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Why are U.S. stocks continually reaching new highs while Bitcoin remains so sluggish?
Today there are many people asking questions:
Why are U.S. stocks continually reaching new highs while Bitcoin remains so sluggish?
Whenever there is a divergence between the two, one side is always off.
Pay attention to these three charts until the end of November:
1️⃣ Short-term Treasury bill issuance - still exploding upwards.
The U.S. Treasury is crazily issuing short-term Treasury bills (T-Bills), currently exceeding $2.4 trillion.
Short-term bills are the government’s shortest term debt.
When issuance surges, it siphons cash from the money market and keeps front-end yields high.
This means liquidity is locked in the system rather than flowing to risk assets.
Why are U.S. stocks continually reaching new highs while Bitcoin remains so sluggish?
Whenever there is a divergence between the two, one side is always off.
Pay attention to these three charts until the end of November:
1️⃣ Short-term Treasury bill issuance - still exploding upwards.
The U.S. Treasury is crazily issuing short-term Treasury bills (T-Bills), currently exceeding $2.4 trillion.
Short-term bills are the government’s shortest term debt.
When issuance surges, it siphons cash from the money market and keeps front-end yields high.
This means liquidity is locked in the system rather than flowing to risk assets.
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Talk about the details of alpha score brushing. Many people are still stuck in the old ways of playing, but the old methods are no longer applicable.
Now, to gain more profit, you must brush the new coins with four times the points.
My account is 60,000 points in 10 days + 130,000 points in 5 days, a total of 275 points. The wear is about 160U. One airdrop has already returned it.
For beginners, I recommend a trading volume of 30,000 in 10 days + 60,000 in 5 days, which gives you 260 points in a month, with wear under 60U. Now, isn’t it nice that one airdrop can cover the cost?
Scoring tips: Find stable coins with large trading volumes. Use reverse limit orders to enter and exit quickly. Update iOS to the latest version, and for Android, use a computer to brush on the exchange.
Those with many accounts can play booster, with a low threshold and stable returns. The threshold is 61 points, and the wear of 1U is basically negligible. Monthly earnings are 100-200U, so those with less capital can do this.
Don't worry about the market being bad later, or there being no projects; alpha can at least be played until the end of November. The project schedule for Q4 is very full. The current competition is low, so when else would you get on board?
Now, to gain more profit, you must brush the new coins with four times the points.
My account is 60,000 points in 10 days + 130,000 points in 5 days, a total of 275 points. The wear is about 160U. One airdrop has already returned it.
For beginners, I recommend a trading volume of 30,000 in 10 days + 60,000 in 5 days, which gives you 260 points in a month, with wear under 60U. Now, isn’t it nice that one airdrop can cover the cost?
Scoring tips: Find stable coins with large trading volumes. Use reverse limit orders to enter and exit quickly. Update iOS to the latest version, and for Android, use a computer to brush on the exchange.
Those with many accounts can play booster, with a low threshold and stable returns. The threshold is 61 points, and the wear of 1U is basically negligible. Monthly earnings are 100-200U, so those with less capital can do this.
Don't worry about the market being bad later, or there being no projects; alpha can at least be played until the end of November. The project schedule for Q4 is very full. The current competition is low, so when else would you get on board?
Why are 90% of traders destined to lose?
Why are 90% of traders destined to lose? Because in the extremely volatile crypto market, your strongest opponent is not the market maker; human physiological instincts become the biggest obstacle to profit in the extremes of greed and fear.
In order to address the mismatch between personality and strategy, the first AI trading framework on the BNB chain, Calculus Finance (https://x.com/CalculusFinance), has launched the DBTI (Decentralized Behavioral Trading Index). DBTI deconstructs the on-chain trajectories of top global whales and genius traders through "inverse reinforcement learning," extracting 16 types of trading archetypes. It acts like a mirror, reflecting your natural advantages and risk blind spots in uncertain environments.
