#plasma $XPL
Aave on Plasma didn’t just launch another lending market.
It quietly set a new global standard for onchain credit.
In under 48 hours, Aave on Plasma crossed $5.9B in deposits.
At peak, it touched $6.6B TVL — making Plasma the #2 Aave market globally, second only to Ethereum mainnet.
But TVL isn’t the story.
Credit is.
What Plasma solved wasn’t liquidity — it was predictability.
• USD₮0 borrow rates have stayed around 5–6%
• Even while TVL fluctuated from $6.6B → $1.7B
• With 84%+ utilization on USD₮0 & WETH
That stability is rare in DeFi.
It means: – Looping strategies don’t break
– Leverage stays viable in bear & bull markets
– Builders can design yield products with confidence
Plasma focused the market: Only 3 borrowable assets (USD₮0, USDe, WETH)
Everything else = productive collateral
• sUSDe earning Ethena yield
• weETH earning restaking yield
• Borrow USD₮0 against both
Result? $1.58B+ in active borrowing
Real credit demand. Not mercenary TVL.
USD₮0 is now the unit of account. The dollar backbone. The settlement layer.
This is what a global credit layer looks like: Stablecoins + predictable rates + real utilization.
Plasma isn’t chasing hype.
It’s building infrastructure.