#Plasma $XPL The @Plasma team often points to their "7 billion in stablecoin supply" as a sign of success, but the community is starting to ask: who is actually using this? If the TVL is so high, why is the $XPL token performance so abysmal compared to the broader market? In 2026, "Total Value Locked" has become a vanity metric that often hides a lack of real-world retail adoption. Most of the activity seems to be internal circular flows or institutional "testing" that provides zero value to the average $XPL holder.
Furthermore, the "gasless" narrative is a double-edged sword. If users don't need $XPL to pay for fees, what is the actual driver for token demand outside of pure speculation? The integration with NEAR Intents is a nice technical headline, but it hasn't translated into buy-pressure. We are seeing a dangerous trend where the protocol succeeds as a bridge for USDT, but the native token dies on the vine. We need @undefined to address the "vicious cycle" of selling pressure from airdrop recipients and early farmers. Without a drastic change in tokenomics or a massive burn of the 3.2 billion tokens allocated for "ecosystem growth," $XPL risks becoming another ghost chain token—technically sound but economically bankrupt. #plasma $XPL
