2025-12-13 02:21:08

Plasma's throughput sits at just 0.2 transactions per second—essentially one block every five seconds. Yet somehow $600M in liquidity has flowed through major DeFi protocols on this network anyway. Pendle locked in pools through April 2026, and projects like Equilibria brought their restaking solutions aboard. The puzzle? The native token captures virtually nothing from all this activity. Value accrual mechanisms are basically nonexistent. Meanwhile, the price has tanked 82% from its peak. It's a textbook case of infrastructure deployment outpacing tokenomics design—plenty of real economic activity, but the token holders aren't benefiting from any of it.

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SybilSlayer

· 23h ago

Wow, the token side is directly crashing... Truly top-notch infrastructure capability, but the token economic design is utterly terrible. The tokens have already dropped 82%, yet people are still buying in. That shows how much they believe in the project itself. No matter how impressive the infrastructure is, without value capture, it's all pointless. This is a textbook example of the opposite. I'm not quite sure why, with so much liquidity, no one is cutting the tokens? How is Plasma still alive? I thought it had died long ago... That's why I never touch ecosystem tokens without a clear token economy.

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ChainDoctor

· 12-13 02:50

This is a typical case of building castles in the air to satisfy oneself, with an ecosystem but no token value. --- Wait, 600 million in liquidity but can't capture anything? How bad must the tokenomics be? --- The plasma design is really, with tokens everywhere and yet dead, ridiculous. --- Haha, infrastructure and tokenomics are completely disconnected. They earn happily but end up losing everything. --- Basically, it's just superficial; with an 82% drop, it's well-deserved. --- I just want to know who is still taking over such projects... --- The ecosystem is hot and all, but in the end, the benefits flow into others' wallets. Token holders are really the big fools. --- Isn't this a common Web3 tactic? Build the ecosystem first and then think about value capture. It's all too late.

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MevWhisperer

· 12-13 02:46

This is a typical case of infrastructure leading the way while token economics fall behind. --- $600 million in liquidity but can't even siphon off tokens from holders; this design is a bit ridiculous. --- No wonder it dropped 82%, it feels like doing nothing. --- Infrastructure is fine, but the problem is that the tokenomics designers never thought about how to make the token valuable. --- Looking at the activity level, it seems quite high, but in reality, the token is worthless; that's the most heartbreaking part. --- The story of Plasma is: infrastructure is booming, but the token mechanism is a failure. --- What were they thinking? They gave all the money to the protocol, and token holders got nothing. --- This is what we call "false prosperity"; the data looks good, but that's all. --- Another project that is a paradise for engineers and a hell for investors.

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GameFiCritic

· 12-13 02:38

This is just outrageous. A network with 0.2 TPS managed to attract 600M in liquidity, but the native token didn't get anything? It's a classic example of infrastructure being ahead of its time and poor token design dragging it down.

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DeFiChef

· 12-13 02:32

Typical infrastructure first, token design is disappointing.

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TokenStorm

· 12-13 02:22

Huh? 600 million in liquidity but only 0.2 TPS, the tokenomics design is ridiculous, token holders are just along for the ride --- On-chain data shows this is a typical case of overbuilding infrastructure and a collapsed distribution mechanism, with risk factors at maximum --- Pendle locking until 2026 still isn’t saving it, an 82% decline says it all, we’re all betting this is the bottom --- This is the real storm eye — liquidity without value capture, arbitrage opportunities have disappeared --- 600M in liquidity but can't sustain the token price, I see through it anyway, before going all-in, calculate the liquidation price first --- Miner fees are increasing faster than this token's value, hilarious --- Backtest the technicals, this pattern usually means turbulence ahead, but I’m already trapped in it

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StablecoinAnxiety

· 12-13 02:22

Six hundred billion in liquidity came in, but the token still dropped 82%. This tokenomics design is really brilliant. --- There's real activity but no token value capture, that's why I'm anxious. --- Wait, Plasma throughput is only 0.2 tps? How can six million be locked in? Investors must really not understand much. --- Infrastructure deployment is faster than tokenomics design, a classic case of putting the cart before the horse. How can the coin price not collapse? --- Pendle and these projects dare to come, with only 600M liquidity but unable to satisfy the native token. As a holder, I’m also worried. --- Basically no value capture mechanism... Isn't this just everyone engaging in real economic activity while my token has nothing to do with it? LOL. --- Another case of technological leadership but poor economic model. I've seen too many. --- A coin that has dropped 82% from its high still attracts liquidity, indicating that no one believes in the project's future.

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