If you have been following the crypto space recently, you must have come across that giant beast that attracted 25 billion USD in TVL in just three short months @Plasma .
While everyone is still caught up in jargon like 'modular' and 'zero-knowledge proofs' that sound daunting, #Plasma this 'regular army' turned the table and focused on one thing: making USDT transfers cost zero.
1. Is it really doing practical things, or is it just another 'pie'?
To be honest, the Plasma project, which comes from a 'noble family' (the core team consists of elites from Goldman Sachs, Apple, and Microsoft, backed by the CEO of Tether and a former US Treasury Secretary), has a very pragmatic approach.
Free Order Strategy: Its underlying architecture can achieve over 1000 TPS, and it has reduced USDT transfer fees to zero. This is a significant advantage for those doing business in Southeast Asia and Africa, or for those who deal with cross-border remittances daily.
Real-world application: It is not only playing on-chain but is also engaging in energy credits with Daylight and even has entered offline vegetable markets through LocalPay. This means your USDT is no longer just a string of numbers on an exchange, but can genuinely be converted into electricity bills or coffee.
2. A reality check: The hidden worries behind the glamour.
As a neutral observer, we cannot only see the thief eating meat without noticing the thief getting beaten. Plasma has two critical flaws that cannot be overlooked:
The risk of 'deep bundling': It is too reliant on USDT. It is like a special highway built for Tether. Although the benefits are great now, if a regulatory storm ever causes Tether to catch a cold, Plasma might end up in the ICU directly.
The 'time bomb' of chips: Let's talk about money. The current valuation of the native token XPL is as high as 14 billion USD, but the circulating supply is just over 20%. The key date is July 28, 2026. Once the one-year lock-up period is over, the 80% of chips held by the team and investors will start to be released. Can the selling pressure from this wave be absorbed solely by the annualized 5% staking from Q2? I remain cautious.
3. My opinion: It is a good tool, but it may not be your 'faith.'
In my opinion, Plasma never intended to create a purely decentralized 'geek public chain.' It is more like a highly efficient and compliant global clearing center dressed in blockchain attire.
It addresses the efficiency of how money flows, rather than the distribution of power.
Finally, I want to ask everyone, would you tolerate a relatively centralized payment network for 'zero fees'? Or do you think the price of XPL can hold up before the big release in July? See you in the comments.
