《Don't just look at the size of TVL, look at the 'gold content' of TVL》
In the crypto world, 70 million USD TVL doesn't sound like much; any random meme coin mining pool can attract that in a few days. But the 70 million in the ecosystem of
@Plasma (from YuzuMoney) may have more gold content than some public chains with 1 billion TVL. Why? Because DeFi money is like 'mercenaries'—it goes where the APY is high, running faster than a rabbit at the slightest breeze. But SME (small and medium enterprises) money is like 'settlers'—it's used for paying salaries, settling accounts, and making payments. Once it is integrated into the business flow, it is highly sticky and almost never migrates.
This is what Plasma is doing: it does not pursue the kind of 'hundred times myth' that makes retail investors' adrenaline surge; it is engaged in the most tedious, boring, yet deepest moat business—replacing SWIFT. In Southeast Asia, YuzuMoney is not teaching users to 'speculate on coins', but teaching merchants to 'save money'. When a coconut seller discovers that using Plasma for payments saves 3% in fees compared to banks, and the money arrives instantly, this barrier built on physical benefits is more solid than any airdrop expectations.
Plasma's Paymaster technology here is not for show, but for 'invisibility'. For B-end merchants, the best blockchain technology is one that you don't even feel is using blockchain. No gas anxiety, no complex signature interactions. Plasma is making Web3 as invisible yet indispensable as the TCP/IP protocol.
The current mistake in the market is: still using the logic of evaluating 'casinos' (TPS, hype) to evaluate
$XPL . But
$XPL is essentially evolving into a 'decentralized Visa' for an emerging market. The chips in a casino can change at any time, but there will always be someone to pay the channel fees for Visa. The current low price is because Wall Street hasn't learned how to price 'Web3 Alipay' yet.
Focus on those 'boring' data. While other chains celebrate the influx of 'airdrop hunters', Plasma celebrates how many milk tea shops have started settling in USDT this quarter. This is the true Real Yield.
#RWA #ValueInvesting #plasma $XPL