Exploding news late at night! $XPL user base skyrocketed 5x, but on-chain daily earnings are only $168 — is this growth a pie or a trap?

Brother, have you heard? There's a project called Plasma that launched a stablecoin payment card, and its user count is skyrocketing. In March only a few hundred people were using it, now active cardholders are close to 15k, deposits soared from under $1 million to $14.5 million, and daily card spending jumped from less than $5,000 to $400k.

Looks impressive, right? But stay calm. Market analysis points out that the median daily on-chain fee for this $XPL token is currently only $168, and on the worst days it's under $100. Token burns are pitifully low; even the peak day on June 25th only burned 6,900 tokens, worth $650. In contrast, token rewards are being distributed steadily, dumping $120k to $240k every week.

Don't rush. The Plasma team played the "lock-up for membership" card, with three tiers: Lite, Core, and Platinum. Want to upgrade to Platinum? Just lock up $XPL, no fee required. Now there are over 400 Platinum members alone, locking up 40 million tokens, which is equivalent to $3.6 million in demand at market price. This lock-up directly offsets the selling pressure from rewards — 40 million tokens locked equals 15 to 29 weeks of total rewards.

But the real bombshell comes in three months. Currently only 25% of tokens are in circulation, with the team and institutions holding 50% of the total supply, set to unlock soon. Market observers bluntly say: high incentives, low circulation, large future unlocks — historical patterns show that once growth slows, prices are easily crushed.

Founder Paul Faecks is quite shrewd. Last year he had the foundation fully acquire the operating company's equity, meaning future product profits will no longer be distributed to shareholders but will flow directly back to $XPL holders. In theory, this structure is cleaner than most projects, but the premise is that Plasma One really becomes a hit. Compare to TRON? TRON collects $1 million in daily fees steadily, but it doesn't have its own consumer banking app. Plasma's direction is not to be a transfer channel, but a "digital bank" on stablecoins — zero-gas transfers, one-stop financial gateway.

Now ask yourself: Do you believe the 40 million locked tokens can withstand the massive unlock three months later, or do you think user growth is just the prelude to retail investors getting rekt? The data doesn't lie: 86k cumulative transactions generated only $210k in fees, but cashback rewards paid out $350k. Short-term subsidies bring new users, but what retains them long-term? Membership lock-ups, application economics, network activity — if these three wheels don't spin, $XPL is just a sports car with no gas. #Plasma $XPL @plasma

Follow me: Get more real-time crypto market analysis and insights! $BTC $ETH $SOL

#0成本拿2股SK海力士 #Gate completes dividend distribution for 141 stocks #PredictWorldCupFranceVSSweden