In order to address the mismatch between personality and strategy, the first AI trading framework on the BNB chain, Calculus Finance (https://x.com/CalculusFinance), has launched the DBTI (Decentralized Behavioral Trading Index). DBTI deconstructs the on-chain trajectories of top global whales and genius traders through "inverse reinforcement learning," extracting 16 types of trading archetypes. It acts like a mirror, reflecting your natural advantages and risk blind spots in uncertain environments.
What has changed in the notice on the disposal of virtual currencies by eight departments?
This article explains it clearly for you:
1. The official has formally included RWA in the category of severe crackdown.
2. It is strictly forbidden for any entity or individual, whether domestic or foreign, to issue RMB stablecoins.
The official did not announce a specific timetable for clearing existing stocks, but emphasized four lines: capital chain, information chain, platform access, and cross-border structure.
In translation, this means: not only is buying and selling not allowed, but even the breathing space must be sealed off.
This regulatory upgrade is not a simple repetition of old tunes, but a joint action by multiple ministries, conducting physical isolation from three dimensions: technology, capital, and publicity.
The direction is very clear:
Prioritize cutting off those attempting to package their activities as “compliance” through RWA and stablecoins.
If you tokenize your assets on-chain, I will directly classify it as illegal securities activities.
It is a comprehensive patch version of the “924 Notice” from 2021.
The chaos of virtual currencies began to be rectified in 2017, with bubbles and risks evolving continuously with technological advancements.
In February 2026, the regulatory authorities initiated a new round of full-chain clearing cycle targeting the chaos of RWA and cross-border stablecoins.
Compared to simply banning transactions, blocking access and funds is a more fundamental logic.
Previously, you monitored transactions, and everyone went to overseas platforms.
Now you monitor banks, internet credibility, and market supervision.
An abnormal bank account corresponds to a break in the capital chain.
A blocked internet access corresponds to a break in the information chain.
This is a typical all-dimensional blockade.
Why now move against RWA?
The answer is simple:
Illegal financial activities have started to don the vest of “compliance innovation.”
In the past year, there has been a surge of illegal financing disguised under the banner of RWA.
Project parties claim to tokenize real estate and debt rights, attempting to bypass securities laws.
Official classification:
The essence of tokenization of real-world assets is essentially suspected of illegal issuance of securities.
RWA business intermediary services and information technology services are all prohibited.
Thus, the government has chosen the point of entry that is most painful and easiest to “catch typical cases”: illegal stablecoins.
The eight departments issued documents, and the targets of the crackdown are highly concentrated:
Illegal inflow and outflow of funds, stablecoins pegged to the RMB, and domestic assets going abroad.
This means that in the Web3 and virtual currency fields, the government has already begun to personally step in, setting up a solid wall for financial security.
How strict it can be, is uncertain.
How long it can last, is also uncertain.
This article explains it clearly for you:
1. The official has formally included RWA in the category of severe crackdown.
2. It is strictly forbidden for any entity or individual, whether domestic or foreign, to issue RMB stablecoins.
The official did not announce a specific timetable for clearing existing stocks, but emphasized four lines: capital chain, information chain, platform access, and cross-border structure.
In translation, this means: not only is buying and selling not allowed, but even the breathing space must be sealed off.
This regulatory upgrade is not a simple repetition of old tunes, but a joint action by multiple ministries, conducting physical isolation from three dimensions: technology, capital, and publicity.
The direction is very clear:
Prioritize cutting off those attempting to package their activities as “compliance” through RWA and stablecoins.
If you tokenize your assets on-chain, I will directly classify it as illegal securities activities.
It is a comprehensive patch version of the “924 Notice” from 2021.
The chaos of virtual currencies began to be rectified in 2017, with bubbles and risks evolving continuously with technological advancements.
In February 2026, the regulatory authorities initiated a new round of full-chain clearing cycle targeting the chaos of RWA and cross-border stablecoins.
Compared to simply banning transactions, blocking access and funds is a more fundamental logic.
Previously, you monitored transactions, and everyone went to overseas platforms.
Now you monitor banks, internet credibility, and market supervision.
An abnormal bank account corresponds to a break in the capital chain.
A blocked internet access corresponds to a break in the information chain.
