Stay calm and look at Plasma: when stablecoin settlements become 'infrastructure', volatility becomes unimportant.
During the market's panic sell-off, I focused on Plasma's on-chain data—USDT's daily settlement volume is still steadily rising.
This reveals a fact: for the funds that truly rely on it, price fluctuations are noise; the reliability of the settlement network is the real necessity.
Its strengths and weaknesses are equally clear:
Strengths: Zero Gas stablecoin transfers and native integration with top DeFi protocols have created an almost frictionless 'funding efficiency vacuum'. For institutions and strategic players, this is not an option, but the optimal solution.
Weaknesses (criticism): The ecological structure is singular, with TVL highly concentrated in lending protocols. This makes it more like an extremely powerful 'financial settlement dedicated line', rather than a prosperous general ecology. Once the base interest rate environment undergoes a drastic change, or alternative competing products emerge, its network effects will be put to the test.
The current market volatility is precisely testing its 'necessity color'. If capital outflow is far lower than in other ecosystems, it proves that its moat lies in its irreplaceable practical value, not in emotional speculation.
Therefore, my observation point is very simple: ignore short-term coin prices and closely monitor the trend of the real settlement volume of stablecoins on-chain. As long as this curve is upward, it is far from out of the game; if this curve flattens or turns downward, any technical narrative will lose its meaning.
