颜素佳

Data speaks: Why has Plasma jumped three levels in the stablecoin track 'ranking'?
A recently released Dune dashboard shows that the total circulation of stablecoins on the Plasma chain is 1.17 billion, with a monthly on-chain transfer amount reaching 18.6 billion USD, surpassing Ronin and Aptos to rank 6th in the entire chain; even more astonishing is that its 'circulation/transfer ratio' is only 6.3%, far lower than Ethereum's mainnet at 18% and Tron’s 42%, indicating that the proportion of tokens 'sleeping' in wallets is extremely low, with genuine payment activity being outstandingly high. The secret behind this is that Plasma has written 'usage' into the asset issuance gene: project parties issuing stablecoins must pledge XPL as 'liquidity bonds', with the pledge rate dynamically adjusted; the more active the on-chain transfers, the faster the bonds are released, and vice versa, they are repurchased and destroyed by the system, forming a deflationary flywheel where 'the more a token is used, the more XPL is sold.' In the past 60 days, 144 million XPL has been repurchased and destroyed on-chain, accounting for 4.1% of the circulation, while the coin price has risen by 27% during the same period, achieving the rare alignment of 'reduced volume, increased price'. On the technical side, Plasma adopts a 'dual-wheel drive' architecture: one wheel is EVM-compatible BFT consensus, providing 1-second confirmations; the other wheel is an embedded Payment Channel Hub, moving high-frequency small payments off-chain, ultimately batching them on-chain. Both share security through a 'Commit-Reveal' mechanism, retaining decentralization while reducing the cost per transaction to below $0.0005. In practical tests, a cross-border transfer of 0.01 USDC, from a convenience store POS in Seoul to an electronic wallet in Argentina, took 0.9 seconds, with a fee of 0.0000003 USDC, lower by an order of magnitude than Visa Net's internal settlement cost. On the ecological side, Plasma has completed gateway integration with Stripe and PayU, and will connect with 2 million merchants in Southeast Asia this quarter; at the same time, it has opened corporate custody channels with Fireblocks and Copper, providing institutions with on-chain fiat channels for 'instant access'. Even more exciting is that Plasma will launch a 'Fee Holiday' program in December, allowing any project party that locks up 1 million XPL to subsidize its users' gas fees for the entire year, enjoying a 20% annual bandwidth reward for the locked portion, directly reducing the 'customer acquisition' cost to zero. For developers, Plasma provides an out-of-the-box 'Stablecoin Toolkit': issuing multi-currency stablecoins with one click, built-in KYC/AML modules, supporting ERC-20/ERC-4626/ERC-6960, allowing payments, wealth management, and RWA to be completed within the same codebase. While other public chains are still telling the 'ecological fund' story, Plasma has reordered the rankings with real transaction volume: four core indicators of payment activity, fee destruction, node revenue, and developer growth have remained above +30% month-on-month for three consecutive months. In the trillion-dollar stablecoin track, speed, cost, and compliance are the 'impossible triangle'; Plasma uses XPL to turn the triangle into a flywheel, making the rankings an accelerator for value capture, rather than a marketing billboard.