This is a typical all-dimensional blockade.
Why now move against RWA?
The answer is simple:
Illegal financial activities have started to don the vest of “compliance innovation.”
In the past year, there has been a surge of illegal financing disguised under the banner of RWA.
Project parties claim to tokenize real estate and debt rights, attempting to bypass securities laws.
Official classification:
The essence of tokenization of real-world assets is essentially suspected of illegal issuance of securities.
RWA business intermediary services and information technology services are all prohibited.
Thus, the government has chosen the point of entry that is most painful and easiest to “catch typical cases”: illegal stablecoins.
The eight departments issued documents, and the targets of the crackdown are highly concentrated:
Illegal inflow and outflow of funds, stablecoins pegged to the RMB, and domestic assets going abroad.
This means that in the Web3 and virtual currency fields, the government has already begun to personally step in, setting up a solid wall for financial security.
How strict it can be, is uncertain.
How long it can last, is also uncertain.
Poor Boss Yi, trapped in Ethereum, and cutting losses at the bottom!
Even the wealthiest big shots feel anxious when they're trapped.
Yesterday afternoon, Boss Yi deposited 73,589 ETH for sale at an average price of 2300, expecting a loss of 59 million USD; he still holds about 578,342 ETH, which, at the current price of 2346 USD, results in an unrealized loss of approximately 439 million USD.
Keep being bullish, next time it will be your turn to make a profit
$ETH
Even the wealthiest big shots feel anxious when they're trapped.
Yesterday afternoon, Boss Yi deposited 73,589 ETH for sale at an average price of 2300, expecting a loss of 59 million USD; he still holds about 578,342 ETH, which, at the current price of 2346 USD, results in an unrealized loss of approximately 439 million USD.
Keep being bullish, next time it will be your turn to make a profit
$ETH
Previously repeated advice to short-sellers to close positions for small profits in the morning and large profits in the evening. The bear market in cryptocurrency will begin in 2026. We are not blindly confident due to high buying and low selling in the past; everything is based on amateur investment research analysis. The repeated expectations of a bear market lately are meant to instill confidence and patience in everyone. There is a saying in bear markets: holding short positions is harder than making rebounds, due to the enormous volatility and 24-hour trading. It is difficult for normal people to manage long positions above 3000.
$ETH
$ETH
Boss Yi finally couldn't hold on any longer. Just now, he withdrew 100,000 ETH and then deposited it into Binance to pay off his debts.
Currently, he still has nearly 642,000 ETH on hand, with a floating loss of 400 million dollars.
It's better to pay off the debt sooner; if he continues to lose, even his father-in-law, the bank president, won't be able to take it anymore.
Trading is truly a brutal practice.
$ETH
Currently, he still has nearly 642,000 ETH on hand, with a floating loss of 400 million dollars.
It's better to pay off the debt sooner; if he continues to lose, even his father-in-law, the bank president, won't be able to take it anymore.
Trading is truly a brutal practice.
$ETH
Is it suitable to buy the dip for Bitcoin and Ethereum now?
I believe it is not, let me share my views and welcome discussion.
$BTC has fallen more than 15% from its recent high, currently hovering around $80,000; Ethereum is performing even weaker with an 8% single-day drop, currently struggling in the $2,500 range.
In the face of such a sharp decline, many retail investors' first reaction is: Is this a buying opportunity?
Buying at lows and waiting for a rebound seems like a classic strategy. But please pause and carefully examine the current market. Buying the dip now could be far more dangerous than you think.
The key issue at the moment is that the entire market's risk aversion sentiment is sharply increasing, and even traditional safe-haven assets have not been spared. Gold has fallen from its peak, with a single-day maximum drop close to 10%; silver has suffered the most severe decline, exceeding 30%.
When a universally recognized ultimate safe-haven asset like gold experiences such a significant pullback, the core narrative of “Bitcoin as digital gold” will inevitably be severely impacted. Institutions and large funds will not suddenly turn to the crypto market just because gold and silver are falling, as their position adjustments follow strict processes and cycles. The more realistic situation is that many retail investors who chased gold and silver at high prices have already been deeply trapped, and their accounts have significantly shrunk. When they urgently need to supplement margin gaps, the most easily liquidated assets are often the relatively weaker $BTC and $ETH.
