#Plasm $XPL
$XPL has experienced a noticeable decline in active addresses compared to the surge seen in early 2025.
At first glance, that might look concerning. But what’s interesting is that TVL hasn’t dropped proportionally. Capital has remained relatively stable, suggesting that while speculative participation cooled, committed liquidity hasn’t exited in the same way.
Early activity was heavily driven by airdrop hunters and short-term incentives, a common pattern for new ecosystems. As those participants rotated out, usage normalized.
What we’re potentially seeing now is a transition phase: from incentive-driven spikes to more organic, utility-based growth. Lower noise, steadier capital, and infrastructure still intact, sometimes that’s exactly how a healthier foundation begins to form.
