Everyone’s asking whether Plasma is “dead” because price touched $0.082.
That’s a market conversation.
There’s another one happening that charts don’t show.
Roughly $2.8B in active DeFi liquidity still sits on Plasma. That capital didn’t arrive yesterday, and it didn’t leave when volatility hit. It was positioned months ago when major lending and liquidity protocols deployed markets on the network.
That behavior looks like infrastructure adoption, not speculative rotation.
Speculative liquidity chases incentives and narratives.
Infrastructure liquidity moves after operational testing, then stays, because leaving introduces friction.
Frictionless environments create liquidity stickiness. Capital persistence becomes a function of workflow integration, not yield differentials.
Most chains launch first and try to attract capital later. Plasma’s early lifecycle looked inverted. Significant liquidity arrived before attention did. That suggests deployment decisions were tied to settlement mechanics, not sentiment.
When a lending protocol expands to a new environment, the core question isn’t token performance. It’s whether execution, finality, and cost structure remain predictable under load. Liquidity follows stability.
Price reflects who is trading.
Liquidity placement reflects who is operating.
Different systems. Different signals.
One is volatile by design.
The other is path-dependent.
Watching which capital remains when attention leaves often says more about infrastructure viability than watching the chart.