The leverage in the crypto market is higher, and the liquidation mechanism is more sensitive. Safe-haven assets are facing indiscriminate selling, greatly amplifying the probability of declines. This current round of declines may not have reached the bottom yet.
More importantly, such extreme market conditions can cause profound psychological trauma. Those who just lost 30% on silver will not immediately turn around and embrace another asset class with greater volatility. They are more likely to choose to sell all their Bitcoin, or even temporarily or permanently leave the market. This exit will lead to a significant gap in buying power in the coming months, further intensifying downward pressure.
A 15% drop in gold is a clear warning, while a 30% drop in silver is a signal of amplified market panic. In such an environment, it is difficult for the most aggressive risk assets (Bitcoin and Ethereum) to stabilize first.
If you still want to buy the dip, you might as well ask yourself: When the most stable safe-haven assets are collapsing, what makes you think cryptocurrencies have already bottomed out?
I believe it is not, let me share my views and welcome discussion.
$BTC has fallen more than 15% from its recent high, currently hovering around $80,000; Ethereum is performing even weaker with an 8% single-day drop, currently struggling in the $2,500 range.
In the face of such a sharp decline, many retail investors' first reaction is: Is this a buying opportunity?
Buying at lows and waiting for a rebound seems like a classic strategy. But please pause and carefully examine the current market. Buying the dip now could be far more dangerous than you think.
The key issue at the moment is that the entire market's risk aversion sentiment is sharply increasing, and even traditional safe-haven assets have not been spared. Gold has fallen from its peak, with a single-day maximum drop close to 10%; silver has suffered the most severe decline, exceeding 30%.
When a universally recognized ultimate safe-haven asset like gold experiences such a significant pullback, the core narrative of “Bitcoin as digital gold” will inevitably be severely impacted. Institutions and large funds will not suddenly turn to the crypto market just because gold and silver are falling, as their position adjustments follow strict processes and cycles. The more realistic situation is that many retail investors who chased gold and silver at high prices have already been deeply trapped, and their accounts have significantly shrunk. When they urgently need to supplement margin gaps, the most easily liquidated assets are often the relatively weaker $BTC and $ETH.
The leverage in the crypto market is higher, and the liquidation mechanism is more sensitive. Safe-haven assets are facing indiscriminate selling, greatly amplifying the probability of declines. This current round of declines may not have reached the bottom yet.
More importantly, such extreme market conditions can cause profound psychological trauma. Those who just lost 30% on silver will not immediately turn around and embrace another asset class with greater volatility. They are more likely to choose to sell all their Bitcoin, or even temporarily or permanently leave the market. This exit will lead to a significant gap in buying power in the coming months, further intensifying downward pressure.
A 15% drop in gold is a clear warning, while a 30% drop in silver is a signal of amplified market panic. In such an environment, it is difficult for the most aggressive risk assets (Bitcoin and Ethereum) to stabilize first.
If you still want to buy the dip, you might as well ask yourself: When the most stable safe-haven assets are collapsing, what makes you think cryptocurrencies have already bottomed out?
Family, it's really a tough time! Yi Lihua has truly hit a wall this time!\n\nJust now, ETH dropped to $2542. I calculated for everyone that the losses of Trend Research under Yi Lihua are beyond severe; it's simply hemorrhaging!\n651,300 ETH, with an average cost price of around $3180. Originally, when the price was at $2600, he had already lost $378 million. Now that it has dropped to $2542, his current floating loss has directly surpassed $415 million!\n$415 million! Converted to RMB, it's about 3 billion! What's worse is that everyone knows he leveraged this situation by cyclically mortgaging on Aave. At this price, he’s probably just a step away from the liquidation line. If ETH can't hold on and drops further, once these 651,300 Ethereum trigger a chain liquidation, I really can't bear to watch that scene...\nAt this moment, it's best to stay calm and definitely don't catch falling knives. Whether Boss Yi can get through this is really uncertain!\nWhere do you think ETH will drop to this time? Let's discuss in the comments; if it really goes bankrupt, will we witness history?
