Plasma has accumulated over $48B in settled stablecoin transaction volume, with no recorded security incidents, setting a benchmark for on-chain payment infrastructure's risk control performance.\nContinuously tracking the development trajectory of @Plasma and detailing the token economics and unlocking rhythm of $XPL , the ecological incentive ratio is high (40%+), aimed at driving merchant onboarding, developer tools, and real payment retention, rather than short-term volume manipulation. This judgment: compared to the resource dispersion of general-purpose public chains, Plasma will precisely direct incentives towards building a payment flywheel— the paymaster mechanism achieves zero Gas transfers for USDT, <1s confirmations, and EVM compatibility, which has attracted over 100 protocol integrations including Aave and Ethena, with on-chain stablecoin TVL consistently ranking in the top tier (recently around $3B level). Another popular discussion emphasizes the gas abstraction advantages brought by its Bitcoin-secured architecture and protocol-level paymaster, with actual tests showing that daily cross-border/small payments far exceed the experiences on the ETH mainnet and some L2s.\nHowever, it is necessary to rationally view the early centralization trade-offs (consensus and bridging dependencies) and the subsequent large-scale unlocking pressures (significant supply inflation in 2026), which are typical stage characteristics of high-growth payment infrastructure projects: prioritizing efficiency and compliance landing, followed by gradual decentralization.\nInvestment perspective suggestion: new entrants should test the network stability with small USDT transfers, focusing on the real daily active users and merchant growth metrics on-chain; medium to long-term holders can assess the value capture from staking $XPL for governance and potential deflation mechanisms (gas burn + income buyback). Plasma is not driven by short-term narratives but aims to be a long-term infrastructure player targeting the trillion-dollar stablecoin settlement market. In the payment sector, can Plasma's dedicated L1 positioning significantly erode the shares of Solana or Tron in the next 1-2 years? Welcome to discuss. #plasma $XPL