Most traders price @Plasma stablecoin gas as pure friction removal. I don’t. A protocol-run paymaster that depends on API keys plus identity and per-IP limits turns payments into an access choke point that can tighten under load or policy pressure. This thesis fails only if tx volume and active addresses surge while those limits and API gating stay unchanged. Implication: treat $XPL as a bet on whether growth is permissionless in practice. #Plasma