If you look at MEET48 from the trading data, you will find that it has entered a very clear acceleration range.
The recently completed IDOL destruction event speaks for itself with on-chain results. In the second "MEET48 Best7" voting, the project team used 30% of the total voting revenue of 29 million IDOL for destruction, with approximately 8.7 million IDOL permanently removed.
More notably, this destruction is based on extremely strong usage intensity. During the event, the MEET48 dApp generated 619,000 transactions, 356,000 active addresses, and ranked first in 24-hour UAW across all chains in the BSC ecological social dApp, while also topping the 7-day BSC ecological UAW.
High activity → High transactions → High revenue → Destruction, the entire closed loop has been established.
MEET48 is using AI + Web3 to deeply embed fans into the entertainment economic structure, participating in content, voting, and transactions, while forming a continuous demand for IDOL in the process. This structure naturally benefits trading volume, making each activity have value recovery capability.
Looking ahead to the 2026 roadmap, the space for trading imagination is still expanding:
ParoAI and MEET48.ai enhance content production efficiency;
Auditions GO combines rhythm games with virtual idol cultivation to promote high-frequency interaction;
POChain provides on-chain rights confirmation for AIGC content, laying the foundation for future assetization and circulation.
When a project simultaneously possesses real usage data, sustained trading behavior, and a verifiable destruction mechanism, the market's focus tends to naturally shift to transaction volume and price elasticity.
$IDOL #IDOL
The recently completed IDOL destruction event speaks for itself with on-chain results. In the second "MEET48 Best7" voting, the project team used 30% of the total voting revenue of 29 million IDOL for destruction, with approximately 8.7 million IDOL permanently removed.
More notably, this destruction is based on extremely strong usage intensity. During the event, the MEET48 dApp generated 619,000 transactions, 356,000 active addresses, and ranked first in 24-hour UAW across all chains in the BSC ecological social dApp, while also topping the 7-day BSC ecological UAW.
High activity → High transactions → High revenue → Destruction, the entire closed loop has been established.
MEET48 is using AI + Web3 to deeply embed fans into the entertainment economic structure, participating in content, voting, and transactions, while forming a continuous demand for IDOL in the process. This structure naturally benefits trading volume, making each activity have value recovery capability.
Looking ahead to the 2026 roadmap, the space for trading imagination is still expanding:
ParoAI and MEET48.ai enhance content production efficiency;
Auditions GO combines rhythm games with virtual idol cultivation to promote high-frequency interaction;
POChain provides on-chain rights confirmation for AIGC content, laying the foundation for future assetization and circulation.
When a project simultaneously possesses real usage data, sustained trading behavior, and a verifiable destruction mechanism, the market's focus tends to naturally shift to transaction volume and price elasticity.
$IDOL #IDOL
I won't analyze anymore.
I only look at the results:
Aster is up ✔
BG is going up ✔
miniARTX official version is coming ✔
The price has pulled back from 0.14 to nearly 0.5 ✔
You tell me 'it's already gone up' about this market?
Then you really haven't experienced a full cycle yet.
$ARTX #Ultiland
I only look at the results:
Aster is up ✔
BG is going up ✔
miniARTX official version is coming ✔
The price has pulled back from 0.14 to nearly 0.5 ✔
You tell me 'it's already gone up' about this market?
Then you really haven't experienced a full cycle yet.
$ARTX #Ultiland
Plasma: The 'Visa Killer' of the Stablecoin Era?
I have always felt regret over the huge gap between traditional payment systems and the world of on-chain stablecoins: cross-border remittances can take days to arrive, fees are layered and exploitative, and interbank settlements are as inefficient as old pipelines, while the global stablecoin market has already exceeded $250 billion, yet is consistently hindered by the gas fees of general-purpose L1s, high latency, and non-native design bottlenecks. USDT and USDC, which should be the kings of digital dollars, often turn into a 'high-cost game' when transferred on Ethereum or other chains—users must hold native tokens to pay gas, cross-chain bridging carries high risks, and institutions are hesitant to release large transfers. Previous stablecoin payment solutions either relied on sidechains compromising security or gas fees consumed the entire meaning of small remittances, causing enterprises and individuals who genuinely want to use on-chain dollars for business to hesitate.
