依依依旧

My husband came back today. Suddenly, there was the presence of another person in the house, which made me a bit unaccustomed. He sat on that only folding chair, his figure more hunched than I remembered.
I am in a garment factory in Foshan, and he is at a construction site in Guangzhou. The two points on the map are very close, yet separated by subways, buses, and a journey of three and a half hours. This distance needs to be calculated carefully; we have to consider the wages for taking leave, the round-trip fare, and whether this luxury is worth it.
More often than not, it is not worth it. My rent for the apartment is two hundred, and there are more than ten equally silent men sleeping in his makeshift dormitory. We have both become accustomed to placing our bodies in the cheapest positions, so that our salaries can flow steadily to farther places.

As a star blockchain project focused on stablecoin payment infrastructure, Plasma's token XPL has achieved multiple rounds of oversubscribed financing thanks to its clear positioning and strong capital backing, becoming a benchmark for financing in the cryptocurrency market by 2025. Its financing journey not only demonstrates the strong demand for practical blockchain projects in the market but also highlights top-tier capital's firm optimism towards the stablecoin ecosystem.
XPL's financing journey began with a seed round in October 2024, led by the cryptocurrency exchange Bitfinex, with follow-on investments from institutions such as Split Capital and Anthos Capital, successfully raising $3.5 million. This funding laid the early technological research and development foundation for the project, especially focusing on building the settlement layer of the Bitcoin mainnet and a core architecture compatible with the Ethereum Virtual Machine. In February 2025, the project completed a $20 million Series A financing, led by Framework Ventures, with the legendary Silicon Valley investor Peter Thiel's Founders Fund making a strong entry, further strengthening the project's capital backing and injecting momentum for its subsequent ecosystem expansion. Notably, Bitfinex later added an additional $3.5 million investment, specifically aimed at promoting the integration of USDT within the Bitcoin ecosystem, highlighting the investor's high recognition of the project's core value.

The core team of the XPL project (Plasma ecological token) is composed of cross-disciplinary elites, with compliance qualifications covering regulatory requirements from multiple countries. The following introduces the team structure and compliance system from two aspects:
1. Core Team: A professional lineup formed by cross-disciplinary elites
The XPL project is led by industry veterans, with a core team of 50 people, forming a three-dimensional structure of 'technical breakthroughs + business operations + risk management.' The leader, Mark Anderson, has deep expertise in the interdisciplinary fields of spatial data and blockchain, leading the team to focus on technological breakthroughs in decentralized spatial data applications. The team members have diverse backgrounds and impressive resumes; in addition to 3 senior blockchain practitioners who previously worked at Blur or Blast, the remaining core members come from tech giants such as Google, Facebook, Square, and top financial institutions like Temasek and Goldman Sachs, covering key areas such as geographic information systems, blockchain development, data science, and compliance risk control.

XPL (Plasma), as a Layer 1 public chain focused on stablecoin payments, has demonstrated strong momentum in technology implementation and ecological expansion since its mainnet launch on September 25, 2025. Its code quality is supported by a mature architecture and compliant design, while also facing periodic challenges.
In terms of technology implementation, the project precisely targets the pain points of stablecoin payments, achieving breakthroughs in multiple dimensions. The core consensus mechanism PlasmaBFT is optimized based on Fast HotStuff, achieving sub-second finality and over 1000 TPS throughput through a pipeline consensus design, with performance benchmarked against traditional payment networks like Visa and MasterCard, perfectly adapting to high-frequency payment scenarios. Relying on the Reth client (an Ethereum client written in Rust), the project achieves full EVM compatibility, allowing developers to directly deploy Solidity contracts, with seamless adaptation of tools like MetaMask and Hardhat, significantly lowering migration barriers. The most disruptive feature is the protocol layer Paymaster mechanism, which successfully realizes USDT zero Gas fee transfers, allowing users to complete transactions without holding native tokens, along with a custom Gas token feature (supporting USDC, DAI, etc. for transaction fees), greatly simplifying the migration path for Web2 users. In terms of ecological implementation, the liquidity of stablecoins exceeded $2 billion on the first day of the mainnet launch, integrated with Bitget Wallet natively, and covering over 150 million merchants through Visa licensed card services, with significant results in cross-border remittances and inclusive finance scenarios, the market value of the native USDT (USDT0) has reached $1.538 billion.

XPL is the native token of the Plasma public chain, which is a Layer 1 public chain designed specifically for stablecoins. XPL serves core functions such as gas fee payments, staking assets, and governance voting. Its token economics is centered around supply control, distribution mechanisms, and inflation balance design, supporting the sustainable development of the network.
1. Core supply and distribution
• Total supply: 10 billion XPL, with no fixed upper limit, adopting a decreasing inflation model.
• Distribution ratio:
◦ Ecosystem and growth (40%, 4 billion tokens): used for ecological incentives, liquidity mining, developer subsidies, etc. Partially unlocked during the mainnet testing period, with the remaining released linearly over 3 years.

1. Real User Count: Scale and Behavioral Characteristics
Plasma (XPL) is a stablecoin exclusive Layer 1 public chain that is set to launch in late September 2025. User growth exhibits characteristics of 'initial explosion and later adjustment'. As of January 2026, the project has accumulated over 2.2 million users. In the first month after the mainnet launch, it attracted over 70,000 early mainnet wallet users due to core advantages such as zero-fee USDT transfers, with an average of about 20,000 new wallets added daily, demonstrating strong initial appeal. On-chain behavior data shows that the mainnet processed 75 million transactions in the first month, averaging about 2 million transactions per day, with stablecoin transfers dominating, confirming its core demand in payment scenarios. However, as liquidity mining rewards depreciate, user retention faces challenges. About 65% of stablecoin users previously participated in lending protocols due to rewards, lacking evidence of natural adoption without incentives, leading to a slowdown in the growth of active users recently.

XPL Core Three-Dimensional Analysis: The 2026 Development Landscape of Staking TVL, User Growth, and Unlocking Progress
As a representative of stablecoin native L1 public chains, Plasma (XPL) is positioned as a 'zero-fee stablecoin global payment infrastructure.' After the Beta launch of its mainnet in September 2025, its development focus has gradually shifted towards three key dimensions: the launch of the staking network, expansion of user scale, and the implementation of token unlocking. These three dimensions not only constitute the core support for the XPL ecological value but also determine its competitive landscape in the stablecoin payment sector in 2026. This article will comprehensively analyze the potential of XPL's staking mechanism, user growth paths, and the impact of unlocking rhythm based on the latest data and official planning, providing clear decision-making references for ecological participants.

Plasma creator task reward (big reward, no fan limit!)
Must-see for brushing Alpha! Don't miss the 500U reward with a 20% winning rate
Brothers and sisters still buried in tasks in the Alpha group, quickly stop what you're doing! Here is a big reward with a winning probability of up to 20%: XPL is conducting a square task activity, with 1000 rewards of 500U prepared. Currently, only 5000 people are participating, which means that 1 in every 5 people can directly take away 500U. This is considered a 'money-giving level' benefit in the current Alpha activities.
Project Highlights: A pragmatic dark horse in the Layer2 track
While participating in the event, you might as well take a look at the potential of the Plasma project itself. In today's fiercely competitive Layer2 track, Plasma's modular expansion solution stands out remarkably: