In the current era of homogenized competition in the public blockchain sector of the cryptocurrency industry, @undefined has carved out a highly differentiated development path with its precise positioning as a "stablecoin native Layer1," becoming a core builder of global stablecoin payment infrastructure. As the ecosystem's native token, XPL connects the entire network's technical implementation, ecological construction, and value circulation, allowing stablecoins to truly return from being "speculative assets" to their "essence of payment." Since its mainnet launch on September 25, 2025, @undefined has demonstrated strong market explosive power, attracting over $2 billion in stablecoins within the first 24 hours, with XPL's market capitalization rapidly climbing to $2.4 billion and a price increase of over 50% on the launch day. Behind such achievements lies its deep technical cultivation and hard-core strength in addressing industry pain points.
On the technical level, the PlasmaBFT consensus mechanism created by @Plasma is a core competitive advantage. As an enhanced version of HotStuff BFT, it achieves sub-second transaction finality and over 1000 TPS high throughput, comparable to traditional payment networks such as Visa, perfectly adapting to high-frequency trading scenarios of stablecoins; at the same time, the execution layer built on Reth makes the network fully compatible with EVM, allowing Ethereum developers to seamlessly migrate smart contracts, and tools like MetaMask and Hardhat can be used directly, significantly lowering the threshold for ecological construction. The most disruptive innovation in the industry is its zero Gas fee transfer for USDT realized through the Paymaster system, allowing users to complete stablecoin transfers without holding $XPL , and they can choose from various tokens like USDC and DAI to pay Gas, completely solving the cumbersome experience of 'buying Gas tokens before transferring' in traditional public chains, making it easy for Web2 users to get started. This design has also garnered a large number of users in emerging markets with high stablecoin adoption rates, such as Africa and Latin America.
In addition, @undefined a trust-minimized Bitcoin cross-chain bridge has been built, which can mint native pBTC to bring BTC into the smart contract ecosystem, avoiding the risks of centralized wrapped tokens while enriching the types of ecological assets; on the security level, the network status commits to anchoring the Bitcoin blockchain, combined with the PoS staking mechanism, making XPL not only a payment token but also an important guarantee for network security—staking XPL as a validating node can earn block rewards, malicious behavior will face penalties, and token holders can also participate in ecological governance through staking, deeply binding the token value with network development.
Despite market volatility causing @undefined 's TVL to decline from its peak of $14 billion, $XPL 's price has also experienced adjustments, but the on-chain real data confirms the organic growth of the ecosystem: currently, the market capitalization of Plasma's stablecoin ecosystem reaches $1.919 billion, with USDT accounting for nearly 79% and showing positive growth over the last 30 days. The supply and borrowing rate of stablecoins on Aave V3 are as high as 92% and 97% respectively, maintaining a leading position in the industry, and zero-fee USDT transfers account for a significant proportion of the total transaction volume, with tens of millions of cumulative transactions and hundreds of thousands of unique addresses proving user recognition of @undefined 's payment system. More importantly, @undefined has received investments from top institutions such as Founders Fund and Bitfinex, and has backing from industry leaders like Peter Thiel and the CEO of Tether. The team is steadily advancing progressive decentralization and is also laying out privacy payment features, continuously improving infrastructure.
As a public chain that does not aim to be an 'Ethereum killer' and focuses solely on stablecoin payments, @undefined has always adhered to the original intention of 'making stablecoins become digital cash', while XPL is the core engine of this transformation. Its token economic design takes into account ecological incentives, network security, and long-term development, with 40% of the tokens allocated to ecological growth, unlocking over three years, providing sufficient financial support for ecological construction. As stablecoins become the infrastructure of the crypto industry, @undefined is reshaping the global stablecoin payment landscape through technological innovation and deep engagement in scenarios, while XPL will also release greater value potential as DeFi protocols continue to land within the ecology, and as merchant acquisition and cross-border remittance scenarios continue to expand. We are optimistic that @undefined will continue to be technology-based and scenario-driven, allowing stablecoin payments to truly achieve frictionless globalization, and we also hope that $XPL can grow alongside the ecosystem and become the core value token in the stablecoin track! #plasma
