Plasma is a Layer-1 public chain focused on stablecoin payments, and it has recently gained quite a bit of attention. The core selling point of this chain is very clear—USDT transfers with zero Gas fees and infrastructure for stablecoin payments.

From a technical architecture perspective, Plasma adopts an improved version of the Fast HotStuff consensus mechanism, called PlasmaBFT. This system can achieve sub-second transaction confirmation times, with a target throughput of over 2000 TPS, and can tolerate up to 1/3 node failures. In the current public chain landscape, these performance metrics are quite competitive.

The most interesting design is its cross-chain security solution—trustless asset transfer via a Bitcoin cross-chain bridge. Plasma periodically submits state root hashes to the Bitcoin main chain, leveraging BTC network security to enhance its own trustworthiness. This approach is relatively rare among stablecoin payment chains.

Regarding Gas fee models, Plasma supports whitelist assets like XPL, USDT, BTC for direct Gas payments, with automatic exchange via oracles. In other words, users can pay transaction fees directly with stablecoins, making it especially friendly for payment scenarios—holding costs can be kept very low.

The ecosystem token XPL is mainly used for governance, validator node staking, and Gas fee payments. The project previously launched a token airdrop on a major exchange, attracting many users to participate. Currently, the exchange has listed multiple trading pairs, with good liquidity performance.

In terms of application focus, Plasma primarily targets zero-fee USDT transfers, making it particularly suitable for high-frequency, small-value payments. Its ecosystem revolves around payments, DeFi, and cross-chain functionalities, aiming to become the infrastructure layer for stablecoin settlement. Additionally, it is compatible with EVM standards, supports Solidity smart contract deployment, and has backing from Tether, all of which lower the barrier for ecosystem developers.

It’s important to note that Plasma is still a relatively new project with significant market volatility. Moreover, XPL uses an inflationary issuance model, so participants should be cautious with ecosystem incentives and avoid over-greed. However, considering the official endorsement and liquidity on exchanges, this chain’s technical direction has promising potential.