The public sale of Plasma's $XPL just concluded, and the final subscription amount surprised the entire market — over $373 million. What does this imply? A 7x oversubscription. This is not just a number to talk about; it’s the result of real investors voting with their money.

What’s even more impressive is coming next. The Plasma mainnet Beta version is now live, launching directly with a TVL of $1 billion in stablecoins. You read that right — locking in this scale at mainnet launch is rare in blockchain history. How rare? Plasma has become the fastest protocol to break through the $1 billion TVL mark.

From a data perspective, Plasma has now become the second-largest on-chain lending market globally. What does this mean? The importance of stablecoin liquidity is becoming increasingly clear. Whether developers or those looking to build new financial models with stablecoins, they are starting to take this chain seriously.

Even more interesting is Plasma’s performance in the DeFi sector. Among all markets in Aave v3, Plasma’s stablecoin supply-demand ratio is the highest — meaning the supply side is the healthiest. This level of efficiency is among the top in the industry. Looking at the lending giants like Aave and Curve, which have deployments on Plasma, this in itself is a form of recognition.

Putting this data together, what does it reflect? Whether a new public chain can truly compete with existing top players depends largely on the depth and efficiency of DeFi. Plasma’s current trajectory looks quite solid.