I only see one key point in this XPL "hot topic": the cross-chain gateway is finally functioning as a gateway! Guys, the most valuable information I saw from @plasma today wasn't the "new narrative," but the integration with NEAR Intents on January 23rd: bringing $XPL/USDT0 into the "chain abstraction's" liquidity pool essentially changes the user's first step from "learning about bridges first, then routing" to "directly exchanging for the asset you want." In short, a smoother gateway is essential before discussing usage density. However, I also have to pour some cold water: on-chain data isn't all hype. Plasma's stablecoin market capitalization on DefiLlama is approximately $1.922 billion, and Bridged TVL is approximately $7.057 billion—a considerable market. However, the 7-day DEX trading volume has plummeted (weekly change -70%), indicating that "money is there, but transactions aren't necessarily happening." It's likely that deposit-type funds account for a high proportion, while real payment and currency exchange demand is still adjusting. In terms of price, $XPL is currently around $0.12, with a decent 24-hour trading volume. However, if this volume is largely driven by "hot topics," then we need to look at two things: 1) Can the cross-chain currency exchange enabled by Intents boost DEX volume and fees? 2) Can the zero-fee USDT experience be leveraged for real-world merchant/payment transactions rather than just a one-off event? My own attitude towards XPL is simple: treat it as an engineering challenge—building a "stablecoin settlement chain"—not an emotional one. A good entry point is a plus; but the data needs to keep up, otherwise it's just a smoother "piggy bank." @Plasma $XPL {spot}(XPLUSDT) #plasma