老晨

Brothers, stop lurking in the OTC group for those scraps of U!
Last night at the private club in Haikou, a few veterans from Jiangsu and Zhejiang with EF accounts said something that made my scalp tingle— the real game changer for Hainan's opening is not the duty-free luxury goods, but the creation of a financial vacuum zone for digital assets!
December 19, 2025, Hainan officially opens!
The whole internet is rushing for duty-free iPhones and snatching discounted bags, how naive! This is just a smokescreen for retail investors. The real big players have long been eyeing the offshore financial dividend of 'first-tier open, second-tier controlled', which is a super experimental field 50 times larger than Singapore!

In 2022, the cryptocurrency market is experiencing a chain reaction triggered by the collapse of FTX, with countless assets plummeting in response, and decentralized stablecoins have fallen into a crisis of trust. In such a dark moment, TRON DAO, under the announcement of Justin Sun, officially launched the decentralized stablecoin USDD, attempting to find certainty amidst the chaos.

But this road has been thorny from the very beginning. Just six months after launch, affected by market panic, the price of USDD once fell below 0.97 USD, and the decoupling crisis pushed this nascent project into the spotlight. Voices of doubt flooded in: "Can decentralized stablecoins really escape the death spiral?" "Without centralized backing, why should people trust it?"

An increasing number of DeFi protocols, market makers, and cross-chain aggregators are launching infrastructure built for their zkEVM. But this is not just about pursuing a higher TVL. The real goal is to establish a smarter, more sustainable liquidity foundation—one that can actually sustain and keep the entire ecosystem running smoothly for years. As Linea grows, its liquidity becomes the engine driving lending, trading, staking, bridging, and the integration of real assets, all with low slippage and stable returns. An important part of this progress comes from deep multi-asset liquidity pools. Automated market makers, decentralized exchanges, and stable swaps are redesigning their pools to reduce fragmentation and make exchanges between assets more efficient. Concentrated liquidity, dynamic fees, and smart rebalancing keep things stable, even as market volatility increases. For traders, this means better prices. For liquidity providers, returns are more predictable. As automated strategies kick in, passive investors are drawn in, further enhancing Linea's liquidity foundation. Cross-chain liquidity is another significant change. Bridges, routing layers, and full-chain protocols make it easy to bring in assets from Ethereum, other scaling chains, and even non-EVM chains. Tokens can move between networks seamlessly with minimal risk. This expands the variety of assets on Linea and unlocks new possibilities for developers—multi-chain applications can leverage large shared liquidity pools. With bridging costs continually decreasing, Linea is becoming an important hub for liquidity movement. Institutional liquidity is also beginning to enter the market. When institutions tokenize assets—think of real assets, government bonds, cash equivalents—and deploy them on Linea, they bring stable and substantial capital. These assets help stabilize returns and attract long-term funds that won't disappear with the next hype cycle. As decentralized finance protocols begin to use real assets as collateral, Linea's liquidity layer becomes more robust, able to withstand larger market fluctuations. Linea has also changed in handling liquidity incentives. Instead of chasing short-term yield farming, the focus is shifting to incentivizing true, lasting liquidity. Things like protocol-owned liquidity, LP bonding, and ecosystem partnerships are emerging, aimed at encouraging long-term capital. This means reducing short-term TVL spikes and building a more stable foundation. Putting all of this together, Linea's liquidity layer is rapidly evolving. By combining decentralized finance innovation, institutional capital, and seamless cross-chain liquidity, Linea is laying the groundwork for truly high-performance Web3 applications.