From 'On-chain Highway' to 'Global Cashier': How Plasma Reconstructs the Stablecoin Payment Paradigm with an EVM Sidechain?
When the daily on-chain settlement amount of USDT and USDC exceeds 100 billion USD, we are still trapped in the triple dilemma of 'high gas fees, slow confirmation, and fragmentation'—the Ethereum mainnet is like a costly and congested main road in an old town, where each stablecoin transfer is competing for scarce block space. The emergence of Plasma has directly built the 'overpass' above the congestion point: a Layer 1 that is fully compatible with EVM, raising the block gas limit by an order of magnitude, compressing base fees to 1/50 of the mainnet, stabilizing block time at the second level, allowing stablecoin flows to be as easy as turning on the tap. More importantly, it is not just a simple 'high-speed chain,' but incorporates 'payment equals settlement' into the consensus layer: natively integrating a multi-currency gas payment mechanism within the block, allowing merchants to directly pay gas with USDC, with zero perception from users; at the same time, introducing on-chain Oracles + ZK proofs, compressing the balance proofs of USDT/USDC/DUSD to 248 bytes, with on-chain verification costs as low as 0.8 gas, truly achieving 'one cent can send ten thousand transactions.' In Plasma's economic model, $XPL is not just a decoration but a 'bandwidth token': each staked XPL can obtain a relay quota of 200 stablecoin transactions per second, the more staked, the greater the bandwidth, creating a free market around bandwidth among nodes, merchants, and payment gateways, forming a positive cycle of 'using stablecoin demand to drive XPL lock-up.' In the past 30 days, the number of on-chain settlements increased by 340% month-over-month, with an average single transaction cost of $0.0007, and a TPS peak of 12,800, while the degree of decentralization of nodes (Nakamoto coefficient) remains at 32, higher than Solana and BSC. More notably, Plasma embeds 'compliance' into the technical layer: on-chain built FATF Travel Rule engine, with zero-knowledge compliance certificates attached to each transaction, satisfying regulatory requirements without exposing user privacy, clearing barriers for large institutional entry. In the next two quarters, Plasma will launch the 'PayFi Stack' plan to directly integrate RWA, on-chain bills, and factoring assets priced in stablecoins into the payment layer, allowing 'payment' and 'interest accrual' to be completed on the same chain, opening the era of real-time settlement of 'interest equals cash flow.' While other public chains are still competing in TPS myths, Plasma has already moved the battlefield to the 'global cashier'—allowing every stablecoin transaction to reach any corner of the world in seconds, at low cost, and in compliance. Alongside the highway, what is most scarce is not the sports cars, but the toll booths; Plasma is transforming toll booths into gas stations with XPL, allowing payment flows and value flows to run at the same speed.

From 'mining' to 'computing mining': How GAIB allows everyone to become a 'digital landlord' in the AI era?
Do you remember the early days of the crypto world? 'Mining' gave ordinary people the chance to participate in the network and earn rewards by contributing computing power. Today, we are moving towards a grander narrative—the AI era. In this era, the most valuable asset is not the computing power of Bitcoin, but the AI computing power needed to train and run large models.
If AI is the 'gold rush' of the new era, then GPUs and data centers are the 'shovels, water, and railroads.' But the problem is that the threshold for manufacturing and owning these 'infrastructures' is extremely high. Most of us can only watch as technology giants 'pan for gold' without being able to get a share.

We are standing on the brink of an unprecedented technological revolution—artificial intelligence. However, the 'new oil' that drives this revolution—computing power—is facing enormous structural contradictions: on one hand, tech giants are spending heavily to hoard GPUs, while countless small and medium-sized AI startups and researchers are lamenting the high costs of computing power.
The core of the problem lies in the fact that the capital efficiency of computing assets has not been activated.
Traditional AI infrastructure (such as GPU servers and data centers) is characterized by heavy assets and low liquidity. They are locked on the company's balance sheet and cannot be effectively converted into liquid capital for reinvestment and expansion. This is the core pain point that GAIB aims to address.

AID and sAID: Decoding how GAIB weaves a symbiotic network of AI and DeFi using the 'dual-token model'.
In the cryptocurrency world, we have seen countless 'dual-token models', but most are limited to the distinction between governance and utility or equity and fuel fees. The combination of AID and sAID launched by GAIB showcases a more sophisticated and powerful design. It is not just an economic mechanism but a symbiotic engine aimed at driving sustained growth of the entire AI infrastructure economy.
To understand its intricacies, we need to view AID and sAID as the 'stable blood' and 'vital heart' of this economy, respectively.

Surpassing the Visa network? How Plasma reshapes the underlying logic of global payments with a modular architecture
We often see traditional payment networks like Visa and Mastercard as the targets that cryptocurrency is trying to catch up to. But what if we change our perspective: instead of chasing, what if we aim to surpass them with a completely new, digitally native architecture? The Plasma project is making such an attempt, trying to fundamentally reshape the underlying logic of global payments through the modularization concept of blockchain.
The 'walled garden' model of traditional payment networks
Networks like Visa are highly centralized. They are very efficient, but they have inherent drawbacks: high merchant fees, lengthy cross-border settlement periods (often taking several days), geographic access restrictions, and a closed financial ecosystem. You can only play within its rules.

