To be honest, I’ve been rethinking $XPL lately — and it’s not about price swings.
I keep opening the chart, not to catch a bottom or chase momentum, but to ask a more practical question: if I stopped watching the price, would this chain still have a reason to exist? Would it become something people are forced to use, not just interested in?
Plasma’s focus on stablecoin payments isn’t wrong. It’s actually one of the few narratives not built on hype. But in 2026, being cheap, fast, and EVM-compatible isn’t a moat — it’s just the baseline. Plenty of chains can already handle stablecoin transfers efficiently.
What made me hesitate is user motivation. Many ecosystems drive activity through DeFi incentives and airdrops. Plasma is targeting payment infrastructure — a slower, harder path. It’s not about making users excited today; it’s about becoming indispensable over time. The issue is that markets rarely wait for that transition.
Then there’s the token itself. Liquidity looks fine, but what role does $XPL truly play? If stablecoins move at scale while the token remains limited to fees or governance, long-term demand becomes questionable. Without clear value capture, price relies on expectations.
I’m neither bullish nor bearish. My stance is simple: no heavy positions, no emotional moves. In six months, I’ll judge by real usage — not noise.
