Hashir 龙

La probabilità di un shutdown del governo degli Stati Uniti questa settimana è esplosa a quasi il 96%.

La settimana scorsa era solo intorno al 18%.

E questo rappresenta un serio rischio di liquidità per i mercati.

I democratici stanno dicendo che non lasceranno passare il progetto di legge sulla spesa finché queste richieste non saranno soddisfatte.

• Telecamere corporee obbligatorie per tutti gli agenti dell'immigrazione.
• Divieto dell'uso di maschere da parte degli agenti durante le operazioni.
• Fine delle "perlustrazioni mobili" e inasprimento dei requisiti per i mandati di ingresso nelle abitazioni.

I repubblicani hanno resistito a queste modifiche, sostenendo un forte controllo dell'immigrazione e difendendo le azioni degli agenti federali

If you scan crypto Twitter or check CoinMarketCap’s trending page on any given Tuesday, you will see the usual suspects: meme coins with dog logos, AI agents that shill themselves, and Layer 2 solutions promising to fix Ethereum’s fees for the fourth time. You will not, however, see Plasma XPL dominating the conversation. Not yet.

This is odd, on paper. Here is a Layer 1 blockchain that launched with over two billion dollars in total value locked—putting it in the top ten by liquidity on day one . It offers zero-fee USDT transfers, a feature that actually solves a real headache rather than just minting another governance token . It has Peter Thiel and Tether’s Paolo Ardoino as advisors . Its public sale was oversubscribed by more than three hundred million dollars . By every rational metric, XPL should be everywhere.

Instead, it is hovering around $1.08, up 95% on the week but oddly absent from the general frenzy . The trading volume is there—nearly two billion dollars in a day—but the heat feels contained, almost clinical . It is the silence before a storm, and that silence is entirely deliberate.

The Quiet Before the Unlock

Most crypto projects scream from day one because they have to. Their tokenomics are structured like a game of musical chairs: the team unlocks tokens in six months, VCs unlock in twelve, and everyone prays there is still liquidity left when the music stops. Plasma looked at that model and essentially did the opposite.

Forty percent of the XPL supply is allocated to ecosystem growth. That portion unlocks slowly over three years. The team and investors—including heavy hitters like Founder’s Fund and Framework—are also locked for three years, with only a third of team tokens releasing after the first twelve months . If the project stalls, their paper wealth evaporates entirely. There is no early exit ramp.

This changes the incentive structure fundamentally. When insiders cannot dump, they build. When marketing cannot be paid for by simply printing more tokens, the messaging must actually land. Plasma is not trending because it has not needed to trend yet. The token distribution is a time-release capsule, and the capsule is still sealed.

There is another layer to this, literally. U.S. buyers who participated in the public sale face a twelve-month lockup that does not end until July 2026 . Non-U.S. buyers, by contrast, could sell immediately upon mainnet launch. This created a fascinating divergence: American capital is locked inside the network, unable to exit but also unable to trade on the froth. It is patient money by force, and patient money tends to stay put when volatility hits.

The Frictionless Trap

Plasma’s core innovation is gas abstraction. You send USDT, you pay zero fees. The network settles the gas cost behind the scenes, and you never see a deduction . For the end user, it feels like magic. For the speculator, it feels like nothing at all.

This is the trap of useful infrastructure. When a blockchain is optimized for stablecoin transfers, it becomes invisible. You do not tweet about sending twenty dollars to a friend in Mexico any more than you tweet about sending an email. The transaction just works. There is no drama, no failed swaps, no rage against high gas prices. The lack of friction also eliminates the emotional engagement that drives retail mania.

Meme coins trend because they are absurd. You buy them, you stare at the chart, you refresh every three seconds. Plasma, by contrast, is trying to become a rail. Rails do not go viral. Rails do not have devoted Telegram armies screaming about moonshots. Rails just sit there, moving money quietly, until one day you realize half the stablecoin volume is flowing through them.

That said, the quiet is not absolute. In late September 2025, an obscure exchange called Aster listed an XPL perpetual contract and promptly suffered a catastrophic pricing error. The contract spiked to four dollars while spot markets remained stable near a dollar. It was not a hack; it was simply a broken oracle configuration . Aster compensated all affected users, but the incident rattled confidence. It reminded traders that new assets on smaller exchanges carry infrastructure risk. It also reminded them that XPL was volatile enough to generate headlines, even if those headlines were stressful.

