Honestly, I have some mixed feelings about Plasma.

From the perspective of the crypto world, this thing is indeed unappealing—not sexy, not exciting, no FOMO, and no explosive narratives. In the crypto environment, this is basically a fatal flaw.

But from a different angle, using real-world logic to examine it, you'll find that it’s doing things most projects dare not attempt. That’s where my contradiction lies.

When I first seriously studied it, my immediate thought wasn’t excitement, but—"Will anyone really trade this?" It sounds trivial, but that’s the truth of the crypto world.

We often say to focus on technology, vision, and long-termism, but in reality, only one thing ever determines the price: whether people are willing to buy into this story. And Plasma’s story is slow, which is its biggest dilemma.

There’s a key assumption underlying Plasma: that in the future, stablecoins will become as common as today’s bank cards. If this assumption holds, it will be quite significant. If not, it will be awkward—because its very existence is almost entirely based on this premise. Right now, this premise is quite fragile.

Moreover, are you really using stablecoins now because they are convenient? Not really. The main reasons are: they are accepted on major exchanges, can move across platforms, can bypass restrictions, and can serve as a dollar substitute. These are all financial considerations, nothing else.