吴说获悉，据 CryptoRank 统计，2025 年的 Top10 代币销售：Pumpfun - 6 亿美元、WLFI - 5.5 亿美元、 Monad - 2.17 亿美元、MegaETH - 7,800 万美元、Aztec – 5,200 万美元、Plasma – 5,000 万美元、Gensyn -1,600 万美元、Solayer – 1,050 万美元、Sahara AI – 850 万美元和 Lombard – 670 万美元。 （来源：吴说） ...

Coinbase announced that spot trading for Plasma (XPL) will go live on December 2, 2025, with the XPL-USD trading pair opening at or after 9 AM PT if liquidity conditions are met. ...

Core Insights - The value of loans on decentralized finance (DeFi) protocols surged 55% in Q3, reaching a record $41 billion, surpassing the previous peak in 2021 by over $4 billion [1] - A decisive shift is occurring from centralized lenders to transparent, automated onchain systems, with DeFi lending applications capturing over 50% of the $74 billion crypto-collateralized lending market, marking their largest share ever [2] Industry Developments - The new Plasma ecosystem, Aave's multi-chain expansion, and the resurgence of institutional platform Maple are identified as key drivers of the lending surge [2] - Traditional trading desks, funds, and corporates are re-entering the market as counterparty risk normalizes and reliable liquidity returns to top-tier borrowers, indicating a fundamental shift from the speculative credit boom of 2021 [3] Notable Performers - Plasma, a new blockchain from Tether's sister firm Bitfinex, has rapidly risen to become the eighth-largest blockchain by DeFi deposits, aiming to attract users from unstable local currencies [4] - Investors have borrowed over $3 billion on Plasma in the last five weeks, with Aave capturing nearly 70% of all borrows, making Plasma Aave's second-largest deployment [5] Market Strategies - Aave's v3 markets have seen significant expansion across new layer 2s, with investor deposits recovering as risk parameters were relaxed and demand for stablecoins and blue-chip collateral surged [7] - A basic looping strategy involves depositing a cryptocurrency and borrowing another asset against that deposit, which has contributed to Aave's resurgence after a period of stagnant growth [6]

I was promised Plasma going to trillions not making me homeless ...

Two years ago I was farming 60+ protocols across 10 chains.Some paid off like Etherfi and Kamino, while others flopped such as Stacks, Sei, Blast, and Injective.The era of spreading capital thin and hoping for big airdrops is (clearly) over.That makes life harder for smaller and less funded ecosystems.Before, they could launch points campaigns and attract liquidity and attention.Now they need real budgets for InfoFi platforms, KOLs campaigns on X, Echo/Legion/Kaito sales, and backdoor deals with 'vault mana ...

RT Token Terminal 📊 (@tokenterminal)🆕🚨 @Plasma's onchain financials are now live on the @binance app.Fundamentals are growing in importance. https://t.co/eiWFKOp2UM ...

🆕🚨 @Plasma's onchain financials are now live on the @binance app.Fundamentals are growing in importance. https://t.co/eiWFKOp2UM ...

Core Insights - Bitget Wallet has expanded its integration with the Plasma mainnet, allowing seamless cross-chain transfers and direct access to its DApp ecosystem [2][3] - The integration supports both same-chain and cross-chain swaps, enhancing user participation in stablecoin finance [3] - Plasma has become a leading chain for stablecoin applications, with over $7 billion in deposits across more than 25 stablecoin assets [4] Company Overview - Bitget Wallet is a self-custodial crypto wallet with over 80 million users, offering a comprehensive suite of crypto services including swaps, staking, and DApp exploration [6] - The wallet supports cross-chain swaps and transfers across 24 blockchains, positioning it as a robust cross-chain infrastructure [5] - Bitget Wallet is backed by a user protection fund exceeding $700 million, ensuring high security for users' assets [6]

Core Insights - In 2025, the crypto market transitioned into a data-defined era, with significant shifts in trading volumes and the emergence of new metrics to gauge market direction [1][2] Group 1: Market Trends - Centralized exchange (CEX) spot volumes decreased by 27.7%, while decentralized exchange (DEX) activity increased by 25.3% [1] - The number of crypto millionaires worldwide surpassed 240,000, indicating a growing wealth concentration in the crypto space [1] Group 2: Stablecoins - The total supply of stablecoins grew from approximately $200 billion to $305 billion in 2025, highlighting a shift towards deeper on-chain utility [3] - A Dune–Artemis report noted that total stablecoin supply rose 63% to $225 billion by February, processing $35 trillion in transfers [4] - USDC supply doubled to $56 billion, while USDT maintained $146 billion, and Ethena's USDe increased to $6.2 billion, reflecting a preference for yield-backed tokens [4][6] - Analysts recommend monitoring stablecoin velocity as a key metric for 2026, distinguishing between active usage and hoarding behavior [6] Group 3: Tokenized Real-World Assets (RWAs) - Tokenized RWAs saw a 224% increase year-to-date, driven by demand for US Treasuries and bonds [7] - BlackRock's BUIDL reached $2.2 billion, and private credit rose by 61% to $15.9 billion, indicating strong institutional interest in tokenized assets [7]

Core Insights - Tether has launched the Bitcoin sidechain Plasma to transform from a stablecoin issuer to a global trading infrastructure operator [1][3] - The early participants in the Plasma ecosystem include the decentralized exchange XBIT, which has integrated the network to offer trading pairs of USDT and pBTC [1][3] - The launch comes in the wake of the USDT crisis in early 2025, where the stablecoin's price fell below $0.9, leading to significant losses for investors [1][3] Group 1: Market Dynamics - USDT's circulating market cap has reached $170 billion, with annual transaction volumes surpassing those of PayPal and Visa combined [3] - Tether's profit model relies on a 3%-4% annual yield from reserve assets, primarily U.S. Treasury bonds, generating approximately $13 billion in annual profit [3] - The previous crisis was partly due to network congestion on Ethereum and Tron, which increased transaction costs and triggered forced liquidations [3] Group 2: Technological Innovations - Plasma employs a "robust optimization + precise compensation" strategy in its technical architecture, utilizing the PlasmaBFT consensus algorithm to reduce transaction confirmation times [4] - The application layer integrates account abstraction technology, allowing for zero-fee USDT transfers, addressing the core issues that led to the previous liquidation events [4][5] Group 3: Trust and Security Measures - Plasma introduces a decentralized validator network to enhance reserve transparency and security, ensuring that pBTC and USDT reserves are traceable [7] - The integration of LayerZero's OFT standard aims to mitigate liquidity fragmentation across chains, addressing lessons learned from the 2024 Tether regulatory investigation [7] Group 4: Risk Mitigation Strategies - Plasma One digital bank offers a 10% annual savings yield and 4% cashback to attract conservative investors, reducing the market's reliance on high-leverage contracts [8] - Collaborations with liquidity service providers like Bitfinex and Flow Traders aim to create deep liquidity pools, ensuring sufficient trading depth during extreme market conditions [8] - XBIT has upgraded its risk control system to monitor large USDT and pBTC transactions in real-time, adjusting leverage and liquidation thresholds to minimize the risk of future liquidations [8]