Plasma may deliver fast, cheap stablecoin settlement. That’s operational value for users. But token value only exists if that activity translates into structural buy pressure. $XPL must be consistently purchased for fees, locked for staking, or removed from circulation at scale. If tokens are simply emitted faster than they’re absorbed, price becomes a slow bleed. No narrative can override basic supply–demand math.

This is where dilution quietly kills performance. Unlocks, validator rewards, and incentives introduce constant sell pressure. Even with moderate adoption, price can stagnate because new supply caps upside. Many traders misread sideways price action as “accumulation,” when it’s often just emissions getting absorbed. That’s not bullish — that’s neutral at best.

Think like a risk desk, not a believer. Ask: is network usage growing faster than token supply? Are more tokens being locked than released? Is real economic activity increasing or just social media noise? If the answer isn’t measurable, the thesis isn’t investable.

Treat $XPL as a high-beta infrastructure asset with structural dilution risk. Size small, demand confirmation from data, and assume rallies are temporary until proven otherwise. Discipline first, narrative last. @Plasma #Plasma