INJ 2.0: Beyond Gas tokens, see how the 'deflationary engine' drives the Injective economic flywheel.
In most blockchain networks, the core function of native tokens is to pay Gas fees. However, the ambitions of $INJ go far beyond this. With the upgrade of Injective's 'Tokenomics 2.0', $INJ has evolved into a powerful economic engine with inherent deflationary pressure, driving the value flywheel of the entire Injective ecosystem to rotate at high speed.
To understand this, we need to delve into the three core mechanisms of $INJ : burn auctions, value capture, and staking economics.
1. Ultimate value accumulation: Weekly 'burn auctions'.

Beyond speed and cost: How Linea's zkEVM unlocks the next wave of innovation in Web3?
When we talk about Layer 2, the conversation inevitably revolves around 'faster transactions' and 'lower gas fees.' This indeed is the primary significance of L2's existence. But if our vision is limited to this, we may miss the more revolutionary picture. Today, let’s take Linea as an example to explore its core—how zkEVM technology will become the cornerstone for igniting the next wave of innovation in Web3.
zkEVM is not just about 'compatibility,' but also about 'empowerment'
First, we must understand that zkEVM (Zero-Knowledge Ethereum Virtual Machine) is an engineering marvel. It makes it possible to execute Ethereum smart contracts within ZK-Rollups while also generating a cryptographic proof that verifies the correctness of all computations. Linea has achieved this compatibility, but this is just the beginning of the story.

Beyond Blue Chips: How Morpho Blue Brings DeFi Lending into a 'Customized' New Era?
If the first generation of Morpho Optimizers served as an 'efficiency booster' installed on existing DeFi Legos, then its latest chapter—Morpho Blue—represents the construction of an entirely new 'layer-1 blockchain' designed specifically for lending. This is Morpho's magnificent transformation from 'optimizers' to 'definers'.
To understand the revolutionary nature of Morpho Blue, we must first recognize the 'generic' limitations of current DeFi lending protocols.
Whether it’s Aave V3 or Compound V3, they are grand, integrated 'financial fortresses'. They attempt to accommodate hundreds of assets through a complex governance system and unified risk parameter pool. This brings about two core issues:

When AI computing power meets DeFi: How GAIB turns 'digital oil' into a yield-generating asset accessible to the masses?
We are standing on the threshold of a new industrial revolution, and the 'oil' driving this revolution is computing power—especially powerful GPU computing power. From training large language models to running complex AI inference, the global demand for computing resources is growing explosively. However, like any scarce resource, the threshold for accessing top GPUs is extremely high; they are monopolized by large tech companies and well-capitalized cloud service providers, leaving ordinary investors only to look on with envy.

The ultimate form of finance: How does Injective reconstruct Wall Street with 'modular Legos'?
When we talk about DeFi, we often discuss innovations on Ethereum. But have you considered that the original intention of the Ethereum Virtual Machine (EVM) design was not tailored for high-frequency, complex financial transactions? It's like holding an F1 race on a bustling city street—the track itself becomes a bottleneck for speed.
From its inception, Injective has chosen a completely different path: it is not an improver on the existing track, but an architect redesigning the underlying track for finance. It is a Layer-1 blockchain specifically born for finance.

Beyond Axie: YGG's "Digital Manhattan Project" and the Path to a Web3 Sovereign Wealth Fund
Many people still view Yield Guild Games (YGG) as the "big gaming landlord" that rose to fame through Axie Infinity and rents out game NFTs. This perspective seriously underestimates YGG's ambitions. If we delve into its treasury, asset management, and SubDAO strategy, we will find that YGG is executing a grand blueprint that can be described as the "Digital Manhattan Project"—its goal is to become the sovereign wealth fund of future virtual worlds.
Phase One: Primitive Accumulation and the "Colonial" Model

From "Play-to-Earn" to "gaming entrepreneurship": How is YGG building Web3's "professional investment platform"?
Once upon a time, "playing games" was often seen as a waste of time in the mainstream view. However, the rise of the "Play-to-Earn" model has equated gaming time with real income for the first time. Today, Yield Guild Games (YGG) is leading a more profound transformation: it has upgraded P2E to a whole new paradigm - "gaming entrepreneurship."
YGG is essentially not a game company, but a decentralized professional investment and entrepreneurship platform built on blockchain. It addresses a core supply-demand contradiction in the Web3 gaming ecosystem:

Goodbye to congestion and high fees: How Plasma builds a 'dedicated highway' for stablecoin payments?
When we talk about the everyday applications of cryptocurrency, 'stablecoin payments' is always the most exciting yet somewhat regretful area. The excitement lies in its potential to disrupt traditional cross-border payments, while the regret stems from the high fees on the Ethereum mainnet and occasional network congestion. A small transfer might incur Gas fees that are higher than the transfer amount itself—this completely undermines the practicality of stablecoins as a payment tool.
However, a solution specifically designed for this has emerged: Plasma. It is not just another general-purpose Layer 2, but a precisely designed 'dedicated highway' tailored for global stablecoin payments.

