XPL has long been considered a "dead project" in the circle. After peeling back Plasma, I fell into self-doubt. This contrast forced me to reevaluate—Is the market undervaluing it, or is it a trap of oversaturated technology? The biggest obstacle to Web3 adoption is Gas fees, with countless users failing to transact due to insufficient ETH. However, Plasma's Paymaster mechanism directly enables zero-fee stablecoin transfers, allowing users to pay smoothly without understanding Gas or holding native tokens. This is the key to breaking the Web3 payment barrier and also what resonates with me the most. The on-the-ground data is even more impressive: Maple's SyrupUSDT lending pool TVL reaches $1.1 billion, backed by strong institutional recognition; Rain cards cover 150 million merchants, and Oobit has integrated with Visa for 100 million merchants, laying out a real-world consumption network. If zero Gas fees can be successfully implemented, traffic will surge exponentially. But there are obvious risks: While full EVM compatibility lowers developer barriers, it also leads to ecosystem homogenization. Currently, only transfers and lending are available, lacking innovative applications; the validator network is controlled by the team, lacking sufficient decentralization. This is always a looming sword—if community governance isn't gradually empowered, security anchoring becomes meaningless. Worth mentioning is compliance: @Plasma actively integrates euro stablecoins that conform to the MiCA framework, avoiding gray areas and complementing merchant deployment. Today, the divergence between low token prices and high institutional TVL may present opportunities, but it also requires a long wait. My feelings for Plasma are complex: I admire its technical dedication and security strategy, but I also realize that its future depends on breaking ecosystem monoculture and advancing decentralization. In a bear market, only real data like $1.1 billion TVL and zero-Gas transfers provide reliable confidence—this is no longer just about XPL's price fluctuations but also a touchstone for the Web3 feeless payment era. #plasma $XPL