There are two things that really annoy me.
First, it's about taking a taxi across cities. You see two routes on the map, but the driver insists on choosing the one that is deep red with traffic, calling it a 'reasonable route.' Second, when it comes to international transfers, the time the money spends on the road is enough for me to binge-watch an entire series, and the fees are clearly deducted, as if putting a price tag on my anxiety.
Until last month, a developer friend of mine mysteriously told me, 'Those issues you have can be solved by a newly built 'highway.' What he was talking about was Plasma.
At first, I was also confused. Blockchain? Isn't it just a rollercoaster for speculating on cryptocurrencies? What does it have to do with me scanning a code to buy coffee? My friend rolled his eyes and said, 'That's because you haven't used it in the right place. Plasma is different; it doesn't play games with you. It does one thing: it builds a dedicated lane for 'digital dollars' to travel on, allowing you to transfer money as quickly as sending a WeChat message, and there are no transaction fees!'
Zero fees? Is that true?
Yes, it's zero. I tried their testnet and transferred some USDT (you can think of it as digital dollars), and the Gas fee showed a big '0'. The official said this was achieved through the protocol layer's 'Gas sponsorship' mechanism. It feels like driving on the highway with someone else paying all your ETC bills. Why? Because their goal is not to collect your toll, but to encourage you to drive more on the road and invigorate the entire ecosystem.
This is a blessing for people like us who frequently have small amounts of foreign exchange coming in and going out or need to pay overseas contributors. Previously, $50 might end up being $45 after fees and exchange rate differences. Now, $50 is $50, not a penny less. This tangible saving impresses me more than any fancy concept.
Not just fast, it is an 'all-round performer'.
You think it only knows how to be 'free'? Then you underestimate it. I found that it’s also a 'water-fetching master':
User-friendly: You don't need to understand what XPL (its native token) is at all. Want to pay Gas fees with USDT? Sure, the system will automatically convert it for you without any markup. The barrier is so low that even your grandmother can use it.
Developer-friendly: It is fully compatible with the Ethereum Virtual Machine (EVM). What does this mean? Existing code and tools (like MetaMask, Hardhat) from Ethereum can be directly used. Developers don't have to learn a whole new set, so can the ecosystem not grow rapidly?
Respecting security: It has developed a consensus mechanism called PlasmaBFT, which claims to achieve sub-second finality. In plain language: transactions are settled in almost a second and cannot be rolled back. It also plans to create a trustless Bitcoin cross-chain bridge to leverage Bitcoin's security. When it comes to money, safety is always the top priority.
The ecosystem is being pieced together like Lego.
No matter how well a road is built, it won't work without gas stations, convenience stores, or service areas. Plasma's 'service area' is rapidly being constructed:
In collaboration with EtherFi: This large institution managing over $10 billion in assets has brought a $500 million funding pool into Plasma. It's like moving a giant bank's vault to the roadside, instantly filling liquidity.
Integrating NEAR Intents: This integration was just completed in January this year. It allows assets on Plasma to be directly exchanged with 125 different assets on over 25 other chains. Cross-chain has turned from 'complex customs' into 'one-click transfer'.
Real-world applications are growing: I see that digital banks like YuzuMoneyX are already using it as their underlying layer, locking up $70 million in value in just a few months. There’s also a corporate payment platform Confirmo that processes $80 million in payments every month, and it can now also use Plasma.
My observations and thoughts
Many people are still debating what the killer application of blockchain is. I think instead of dreaming up a genius application that overturns everything, it's better to perfect a very old, common, and pain-point-heavy need—'transfer payments'—like Plasma has done.
It didn't try to create a brand new currency, but embraced a stablecoin (USDT) that has been widely accepted by the market and then built exclusive infrastructure for it. This is a very pragmatic and smart strategy: standing on the shoulders of giants and paving the road beneath them.
Recently, I also noticed that there is a XPL creative incentive activity happening on Binance Square's CreatorPad, with a reward pool of 3.5 million XPL, ending on February 12. This is not just about giving away money, but encouraging the community to create content and add vitality to this road. A project that understands how to incentivize the community will have great vitality.
So, don't think that blockchain is only about speculation. At least, Plasma has shown me another possibility: a 'highway' is being paved to allow value to flow freely, cheaply, and quickly. And each of us might become the first 'drivers' on it. Next time when you feel pain over slow transfers and fees, perhaps you should consider if it's time to take a different road.
This road has already turned on the green light for you.
