XPL dropped 90%, and the market looks like a "death sentence". I know that at this position most people have already finished their liquidation in emotion.
But let's calmly ask: the price has collapsed, has the project really collapsed?
I reviewed the core logic of XPL, and the conclusion is very simple—while the market is crashing, the underlying hasn't really changed. The Paymaster mechanism is still running, zero Gas transfers for stablecoins are not just a concept, but directly point to real payment scenarios; BTC is securely anchored, using the hardest assets to back itself; 11 billion TVL is still lying on the chain, SyrupUSDT hasn't left, this isn't retail money.
So the only point of contention left now is:
Is this 90% drop declaring failure, or is it cleaning out all optimistic expectations at once?
If you once believed in its logic at a high price, then at this price, it should at least not be judged solely by panic.
When emotions have been fully expressed by the price, what remains is the part that truly needs to be judged.