In the world of cryptocurrency, stablecoin payments are becoming a mainstream trend, and Plasma, as a Layer 1 blockchain specifically designed for stablecoins, is completely changing the way funds flow! It supports zero-fee transfers of USDT, sub-second finality, full EVM compatibility, and is anchored to Bitcoin security, making cross-border payments as instant and low-cost as sending a message.
The mainnet is now live, attracting over 2 billion in stablecoin liquidity, the DeFi ecosystem is rapidly growing, and XPL serves as the native token for network governance and validation rewards, with immense potential. Compared to the high gas fees of traditional chains, Plasma truly achieves "frictionless" payments, making it suitable for both retail and institutional users.
If you are looking for the next blockbuster stablecoin infrastructure, Plasma deserves significant attention! The core of future capital flows might be right here.
@Plasma $XPL #plasma
The mainnet is now live, attracting over 2 billion in stablecoin liquidity, the DeFi ecosystem is rapidly growing, and XPL serves as the native token for network governance and validation rewards, with immense potential. Compared to the high gas fees of traditional chains, Plasma truly achieves "frictionless" payments, making it suitable for both retail and institutional users.
If you are looking for the next blockbuster stablecoin infrastructure, Plasma deserves significant attention! The core of future capital flows might be right here.
@Plasma $XPL #plasma
AI x Crypto is mostly a shell,
$VANRY is a clear stream, truly solving the two major pain points of AI on-chain: "Can it run (performance)" and "How to land (practicality)".
Its core architecture (Neutron + Kayon) embeds AI natively into L1, with data compression of 500:1 directly on-chain, and Kayon enables smart contracts to infer compliance in real-time, outperforming traditional cloud solutions in practical tests.
-> Opening a new era of AI agents: on-chain memory never lost, PayFi + RWA seamlessly landed.
Additionally, the biggest pitfall of Web3 AI is "centralized dependency"; Vanar breaks through with decentralized inference + verifiable storage. It enables AI to truly be autonomous, auditable, and scalable.
-> Starting the flywheel: developers create smart assets -> users engage genuinely -> network value skyrockets.
$VANRY is very hardcore in technology and narrative: holding AI-native infrastructure in the left hand, controlling the next generation of financial intelligence in the right hand. After the coin, can it launch a "blood-sucking attack" in the AI + Web3 field? Worth looking forward to! @Vanar #Vanar
$VANRY is a clear stream, truly solving the two major pain points of AI on-chain: "Can it run (performance)" and "How to land (practicality)".
Its core architecture (Neutron + Kayon) embeds AI natively into L1, with data compression of 500:1 directly on-chain, and Kayon enables smart contracts to infer compliance in real-time, outperforming traditional cloud solutions in practical tests.
-> Opening a new era of AI agents: on-chain memory never lost, PayFi + RWA seamlessly landed.
Additionally, the biggest pitfall of Web3 AI is "centralized dependency"; Vanar breaks through with decentralized inference + verifiable storage. It enables AI to truly be autonomous, auditable, and scalable.
-> Starting the flywheel: developers create smart assets -> users engage genuinely -> network value skyrockets.
$VANRY is very hardcore in technology and narrative: holding AI-native infrastructure in the left hand, controlling the next generation of financial intelligence in the right hand. After the coin, can it launch a "blood-sucking attack" in the AI + Web3 field? Worth looking forward to! @Vanar #Vanar
The design of the Vanar Chain is actually quite practical, without too much flashiness:
First, ultra-low latency + predictable confirmation speed allow real-time interactive applications (games, live streaming metaverse, instant social) to completely break free from the fate of "lag equals death";
Second, the underlying system is built with NFT, digital collectibles, and cross-scene interaction logic, rather than waiting for dApps to piece together a bunch of external modules;
Third, it doesn't treat DeFi as the main battlefield, but focuses on the execution layer of "user satisfaction", putting the experience first.
