#plasma $XPL Today, I'm actually focusing on something that's "very unsexy but very real": how supply shocks are absorbed while on-chain. Because on January 25th, 88.89M XPL will be unlocked, representing over 4% of the released supply. This date (UTC 12:00) will likely shift the focus back to accounting. I browsed the on-chain dashboard: Plasma's current total value locked (TVL) is approximately 7.06B, Native's is 4.71B, and the stablecoin's market capitalization is approximately 1.919B. However, the on-chain 24-hour transaction fees are only $85, the 24-hour DEX trading volume is approximately 4.02 million, and the 7-day trading volume is 93.65 million, a 70% decrease compared to the previous period. These figures are somewhat "awkward but true": funds are on-chain, but the density of users truly willing to frequently pay and exchange has not yet driven the usage curve upward. In terms of price, XPL is currently around $0.13, with a circulating supply of 1.8 billion and a market capitalization exceeding $200 million. Therefore, whether the market will feel pressure from this unlock depends on whether the "new available tokens" can be captured by genuine demand, rather than relying on speculation. {future}(XPLUSDT)