$XPL is hitting a milestone that signals more than short-term gains — Plasma is now the primary hub for sUSDe PTs, overtaking Ethereum in on-chain activity.
Ethena announced large sUSDe PT cap increases on Aave: February cap +$240M to $720M; April Plasma cap +$400M to $1.2B. Recent PTs listed on Aave's Plasma instance, combined with on-chain data, show Plasma now holds ≈$744M in PTs versus Ethereum’s $488M.
This shift reflects **real economic activity**: LPs chasing XPL incentives and looping PTs on Aave are creating sticky TVL — funds that remain within the ecosystem, boosting network demand for XPL. More liquidity and active participation create a self-reinforcing cycle: as users interact, network activity rises, transactions increase, and token utility strengthens.
Key highlights:
• Plasma leads in PT supply, demonstrating adoption beyond speculation.
• Sticky TVL supports tokenomics by generating organic XPL demand.
• Network dominance in sUSDe markets positions Plasma for future DeFi integrations and projects.
The milestone shows how specialized Layer-1s can compete with Ethereum when incentives, supply, and user behavior align. For XPL holders, this expansion signals strong token utility, higher TVL, and long-term network adoption potential.
