In the cryptocurrency ecosystem, 'Shandong School of Coin Circle' has become a unique phenomenological school. This concept originates from the Chinese internet community's metaphor for the official culture in Shandong province, emphasizing achieving goals in a concentrated power environment by speculating on the intentions of superiors, binding strong resources, excessively expressing loyalty, and skewing resources. In the coin circle, this logic is often reflected in how project parties understand the narrative preferences of exchange leaders (such as Sister One@Yi He or CZ@CZ ), using this to list coins, gain exposure, or share liquidity. A typical example is the meme coins on the BSC chain, which easily enter the Alpha pool by binding to Binance hotspots in a 'I'm here' style, rather than relying solely on technological innovation. This school is not derogatory but rather an ecological unspoken rule: in the fiercely competitive coin circle, pure builders often struggle to break through and need to combine 'upward management' to skew resources. The Plasma project, as a Layer 1 chain for stablecoin infrastructure, can be analyzed from this perspective. Does it embody the essence of Shandong School? Or does it lean more towards pragmatic construction? The following analysis will explore project background, strategy application, advantages and risks, and market prospects.
The Plasma project has a clear positioning: a Layer 1 blockchain designed specifically for stablecoin payments, a non-general-purpose public chain. Its core functions include instant transfers, low fees, and EVM compatibility, processing thousands of transactions per second, with a block time of less than 1 second. The most attractive feature is zero-fee USDT transfers, addressing pain points in cross-border payments and small transactions. The project is set to launch its mainnet beta in September 2025, initially attracting over $1 billion in stablecoin TVL, ranking among the top ten stablecoin chains. The token XPL is used for staking, governance, and optimizing yields, with an initial supply of 10 billion tokens and a circulating supply of about 1.8 billion. Backed by Tether, Bitfinex, Peter Thiel's Founders Fund, and institutions like DRW and Flow Traders, it has raised over $373 million, with the public sale oversubscribed by 7 times. As of February 2026, the TVL has dropped to about $1.8 billion, and the XPL price has fallen from a peak of $1.5 to around $0.1, a decrease of 95%. Recently, it integrated NEAR Intents to support large stablecoin cross-chain settlements and plans to activate the Bitcoin bridge to enhance DeFi efficiency.
From the perspective of cryptocurrency studies in Shandong, the Plasma project cleverly employs the strategy of "upward management." First, it precisely binds the narrative of stablecoin giants. Tether, as the issuer of USDT, has an annual trading volume exceeding $22 trillion, and Plasma directly integrates zero-fee USDT transfers, which is equivalent to "fishing head facing the main position"—pleasing the Tether ecosystem, avoiding competition for the same resources, and instead focusing on niche infrastructure. This is similar to how BSC projects understand Binance's intentions, overly expressing political correctness about "serving emerging markets for global payments." The project gained support from Binance Earn upon launch, with a subscription cap of $1 billion quickly filled, and it also collaborates with Aave, Pendle, and Ethena, having $2 billion in liquidity from Day 1. The public sale used the Sonar KYC platform, attracting $27.3 billion in commitments, far exceeding the $5 billion cap, demonstrating a clear understanding of the situation: not promoting memes, but using a compliance framework (such as AML monitoring in cooperation with Elliptic) to attract institutional funds. Additionally, Plasma One, as a stablecoin neobank, targets users in the Middle East and Asia who have difficulty obtaining US dollars, offering a 10% return and seamless cash-out, further binding global remittance demand.
This strategy brings clear advantages. Technically, the PlasmaBFT consensus is based on Fast HotStuff, ensuring efficient processing and avoiding congestion on PoS chains. Custom gas tokens can be paid with USDT, and the Bitcoin bridge enables non-custodial cross-chain operations, enhancing capital efficiency. In the market, stablecoins have become a trillion-dollar pillar, and Plasma avoids the noise of general chains, focusing on payment tracks. X posts show that users praise its "institutional-grade infrastructure," such as zero-fee transfers for overseas workers sending money home. Early ICO returns were 20-30 times, with staking APR reaching 150%, attracting both retail and institutional investors. Compared to Solana or TRON, Plasma's EVM compatibility makes it easy for developers to migrate, integrating over 100 DeFi protocols.
However, the risks are equally prominent. Shandong's study emphasizes resource sustainability, but the Plasma floating token is only 7.73%, and the TVL can be easily manipulated by large holders. Events unlocking in 2026 (such as US investors unlocking 2.5 billion in July and the team unlocking in September) may intensify selling pressure. Regulatory winds are changing, with the US SEC putting pressure on Tether, which may affect Plasma. The community has criticized the team for withdrawing liquidity, and the price crash reflects unstable market sentiment. Competition is fierce, with USDT transfers on TRON already having low fees, and breakthroughs rely on actual adoption rates (such as Rain card supporting 15 million merchants). If the subsidy model runs out, the TVL may decline further, and the project could become a "flash in the pan."
Overall, from the perspective of cryptocurrency studies in Shandong, this is not a purely speculative project, but a model that integrates construction and strategy. It seizes stablecoin payment shares by binding narratives from influential figures and expressing compliance, but success depends on execution and regulatory environment. If the TVL exceeds 10 billion and XPL stabilizes above $0.5 in the future, it may become a beneficiary of the stablecoin cycle. The cryptocurrency ecosystem is dualistic: Shandong studies facilitate the start, building for the long term. Investors should be cautious and pay attention to mainnet stability and ecological growth.
