Tron under pressure: “Tether-Chain” Plasma with rocket launch

• Plasma has already reached impressive scale since its launch a few days ago. According to DeFiLlama, the total value locked (TVL) on the chain is already almost $5 billion.
• By comparison, Tron currently has a TVL of around $6 billion. This impressive start is primarily due to Plasma's launch with more than 100 DeFi integrations, including Aave, Ethena, Fluid, and Euler.
• The Layer 1 stablecoin is already the sixth-largest blockchain by TVL—behind Ethereum, Solana, Bitcoin, Binance Smart Chain, and Tron. Crypto giants such as Base, Arbitrum, Avalanche, and Sui have already been surpassed within just a few days.
• However, the two blockchains are still worlds apart in terms of stablecoin market capitalization. While Plasma's metric is almost $6 billion, Tron's is over $77 billion.
• The flagship product, Plasma One, is intended to be a stablecoin-native neobank and thus an app for using Tether's USDT in everyday payments. Due to the stablecoin giant's support, the project is also referred to by some as the “Tether Chain.” The XPL token acts as the native gas and staking token.
• Plasma's strong launch is fueled by its positioning as a Layer 1 for low-cost stablecoin payments. The team is touting zero fees for USDT transfers during the launch phase, EVM compatibility, and broad DeFi integration.
• The challenge to Justin Sun is clear: While Tron shines with massive USDT volume, Plasma counters with a payments narrative and Tether backing. The decisive factor will be whether the fresh capital stays on the chain sustainably.
• XPL initially fell to $0.74 after trading began, but has since nearly doubled in value. If you want to buy XPL, you can do so at Bitpanda, among others.

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Plasma | DeFiLlama