Stop using TVL to value public chains: Plasma (XPL) is rewriting a set of economics about 'currency velocity' Most analysts are still stuck in the 'DeFi Summer' era, obsessed with viewing TVL (Total Value Locked) as the only measure of public chain value, completely ignoring the paradigm shift brought by Plasma (XPL): it was not created to hoard assets, but to maximize Velocity (currency velocity). You should know that the players behind this are Bitfinex and Tether, giants who understand better than anyone that dead money has no value. Plasma's zero Gas architecture and Paymaster integration are less about enhancing user experience and more about eliminating friction in capital flow at the protocol level, artificially increasing the turnover rate of stablecoins. If Ethereum is the 'safe' for digital gold, then Plasma is positioning itself as the high-speed conveyor belt of the crypto economy, specifically designed to carry the commercial high-frequency transactions that traditional public chains cannot digest due to congestion and high costs. If you're still focused on how much money it has locked, you might be making the mistake of measuring a Ferrari's value with a 'trunk size'; the real Alpha here is betting that the future value of the network will be defined by circulation rather than idle funds. #plasma $XPL