kriptogrāfiju. To pamatkoncepts ir vienkāršs, taču ārkārtīgi prasīgs: dalībniekiem jāspēj pārbaudīt savas darbības, neatsklejot visu pārējo informāciju.
Šī nav privātums noslēpuma izpratnē, bet privātums, kas minimizē informācijas atklāšanu.

25. septembrī Plasma galvenā tīkla beta versija tika palaista kopā ar viņu vietējā tokena XPL palaišanu, kas ir 8. lielākais blokķēde pēc stabilo monētu likviditātes.
$2B stabilajās monētās paliek aktīvi @Plasma no pirmās dienas. Kapitāls izvietots vairāk nekā 100 DeFi partneros, tostarp Aave, Ethena, Fluid, Euler un citi. Mērķis ir tūlītēja lietderība: uzkrājumi, kas saglabā vērtību, dziļi USD₮ tirgi un zemākās USD₮ aizņemšanas likmes nozares līmenī.
Galvenā tīkla beta laikā Plasma ir seifu noguldījumi, lai lietotāji varētu izņemt USD₮0. Tas iezīmēja Plasma galīgā palaišanas posma pabeigšanu. Plasma nodrošina nulles maksas USD₮ pārskaitījumus visiem lietotājiem caur savu informācijas paneli vietnē app.plasma.to.

Kamēr kriptovalūta seko spekulatīvām narratīvām, Dusk Network koncentrējas uz ilgtermiņa attīstību: regulējošas, atbilstošas uzņēmējdarbības finansēšanas infrastruktūras veidošanu blokķēdē.

Pamatkoncepts: Auditējams privātums
Dusk pamatinovācija balstās ne tikai uz privātumu, bet arī uz selektīvu atklāšanu.
Kriptovalūtu telpā privātums bieži tiek izmantots kā mārketinga sauklis vai juridisks šķērslis. Atslēga nav pats privātums, bet verifikācija.
Šis līdzsvars ir izšķirošs regulētajos tirgos. Dusk īstenošana ietver:

Tirgū, kas ir piesātināts ar multi-chain konceptiem, Plasma izceļas ar savu fokusēto būtību. Tā nav vispārēja Layer 1 tīkls, bet profesionāla norēķinu tīkls, kas paredzēts efektīvai, uzticamai un lielapjoma stabilcoin pārsūtīšanai.
Palaišana: Core First
Plasma oficiāli tiek palaista 2025. gada beigās un lepojas ar izcilām galvenajām iezīmēm:
Vairāk nekā 2 miljardi dolāru stabilcoin likviditātes palaišanas dienā.
Integrēts ar vairāk nekā 100 decentralizētās finanses platformām, tostarp Aave un Chainlink.
Tās pamatā esošais tokens, $XPL , ir iekļauts Binance, nodrošinot tūlītēju piekļuvi lietotājiem.

DUSK nav vienkārši privātuma ķēde, bet blokķēde, kas izstrādāta ap reālās pasaules finansēm balstītajiem pamata ierobežojumiem:
Konfidencialitāte
Atbilstība

Prognozējama izpilde
Šis pamatfokuss nosaka tā atšķirīgo dizaina filozofiju, prioritizējot ilgtermiņa stabilitāti pār eksperimentālo elastību, padarot to dabiski uzņēmumu orientētu.
Pamatdizaina princips: Privātums kā pamata ierobežojums
Uzspiežot konfidencialitāti jau no paša sākuma, tīkla dizains būtiski mainās.
Izpildes modelis
Izpildot viedos līgumus, DUSK Virtuālā Mašīna (RVM) iepriekš nodrošina privātumu. Dati un loģika paliek konfidenciāli; tomēr sistēma var ģenerēt selektīvi šifrētu pierādījumu audita un atbilstības mērķiem, simulējot regulētas finanses darbību.

Dažādas blokķēdes tehnoloģijas sola visaptverošus risinājumus, bet Plasma izceļas ar savu uzmanību uz vienu mērķi:
Infrastruktūras būvēšana stabilo monētu maksājumiem.
Tā ir 1. slāņa blokķēdes tehnoloģija, kas nav paredzēta spekulācijām, bet gan uzticamai, izmaksu efektīvai un tūlītējai vērtības pārsūtīšanai.
Kāpēc Plasma stabilā monēta-pirmais dizains ir tik svarīgs?
Lielākā daļa blokķēdes tehnoloģiju izturas pret stabilajām monētām tāpat kā pret citām monētām. Plasma, tomēr, izturas pret tām kā pret galveno produktu. Šis pamatlēmums pilnībā pārveido lietotāja pieredzi un pamattehnoloģiju.

Es joprojām atceros savu pirmo reizi, kad izmantoju Walrus. Es saskāros ar problēmu, kas ir pazīstama izstrādātājiem: kā uzticami un ekonomiski uzglabāt masīvas datu kopas, kas tiek izmantotas AI apmācībai. Centralizētā mākoņu glabāšana šķita gan dārga, gan neskaidra šādiem strukturētiem, publiskiem datiem. Kolēģis man ieteica Walrus. Neskatoties uz manu skepsi, es ziņkārīgi palaidu komandrindas saskarni. Visa procesa gaita bija pārsteidzoši vienkārša. Dažu minūšu laikā mani dati tika fragmentēti, šifrēti un izplatīti decentralizētā tīklā. Manā makā parādījās viltota akreditācija, kriptogrāfisks pierādījums, ka mani dati bija uzglabāti un bija pieejami. Es nemaksāju tikai par baitiem serverī; es mijiedarbojos ar dinamisku, tokenizētu datu tirgu. Pieredzes spožums bija acīmredzams. Tas nebija tikai uzglabāšana; tā bija programmējama un pārbaudāma datu rīka.