Plasma’s launch was one of the most anticipated events of 2025, and on the infrastructure side, it delivered flawlessly.
But the past few weeks show a chain struggling to convert perfect execution into sustained, organic demand.
@Plasma flows tell the story.
• TVL is down 35% from the peak.
• Daily active addresses collapsed 90%.
• Transactions are down 75%.
Every metric tied to real users shows unwinding, not growth.
Mercenary farmers left nothing.
$XPL is also down 87% from its $1.68 ATH, now trading around $0.22, despite maintaining deep liquidity across major exchanges.
The recent 88.9M token unlock added additional sell pressure, with larger cliffs still ahead into mid-2026.
None of this is unusual; it’s a classic post-incentive unwind.
Plus, the app layer is narrow.
@aave, @pendle_fi and @0xfluid account for 90% of TVL.
The "ecosystem" is a single carry trade replicated across protocols.
DEX volumes have vanished.
RWAs are effectively zero.
The one piece that still works? → Stablecoin infrastructure.
USDT flows remain consistent, market share is intact, and the operational layer hasn’t missed a beat. But without applications that generate organic activity, it’s just idle liquidity waiting for better yields.
At the moment, Plasma One – a neobank offering zero-fee USDT payments, a 4% cashback debit card, and 10%+ APY on stablecoin savings – is the standout consumer product.
Early traction sits in the 20k–30k monthly active user range across Latin America and Southeast Asia.
This is another proof:
You can have flawless infrastructure, top-tier backers, and every CEX listing, but if you can’t convert incentives into organic demand, the market will price that failure instantly.
XPL as a token needs a narrative, an application layer, and non-mercenary user retention before it becomes anything other than a short-term trading vehicle.
15,18 mil
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