In simple terms, it aims to make ordinary people feel like they are not using a chain when they use the chain. #vanar $VANRY @Vanar
First, ultra-low latency + predictable confirmation speed allow real-time interactive applications (games, live streaming metaverse, instant social) to completely break free from the fate of "lag equals death";
Second, the underlying system is built with NFT, digital collectibles, and cross-scene interaction logic, rather than waiting for dApps to piece together a bunch of external modules;
Third, it doesn't treat DeFi as the main battlefield, but focuses on the execution layer of "user satisfaction", putting the experience first.
In simple terms, it aims to make ordinary people feel like they are not using a chain when they use the chain. #vanar $VANRY @Vanar
Plasma: Prefer the Extreme, Do Not Compromise on Layer 2 Trade-off Philosophy
When it comes to Plasma, I quickly realized that it is fundamentally different from most Layer 2 scaling solutions. The goal of Plasma is not simply to pursue explosive growth in TPS, nor is it blindly compatible with all DeFi applications. From the very beginning, it set an extremely stringent boundary: to achieve extreme throughput and extremely low costs through a 'child chain tree' structure without sacrificing the security of the main chain. This sounds ambitious, but it also means that it must make some fundamental trade-offs, each of which profoundly defines its applicability and long-term fate. First, Plasma's trade-off on data availability is very clear. It moves almost all transaction data and computation off-chain, submitting only a minimal amount of commitments and state roots on the root chain. This allows child chains to achieve extremely high throughput, with transaction fees that can be close to negligible. But the cost is that the data itself is not publicly available on the main chain by default. Users must rely on child chain operators to honestly publish the data; otherwise, in the event of a dispute, they can only challenge it through fraud proofs. This means Plasma is very suitable for scenarios where 'ownership is clear,' such as simple payments and high-frequency value transfers, but once complex state changes are involved, it can easily fall into a deadlock of 'data unavailability'—users cannot independently verify history and find it challenging to exit safely. This trade-off directly determines Plasma's core value: it is designed for payment-grade, application-specific high-throughput scenarios, rather than a general-purpose computing platform. This is also why early Plasma was seen as 'the blockchain version of an off-chain Lightning Network,' but after the explosion of general DeFi and NFTs, it was quickly surpassed by the rollup camp. However, there is always a cost to technical trade-offs. Plasma's off-chain data model imposes significant limitations on generality and security assumptions. It is not suitable for dApps that require complex state interactions, nor is it appropriate for scenarios with extreme data availability requirements. Its exit mechanism is efficient under normal circumstances but can cause congestion and high gas costs in extreme situations. More importantly, users must actively monitor the child chain, or else there is a risk of losing funds. This is much harsher than the 'passive security' model of rollups and significantly worsens the development threshold and user experience. The second trade-off is its strategic choice regarding application scope. Plasma does not pursue 'one chain to rule them all,' but rather encourages the customization of child chains for specific use cases: payment chains, gaming chains, micropayment chains, private asset transfer chains, etc. It chooses a path that is 'narrow and specialized' instead of pursuing general EVM compatibility and massive dApp migration. This allows Plasma to achieve extreme optimization in certain verticals, but it also makes its ecological expansion seem very selective and slow. However, this focused strategy also brings a clear problem: it is difficult to generate widespread on-chain network effects. The target users of Plasma are more participants in specific scenarios, who face high migration costs, are extremely sensitive to security, and often prefer the already mature rollup ecosystem. This makes many Plasma implementations appear 'quiet' or 'niche,' but this does not mean failure; rather, its design philosophy inherently rejects the notion of 'mass celebration' growth. The third trade-off is its design logic regarding exit and security. Plasma relies on fraud proofs combined with periodic root submissions and user self-verification for exits, rather than enforcing correctness with validity proofs as in ZK-Rollups, nor does it use shorter challenge periods like Optimistic Rollups. It seeks to minimize the load on the main chain, but in