After Plasma dropped sharply from an FDV of 10-15 billion dollars to 1.65 billion dollars FDV, other chain stablecoin projects also began to accept that valuation.
The Stable list project today has also decreased to a Market Cap of 300 million dollars (1.74 billion dollars FDV) compared to a Market Cap of 300 million dollars (1.65 billion dollars FDV) of Plasma.
Both are unlocking about 18% of the total supply.
However, if we look at the price, XPL has decreased by 80% from TGE, while STABLE has "only decreased" by 40%, so the STABLE price is a bit "nicer" 🥲
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This shows that other chain Stablecoin projects like Arc (from Circle), Tempo (Stripe), Codex, Noble, Converge will also be limited to this FDV level or lower.
In fact, 1.74 billion dollars compared to chains developing strong ecosystems like Polygon, Optimism, ... shows that these chains are overvalued.
But when compared to successful Stablecoin chains like Tron, this FDV is still acceptable. (FDV of Tron is 26 billion dollars).
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However, between the two projects Plasma and Stable, I evaluate Plasma higher because
Plasma develops a more robust ecosystem with 3 billion dollars TVL, has projects like Aave, Uniswap, ... while Stable has nothing at all.
Plasma is listed on major CEX exchanges like Binance, Coinbase, OKX, and Coinbase, so liquidity will be better, while Stable has only been listed on 2 major CEXs, which are Bybit and Bitget.
Plasma raised 75 million dollars, while Stable only raised 28 million dollars. In general, it cannot be concluded that Plasma will be stronger, but at least it has more money to support.
