Flying Fish Analysis | How Plasma Will Achieve Breakthrough Growth in December

Recently, the crypto community has been buzzing about the development dynamics of Plasma. Feiyu delved into its latest research report and discovered that this project is rewriting market perceptions with data. Unlike most public chains that rely on subsidies to pile up, Plasma has chosen a more challenging path—significantly reducing incentive expenditures while core metrics instead soar against the trend. What is the logic behind this?

Breaking Free from Incentive Traps: Plasma’s True Growth Data

Traditional public chains often fall into the vicious cycle of “high subsidies maintaining false prosperity,” with data looking good but unsustainable. Feiyu noticed that Plasma has taken the completely opposite route: incentive spending has plummeted by 95%, yet TVL remains steady at $5.3 billion. What does this indicate? Ecosystem funds haven’t fled; instead, daily active users depositing and withdrawing on CEXs have surged tenfold.

Behind this contrast is Plasma’s collaboration with over 30 exchanges, utilizing ultra-low fees of $0.001 and high-quality deposit and withdrawal experiences to gradually shift liquidity from speculative to real payment needs. Data doesn’t lie—genuine user activity and payment frequency are increasing, which is a healthy sign for the ecosystem.

Entering the Payment Track: Plasma One’s Cross-Industry Breakthrough

Payments have always been the ultimate application scenario in the crypto ecosystem, but they are also the most challenging. Plasma One’s approach is quite noteworthy: its internal Beta version has been tested in 15 countries, with real daily transaction data used to optimize bank connectivity at the foundational level. This is solid groundwork.

The key difference is that Plasma hasn’t taken the shortcut of “wrapping bank cards,” but instead has chosen a heavy-asset model—integrating global compliant licenses and banking networks. This path may have fewer promotional gimmicks in the short term, but it is essential for bridging the gap between crypto and fiat, enabling seamless stablecoin payments. Feiyu believes that building this modular payment infrastructure is the true guarantee for large-scale application deployment in the future.

XPL Value Reconfiguration: From Infrastructure to Payment Hub

From a top-level architecture perspective, the Plasma Foundation controls the development entity, clearly positioning XPL as the core of ecosystem value. As Q1 validators decentralize and privacy primitives are implemented, the relationship between XPL and the ecosystem will deepen further, and legal ambiguities will be clarified.

By 2026, Plasma’s key task is to make XPL the value core of institutional-grade payment networks, rather than just infrastructure. This means that from protocol to application layer, XPL needs to truly carry traffic and transaction value. Feiyu believes that once this positioning is clarified and implemented, market perception of Plasma will undergo a genuine transformation.