#plasma $XPL 逆市思考：XPL暴跌90%后，价值逻辑变了吗？

The market has dropped 90%, and the market sentiment has clearly cooled to freezing point. Back then, I relied on it to earn my living 🎊 Now, most people only have the option to cut losses and exit. However, in this market, consensus often means the end of opportunities.

I carefully reviewed XPL's fundamentals and discovered an counterintuitive fact: the price has collapsed, but the core components remain intact.

Paymaster-supported zero Gas transfers are not a future concept, but a reality that is already running. Think about it, for merchants at the level of 150 million, what they need is a stable and usable payment channel, not a fluctuating K-line chart. This fundamental base has not broken.

What's even harder is its BTC anchoring security. In a world full of self-proclaimed secure public chains, it's an outlier. It does not engage in redundant construction but directly throws the trust anchor to Bitcoin, the oldest rock. This logic of “credit grafting” is smart and extremely cost-effective.

Now look at that 11 billion TVL. Smart money, especially income-generating assets like SyrupUSDT, is the most realistic. They are here not for sentiment, but because the yields and infrastructure here still have their irreplaceable economic value.

When the price drops by 90%, what it is priced at is no longer future growth but purely fear and a liquidity crisis. All the pessimistic stories you can think of may have already been factored into this price. When the bubble is burst, it can be painful, but it is often also the cleanest moment for assets.

The question arises: when the market is pricing the same tragic narrative, do you believe that the core narrative that distinguishes XPL from hundreds of other chains has completely failed?

In the crypto world, the biggest risk is not volatility, but giving up independent thinking in extreme emotions. When everyone is fleeing, the path less traveled may be the way to survival. @Plasma