Keeping an eye on $XPL.
Plasma is a high-performance, EVM-compatible Layer 1 purpose-built for instant, low-cost, and compliant global stablecoin payments and transfers, and it is particularly optimized for USDT.
It has one of the highest TVL and bridged TVL on the market, and 300K-500K transactions a day on their network with a fee-based burn mechanism. Revenue remains low though.
More than 100 partners already and with impressive backers including Peter Thiel (well-known Paypal & Palantir Technologies co-founder), Founders Fund, Paolo Ardoino (CEO Tether), Bitfinex (Tether sister company), ...
Plasma has partnered with multiple leading DeFi protocols and NFT platforms, including decentralized exchanges, lending protocols, and NFT marketplaces. These partnerships not only enrich Plasma's application scenarios but also provide more circulation opportunities for the $XPL token. Plasma has also launched a developer incentive program, offering financial support and technical training to attract global developers to build a thriving innovative application ecosystem based on Plasma.