The valuation of the Alpha project depends on whether it is expensive or not, and for @PlasmaFDN I am only worried about whether it is in the car. We can understand this from several contrasting perspectives. If a new stablecoin project emerges in the market, and the valuation is too low to support team operation and ecological construction, participants will have to repeatedly ask: where does its revenue come from? Can you survive? Is the valuation too high? Want to burn money? You'll have to touch PYUSD to see who can burn out the circle. From another perspective, if a new public chain project appears and the valuation is too low, it is most likely a RAAS cloud public chain, and the bridge may stop serving at any point, and the chain will be yellow; If the valuation is too high, it is easy to become Babylon and Berachain, except for the project party crying and saying sorry, but actually making money in their pockets and leaving nothing. If you like in-depth analysis, you can read Delphi's long research report, in fact, many core contents, as long as you substitute the context of the project's public information, you can also understand the strategic intent of Plasma. In a word, Plasma wants to take a piece of meat from the stablecoin pattern, squeeze the USDC market share, squeeze the share of USDT on TRON, and take back the USDT role precipitated in ETH to become an upgraded version of the OMNI chain's experience: it used to be expensive and slow, but now it is free and fast. The reality is also polarized: on the one hand, there is the hot listing of CCIP multi-chain infrastructure and CRCL built around USDC, and on the other hand, there is the non-US market served by USDT and Plasma, which cannot be listed, but can run out of the real scene. Take a look at a few recent examples: FDUSD "swapped" from BUSD to 4B and then fell to 1.3B, and Bn in the middle did not know how much it was subsidized; USDE is currently at 5.8B, eating up the rate market, and it is somewhat difficult all the way; Although USD1 reached 2.18B, 2B of which was supported by MGX's investment in Bn shares. To put it bluntly, this is more like a compromised product, and it really depends on the support of the scene, and we have to wait for the LPL of USD1 to be opened one day. You know, long-term migration from one stablecoin to another is difficult; But cross-chain migration is relatively simple, and the barrier to entry is much lower. Is that 500M valuation expensive? Is CRCL 31 knife expensive? Are you seeing ads for Plasma, or is it a pool of resources in the competitive landscape? 500M is the upper limit of the valuation in the pre-storage stage, and when it is opened in the future, 2B may just start, and the growth will really begin after the mainnet is launched. But the final state of all this depends largely on the inclination of resources and execution. After a year, how much Plasma can take up the USDT network will determine its long-term value. As for how to achieve this goal, that's a matter for the team. All we have to think about is whether we want to be in this car. Note: This content is only an expression of personal views and does not constitute any investment advice. The projects mentioned in this article are subject to uncertainties, and their valuation, development path, resource access and market share may be affected by a variety of factors, including but not limited to policy supervision, team execution, liquidity support and industry competition. The market changes rapidly, please evaluate the risks and make prudent decisions when participating in any project.