Recently, I have been reviewing the underlying logic of the Web3 payment track and increasingly feel that merely high TPS is not the cure; the disconnection in user experience is the core issue. I have delved into the technical architecture of @Plasma , and several design details have sparked deep thoughts, worth noting.

First is the Paymaster mechanism. It can achieve zero Gas fees for stablecoin transfers; although this is not an entirely new concept technically, very few can truly implement it. This directly smooths out the differences in payment experiences between Web3 and Web2, addressing the biggest pain point for large-scale adoption. Coupled with its full compatibility with EVM and support for mainstream tools like Hardhat and Foundry, it means that developer migration costs are extremely low, and the threshold for infrastructure has been minimized. Interestingly, its security layer design—periodically anchoring the state to the Bitcoin network—seems very pragmatic and robust in the current fiercely competitive Layer 2 landscape.

Looking at ecological data, this is where I felt surprised. The TVL of the SyrupUSDT lending pool on Maple has surprisingly reached 1.1 billion USD, a scale that ranks among the top on the network, indicating a high level of recognition from institutional funds. In terms of payment implementation, the integration of Rain cards and Oobit directly covers millions of merchants globally, even connecting to the Visa network. Additionally, with the integration of the euro stablecoin EURØP that complies with the MiCA framework, it shows that they are deeply involved in compliance and institutional fund introduction, engaging in real business rather than just issuing tokens.

Of course, we must face the price performance of XPL. The decline from the peak is nearly 90%, and there is indeed significant selling pressure. The current validator network is controlled by the team, with limited decentralization; ecological applications are mainly concentrated on transfer lending, which is relatively singular. But conversely, does this decline mean that the bubble has been completely "squeezed dry"?

In the industry, it is often said that "good technology does not equal good assets," but when prices deviate significantly from fundamental value, it is often an opportunity for correction. The current low price might be washing out speculators, leaving opportunities for true builders. If we consider the current price as a "golden pit," then the logic of value return is valid. #plasma $XPL