I have to say something that might not be very pleasant.

Look at how many "decentralized protocols" there are in this circle. Frankly, they are just replacing the form of power with a more respectable centralized method. On the surface, there are no bosses, no companies, no CEOs. But in reality? The upgrade rights are in the hands of a few, the pause rights are hidden in multi-signature wallets, and the authority to decide life or death is behind governance proposals.

So when I review projects now, I ask a very straightforward question: if someone wants to cause trouble in this system, who do they need to deal with? It is this question that makes me start to seriously examine Plasma and begin to dissect XPL.

**Fundamental Differences Between Plasma and Mainstream Solutions**

The difference is not in the technology but in the initial assumptions of the design.

Most current protocols assume this: participants are basically well-intentioned, nodes are willing to cooperate, and governance logic is rational. Sounds good? But frankly, this assumption might hold during bullish markets, but after running for a year or two, it will almost certainly break down.

Plasma's approach is the opposite. It starts from the question: what if someone wants to do evil? What if someone wants to slack off? What if someone gangs up? What if someone tests the boundaries of the rules? Based on these pessimistic but realistic assumptions, it does not rely on consensus mechanisms for system security but on processes and time.

It sounds inefficient—slow, cumbersome, and unappealing. But from another perspective, this is precisely the advantage—power is fragmented enough that no one can overturn the system single-handedly.

**What role does XPL play in this**

On the surface, XPL can easily be seen as just another incentive token for the system. But the deeper you look, the more you realize it functions more like a power price setter. Within the Plasma framework, every exercise of power must undergo time verification and process constraints, which essentially prices the power. The design logic of XPL revolves around this mechanism—it is not a reward tool but a concrete embodiment of the cost and checks of power.