doing so sacrifices exit speed and the passive security of users. In the worst case, users may need a longer challenge window and even face a 'mass exit bank run' type of gas war. This has been repeatedly criticized in early bear market discussions and has directly led the community to gradually shift towards rollups. In my view, these trade-offs reflect Plasma's core philosophy: it is better to solve specific high-throughput, low-cost problems to the extreme than to pursue a 'jack-of-all-trades' solution that covers all scenarios. It can support a truly massive volume of off-chain transactions but cannot easily accommodate DeFi, NFTs, or general smart contracts. It can reduce costs for certain vertical applications to near zero but cannot provide ordinary users with a 'no-brainer safety' experience. It can significantly lighten the burden on the main chain but cannot completely eliminate the trust assumptions regarding operators. These are all coherent logics, but they also explain why it appears 'outdated' in the rollup era and why external perceptions are not enthusiastic. In summary, Plasma's technical trade-offs tell us an important fact: it was not born for the general Layer 2 market but for the long-term needs of payment-grade, application-specific, high-throughput scenarios. It can address the throughput aspect of the scalability trilemma in extreme scenarios but cannot cover all pain points of data availability and general computing. Understanding what it 'cannot do' is, in fact, more important than blindly reminiscing about what it 'can do.' Only by recognizing these boundaries can we truly assess its historical value and potential for revival. In my view, this framework tests time the most and also tests the independent judgment of the analyst the most. It may not show its face in the rollup-dominated era, but once the market truly needs extremely low-cost vertical payment/settlement infrastructure, Plasma's intellectual legacy will once again become irreplaceable.
The current price fluctuates around $0.118-$0.125, down over 92% from the ATH of $1.68. Recently, after touching the low of $0.1146 on January 25, it rebounded slightly.
In terms of on-chain activity, the 24h trading volume is moderately high at $50M-$89M, with a decline of about 5-17% over the past 7 days, overall lacking strong direction. On-chain activities are mainly paid with stablecoins, with no-fee transfers of USDT and integrations (such as NEAR Intents, CoW Swap) driving slow growth in TVL, but the demand for XPL has not significantly converted, and the unlocking pressure continues to exist.
Overall, the price is consolidating at a low level, with support relying on accelerated on-chain adoption; otherwise, there is still a risk of further declines.
#plasma $XPL @Plasma
In terms of on-chain activity, the 24h trading volume is moderately high at $50M-$89M, with a decline of about 5-17% over the past 7 days, overall lacking strong direction. On-chain activities are mainly paid with stablecoins, with no-fee transfers of USDT and integrations (such as NEAR Intents, CoW Swap) driving slow growth in TVL, but the demand for XPL has not significantly converted, and the unlocking pressure continues to exist.
Overall, the price is consolidating at a low level, with support relying on accelerated on-chain adoption; otherwise, there is still a risk of further declines.
#plasma $XPL @Plasma
Plasma: A Layer 1 settlement infrastructure centered on stablecoin payments
Plasma is a Layer 1 blockchain designed from the ground up for high-frequency payments and settlements of stablecoins (especially USDT). Unlike general-purpose public blockchains, Plasma does not attempt to cover all narratives but instead focuses on a single goal: 'how to make stablecoins have efficiency and experience close to traditional payment networks on-chain.'
Its most differentiated feature is elevating stablecoin payments from 'application layer functionality' to 'protocol-level capability.' Through the built-in Paymaster mechanism, USDT transfers can be completed without the user holding native tokens, with Gas costs handled by the network in the background. This design essentially eliminates friction in stablecoin payments, making the transfer experience closer to Web2's instant settlement rather than traditional on-chain interactions.
Its most differentiated feature is elevating stablecoin payments from 'application layer functionality' to 'protocol-level capability.' Through the built-in Paymaster mechanism, USDT transfers can be completed without the user holding native tokens, with Gas costs handled by the network in the background. This design essentially eliminates friction in stablecoin payments, making the transfer experience closer to Web2's instant settlement rather than traditional on-chain interactions.
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