Plasma's launch is going to be interesting, especially for $XPL price action • Everyone that got into the token sale feels underexposed: most wanted 5-10x more allocation • Whales seeing it more as a stablecoin farm with an APR mindset might take profit straight away • Token sale participants will also get back the stables they locked, this time as USD₮ on @PlasmaFDN's mainnet, so a good part of the $1B deposited could rotate into $XPL • There’s also heavy interest from people who missed the sale and are sidelined • Ecosystem-wise, with Aavethena live on day one, $XPL joins the DeFi trifecta of $PENDLE, $AAVE, and $ENA, and the market has appetite for liquid tokens with strong fundamentals • Beyond DeFi basics like PTs or yield-bearing stablecoin looping, GTM around payments will be worth watching, while Plasma’s already taken the right steps to bridge CeFi and DeFi through the Binance’s USDT earn partnership • Narratively, it’s in prime position (stablecoins + blockchain - the two 'narrtives' with pmf) • 5% inflation for stakers in year one, while locked team/investor XPL can't get staking rewards, and Plasma base fees are permanently burned • ~18% of supply circulating day one, with an FDV of ~$3.4B → ~$612M market cap at launch (≈20x below $SUI) • A DAT for $XPL would also make tons of sense given it's narrative positioning The alt L1 trade might be back. Trillions