Continuously revisiting Plasma, to be honest, this project is no longer like a traditional public chain in the usual sense, but more like a digital banking system operating around stablecoins. I have been following it for a while, and my biggest impression is: its focus is not on the narrative, but on the real payment and settlement experience.
Plasma did not take the old road of universal L1, but designed the network from the beginning around the high-frequency circulation of stable assets. Transfers are a daily behavior, not an occasional event, so it pursues long-term stability and predictable costs, rather than extreme performance. Sub-second confirmations and nearly zero gas costs, these experiences will be infinitely magnified in payment scenarios.
The recent integration with NEAR Intents has also pushed practicality to a new height. The circulation of multi-chain and multi-assets has been compressed into a single operation, which significantly improves efficiency for those who frequently transfer assets across platforms. Additionally, with Plasma One’s card that allows direct consumption with USDT, it is no longer just an "on-chain experiment," but is genuinely testing daily payments.
XPL here is more like system fuel, rather than merely a speculative target. The short-term fluctuations brought about by unlocking are inevitable, but as long as payment volumes and on-chain usage are increasing, structural value will gradually manifest. The logic of Plasma is very clear: it does not compete on the number of ecosystems, but rather strives to perfect the most realistic aspect, which is stablecoins.