ZK-Rollup Warring States era, how did Linea become the 'favored child of Ethereum'?
In today's intense competition among Layer 2 scaling solutions, various ZK-Rollups and Optimistic Rollups emerge one after another, like heroes contending in the Warring States era. However, there is one project that has been born with a dazzling halo and is hailed by the community as 'Ethereum's favored child'. It is Linea, created by ConsenSys, the parent company of the world's most popular Ethereum wallet and development ecosystem, MetaMask.
So, what unparalleled competitive advantages does this 'direct line' background bring to Linea?

Disrupting DeFi Lending: How Morpho Achieves a Win-Win of High Returns and Low Risks with a 'Peer-to-Peer Engine'?
When we talk about DeFi lending, what is the first thing that comes to your mind? Is it large liquidity pools like Aave and Compound? They indeed pioneered an era, pooling our assets into a sea and matching them through a unified algorithmic interest rate model. But have you ever thought about the inherent efficiency bottleneck of this 'pooling' model?
Imagine a vast market where all buyers and sellers throw their goods into a public pool and then take goods from a unified pool. Although liquidity is abundant, the pool itself incurs management and friction costs, which ultimately erode traders' profits. In DeFi, this cost is reflected in the spread — the difference between deposit and borrowing rates.

Title: Reshaping Wall Street: How Injective is Bringing the Global Trillion-Dollar Financial Market On-Chain?
From stocks, forex to futures and options, the traditional financial (TradFi) market is a behemoth with a daily trading volume of up to trillions of dollars. However, this system has inherent drawbacks such as too many centralized intermediaries, slow settlement, high barriers to entry, and low transparency. Blockchain technology is heralded as the future of finance, but to this day, we have yet to see a truly capable on-chain world for complex financial products. The grand vision of Injective is to become the settlement layer for the on-chain global financial market, seamlessly bringing trillions of dollars in financial assets into the cryptocurrency space.

Title: From Value Internet to Payment Internet: How Plasma Reconstructs the Global Financial Settlement Layer with Blockchain?
We often say that blockchain will build the 'value internet', but to this day, we are still a long way from using blockchain technology to achieve daily, high-frequency, global payments. The existing financial settlement networks (such as SWIFT, Visa) are mature but have issues such as high costs, slow speeds, and high barriers to entry. Current blockchain networks, on the other hand, struggle to meet demands due to performance bottlenecks and cost fluctuations. At this moment, we need a new species that can balance the openness and inclusiveness of blockchain with the efficiency and stability of traditional payment networks. Plasma is the key infrastructure born for this grand goal, aiming to become the settlement layer of the next generation of global finance.

Beyond Gas fee anxiety: How does Linea become the 'super soil' for the next generation of Web3 blockbuster applications?
For every Ethereum user, 'Gas fee anxiety' is a deeply ingrained experience. High costs and congested networks are like invisible shackles, limiting the innovative boundaries of DApps and user experience. We yearn for a world where we can enjoy the security of Ethereum while freely experiencing fast and inexpensive transactions. Linea was born in response to this universal desire as a Layer2 solution, dedicated to becoming the fertile ground for nurturing the next generation of Web3 blockbuster applications.

Title: The Dawn of DeFi 2.0: How Morpho Pushes the Lending Market from "One-Size-Fits-All" to the Era of "Precision Matching" and Customized Solutions?
If we compare the current DeFi lending protocols to a "financial cafeteria", then Aave and Compound are the distinguished central kitchens within it. They prepare a rich array of liquidity dishes (fund pools), from which everyone can draw at a unified price from the same window. This solves the problem of creating something from nothing, but it cannot satisfy the diners' personalized tastes and optimal cost-performance needs. The emergence of Morpho is like deploying an elite "waitstaff team" in this cafeteria, who shuttle between the tables, connecting lenders willing to bid lower and borrowers willing to pay higher, achieving "customized" table-side service.