@Plasma #Plasma $XPL L XPL0.2117+8.56% Over the past two years, the rhythm of the L2 war has increasingly resembled a 'giant internal competition game'. Each chain is discussing performance, cost, and ecological expansion, but the stories are becoming similar, and the narrative is gradually weakening. Until #Plasma was brought back to the forefront—a technology route once misunderstood by the times and reshuffled by rollups, now back in the spotlight. I want to write this article because the Ethereum scaling landscape of 2025 is undergoing a true watershed moment: those who can genuinely navigate the triangle of 'decentralization + security + infinite scalability' will qualify to become the next trillion-dollar value chain's foundation. Plasma stands at this critical point. 1. The narrative returns to the origin: Why will Plasma suddenly be 'revived' in 2025? In the crypto industry, narratives are never linear; they are more like a forgotten melody that will resonate again when conditions are met. Plasma was initially proposed by Vitalik and Joseph Poon, and the core logic is quite simple: keep more data off-chain while retaining final security on Ethereum. However, at that time, the industry lacked mature proof systems, cross-chain messaging standards, and a general validator market, and there was no complete Ethereum data availability layer as we have now. The original sin of Plasma is not 'technology,' but the 'era did not provide it with enough resources'. Why will it explode again in 2025? Because three things happened: Ethereum data costs were pushed up by rollups, DA (data availability) has become the most expensive cost structure, making data compression more urgent than execution compression. Zero-knowledge proofs have sunk to the 'commodification stage', with ZK costs dropping from the million range to the thousand range, and the past most difficult 'exit fraud problem' of Plasma has been solved by new proof systems. The L2 ecosystem has entered a phase of declining returns, requiring a new narrative breakthrough. OP and ZK-Rollups have already become 'what you can do, I can do too,' lacking structural differentiation. At this point, the value of Plasma has been amplified again: it is the only scaling route that fundamentally 'does not rely on Ethereum's data pressure'. In other words, the more expensive rollups become, the more appealing Plasma is. 2. Technical context: Plasma is not just a simple 'old technology reheating', but a structure redefined by the era. 1. The technical core of Plasma = off-chain storage + on-chain commitment + verifiable exit (fraud-proof or zk-proof). It relies on three key components: Merkle commit (state commitment), Exit Game (exit mechanism), Fraud proof / ZK proof (proof that user assets have not been maliciously altered). To simplify: users do not need to place all transaction data on Ethereum; they only need to submit proof when necessary. Once the operator acts maliciously, users can initiate an exit to reclaim their assets. This leads to a completely different cost structure: rollup: every piece of data must go on-chain → costs rise linearly with traffic Plasma: data does not go on-chain, only hash → costs remain unchanged with traffic. You will find that this is a 'reverse trend' in traffic structure compared to the times. It does not compress execution but directly reduces 'on-chain data'. 2. The new generation of Plasma = old route + ZK transformation + advanced messaging layer + unified verification market with higher data independence and lower cost of proof generation with high throughput execution layer and safer exit verification standardized inter-chain communication and modular deployable sub-chain systems. In other words, the new generation of Plasma is no longer the Plasma of 2018; it resembles a performance monster with 'off-chain execution + zk security + modular ecosystem'. If rollups are 'compression algorithms for on-chain data', Plasma is 'structural optimization that thoroughly reduces on-chain data requirements'. This is not competition in the same dimension. 3. Data: A comprehensive comparison of Plasma's economic model, performance, and costs state size and on-chain load OP/ZK Rollup: all transaction data must go on-chain, DA costs account for 70%-90% of total costs Plasma: only need to submit state root, no complete transaction data data reduction ≈ 99.9%. This means that there is almost no coupling between Plasma's TPS and on-chain load. The lower the cost, the more the economic system can support large-scale on-chain applications, including: high-frequency trading, DEX, games and chain game economies, SocialFi relationship graphs, AI Agent real-time calls. These costs are relatively high in rollups, but are naturally adapted in Plasma. 3. Security and exit mechanism Plasma's security model will be completely upgraded in 2025: introducing ZK proofs simplifies the exit game, significantly shortening exit times, and mechanisms such as 'batch exits' and 'constrained exits' reduce user operation complexity. From experience, the current security level of Plasma is already close to or even equal to that of zkRollups. 4. Ecosystem: Why are developers starting to embrace Plasma again? Developers in 2025 have a clear trend: a desire for a 'stronger sovereignty' execution layer. Although rollups are powerful, they have two pain points: uncontrollable costs of data on-chain and execution layers constrained by the rollup framework itself. Plasma precisely provides developers with an alternative path: to build complex applications that enable 'off-chain execution but with strong security guarantees', allowing games, AI, and real-time systems not to be constrained by Ethereum's DA costs, permitting sub-chain ecosystems to horizontally expand like the internet, and accommodating a larger scale of users than rollups. More critically, Plasma's ecosystem chains can form a 'super cluster' with the lowest data and the highest throughput. This is a completely different ecological architecture from rollups. 5. The long-term value of Plasma: Why might it become the 'internet-level scaling layer' of the future? After researching the Plasma technology route, I increasingly come to a clear conclusion: if rollups are about improving highway efficiency, then Plasma is about directly expanding new continents. The long-term value of Plasma is reflected in three points: 1. Infinite scalable execution space. Since it does not rely on Ethereum's DA, Plasma can be deployed as: countless application chains, super large-scale gaming chains, high throughput AI agent chains, and transaction chains with extremely high traffic density, unaffected by Ethereum's data bottleneck. 2. A cost structure more suited for large-scale users. If blockchain really needs to support 1 billion people in the future, it certainly won't rely on the 'data on-chain model'. Plasma's lightweight proof path is more suited for real user scales. 3. It may be the only architecture that can support 'Web3 super apps' because of: high throughput, ultra-low costs, strong sovereignty, and sub-chains that can horizontally scale. These are not the short-term capabilities of rollups. Plasma is more like the 'internet TCP/IP layer' of blockchain, a set of infinitely scalable infrastructure systems. I want to say something that may not be 'correct': Rollups are not the ultimate answer for Ethereum's scaling; Plasma may be. The reason is very simple: Rollups still depend on Ethereum's data, and Ethereum's data costs can never infinitely decrease. As long as DA has bottlenecks, there will be no infinite scaling. The path provided by Plasma is to circumvent DA costs fundamentally, addressing higher-dimensional problems in a lower-dimensional way. It is not a substitute for rollups; it is the 'foundation of the new generation of chains'. If 2023-2024 is the era of rollups, then I believe 2025-2027 will be the era of new Plasma. We are approaching what a truly large-scale distributed system should look like for the first time. When you see more and more high-frequency applications, blockbuster chain games, and AI Agent ecosystems beginning to choose Plasma, you will understand: this path has never been eliminated; it has just waited for the blockchain world to mature enough to accommodate it. The narrative of Plasma is not a return but an upgrade. It is not a revival but an evolution. It is not a replacement for rollups but a completion of the missing dimension of scaling. If I were to give the market a judgment—Plasma will become the most unexpected yet explosive dark horse narrative in the L2 sector of the next cycle. And now happens to be its starting point.