Brothers, $XPL opened at $1.68 when the mainnet launched last September, and now it has fallen to around $0.14, a decline of over 91%. Those who entered at high prices have indeed been squeezed tightly.

But this isn’t so simple. Looking back through history, the project team’s operational style in the crypto space is actually quite rare for being steady—no pump-and-dump to cut leeks, but rather continuous airdrops and support. Early on, a $10,000 investment could get you a 1,000 U airdrop, and on-chain operations could easily earn you thousands of dollars worth of tokens. Tasks on Galxe, Sonar verification, holding tokens for airdrops—all were widely available, and early participants basically reaped the benefits. Recently, they announced a new round of airdrops with 7 million tokens; interested parties can directly participate and grab the opportunity.

So why is the token price so miserable? Mainly because it can’t escape these three pitfalls:

**Supply Pressure**—The total supply is 10 billion tokens, with the circulating supply gradually unlocking from the initial 180 million. More large unlocks are coming, and the market simply can’t absorb it.

**Ecosystem Cooldown**—On-chain TVL once surged to over 7 billion in stablecoins, but after miners finished harvesting, they left, and TPS and active user numbers clearly declined.

**Market Environment**—By the end of 2025, the entire market is adjusting. The volatility of new tokens is amplified infinitely, and with staking features delayed, it’s a double whammy.

That said, the fundamental logic of the Plasma chain hasn’t changed: it’s an L1 focused on stablecoin payments—zero fees for USDT, sub-second confirmation, high concurrency, fully EVM compatible, and security anchored to Bitcoin. The on-chain stablecoin volume remains among the top. Once Plasma One (digital bank card + physical card product line) is truly implemented, its practicality will immediately soar. Globally, the stablecoin payment market is huge, especially in Southeast Asia and Latin America, where demand is right there.

In the short term, stabilizing sentiment through airdrops and task activities is key; in the long run, with a trillion-level track and top institutional support, the probability of $XPL rebounding is quite high. If it really takes off, many trapped investors will finally feel relieved.