As the initial variant of the Plasma ecosystem, Plasma MVP, due to its minimalist design, inherently lacks the infrastructure to support complex smart contracts. This limitation restricts it to small-value payment scenarios, hindering its expansion into diverse ecosystems such as DeFi and NFTs. One core reason lies in the fundamental conflict between its UTXO model and the account model of smart contracts. The core of the UTXO model is "transaction output equals asset," where a user's assets consist of a series of unspent transaction outputs, lacking the concept of "account balance" and only supporting the single operation of "transfer." Complex smart contracts, however, rely on an account model, tracking account state changes (such as balance, collateral ratio, and contract permissions) to achieve functions like lending, DEX trading, and staking. The UTXO model cannot record this complex state information, naturally failing to support the operation of smart contracts. Secondly, Plasma MVP's fraud proof mechanism is overly simplistic, only capable of handling basic fraud such as "double-spending" and "unauthorized transfers," unable to address the disputed scenarios of complex smart contracts. The execution of smart contracts involves multiple state transitions, each potentially vulnerable to vulnerabilities or malicious manipulation, requiring sophisticated dispute verification mechanisms. Plasma MVP's fraud proof only verifies the legality of transactions, not the logical correctness of contract execution. Forcing its implementation into smart contracts could lead to numerous unresolvable disputes, posing a risk to asset security. Furthermore, Plasma MVP's tree-like subchain architecture lacks state synchronization capabilities; different subchains can only perform simple asset transfers, failing to achieve cross-chain interaction of contract states, which limits the deployment of complex applications. Finally, Plasma MVP's scaling design sacrifices compatibility for efficiency, strictly limiting the number of verification nodes to reduce communication complexity and increase transaction throughput. However, complex smart contracts require a large number of nodes for verification to ensure the fairness of contract execution. A limited number of verification nodes leads to centralization risks, contradicting the core decentralized nature of smart contracts. In market practice, while Plasma MVP achieved a high number of payment transactions in 2024, its ecosystem gradually shrank due to its inability to support smart contracts, eventually being replaced by the more compatible Plasma Prime. This case also illustrates the development logic of blockchain technology: while minimalist designs can lead to rapid deployment, solutions lacking compatibility are unlikely to stand the test of time. @Plasma #Plasma $XPL

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