The Liquidity Beachhead

What keeps me watching Plasma is not the technology alone—technology is abundant in crypto. What keeps me watching is the liquidity.

At mainnet launch, Plasma already held over two billion dollars in stablecoins. It achieved this not through some complex incentive farming scheme but through straightforward deposit campaigns that were wildly oversubscribed. A Binance Earn product for Plasma USDT hit its one billion dollar cap and became the exchange’s largest campaign of its kind . A fifty million dollar public sale attracted three hundred seventy-three million dollars in bids .

This is not hype capital. This is idle stablecoin yield capital, looking for a home. And Plasma offered it a home with zero-fee movement and eventual integration with Plasma One, a neobank-style app offering digital dollar cards and cashback on spending . When you combine sticky liquidity with a real-world spending interface, you are no longer building a casino. You are building a bank.

Why It Might Explode

The explosion, if it comes, will likely arrive in two phases.

The first phase is adoption-driven. Plasma One is not yet widely launched; when it rolls out more broadly, it will introduce non-crypto natives to the experience of moving digital dollars without friction. These users do not care about consensus mechanisms. They care that the card works, that the transfer clears in under a second, and that there is no hidden fee. If Plasma executes on this roadmap, XPL becomes the backend token for a payments network with real users. That is a fundamentally different asset than a speculative L1 token competing for mindshare.

The second phase is structural. In July 2026, the U.S. buyer lockup expires. Millions of tokens will become available to a cohort of holders who have watched the network develop for a full year without being able to trade a single coin . Some will sell. Others, having observed the team hit its milestones and the ecosystem grow, may decide to accumulate more. The lockup expiration is typically viewed as a supply shock, but in this case, it is also a demand shock—American capital, previously sidelined, can finally participate actively.

That is when the quiet period ends. That is when the market discovers whether Plasma has spent its first year building something that matters or just something that looks good in a pitch deck.

The Real Test

I spoke with a friend who bought XPL in the public sale and is subject to the U.S. lockup. He cannot touch his tokens until next summer. When I asked if he was frustrated, he shrugged. “If the project dies before then, it doesn’t matter when I can sell. If it works, I don’t want to sell anyway.”

That is the bet Plasma is making. It is asking its earliest supporters to treat the token less like a lottery ticket and more like equity in a long-term venture. In an industry built on instant gratification, that approach feels almost quaint. It also feels, for once, like adult supervision.

XPL is not trending because it was not designed to trend. It was designed to be useful. Usefulness, in crypto, is a slow burn. But when the burn catches, it tends to spread fast.

@Plasma $XPL #Plasma

The blockchain industry suffers from a chronic condition that might best be described as premature celebration. Projects announce mainnets before they have users, tout decentralization before they have validators, and declare mass adoption the moment a celebrity tweets their logo. In this environment, the phrase “built for mass adoption” has become less a technical specification and more a marketing tic—a verbal tick that signals little more than ambition. Vanar Chain, however, arrived at adoption through a different door. It did not begin with DeFi primitives or complex financial instruments designed for crypto natives willing to tolerate friction. It began with games, virtual worlds, and digital entertainment—experiences designed not for blockchain enthusiasts, but for regular people who do not dream about gas fees and have never once woken up excited to configure a wallet . This seemingly modest starting point turned out to be anything but. It signaled a philosophy that now defines Vanar’s entire trajectory: adoption does not happen when people learn crypto; it happens when they forget they are using it.

This orientation toward human behavior rather than technical maximalism required Vanar to abandon the traditional Layer 1 playbook entirely. A year ago, the project stood exactly where the market expected it to be: one more fast, cheap, and ultimately interchangeable chain competing for attention in an overcrowded arena . Rather than iterate on that model, Vanar rejected it. Instead of optimizing throughput metrics and chasing quarterly narratives, the team rebuilt the foundation around where long-term value is actually accumulating: memory, reasoning, automation, payments, and real-world execution. These were not added as integrations or bolt-on features. They were designed as core primitives, embedded directly into the protocol itself. The result is that Vanar no longer comfortably fits the definition of a Layer 1 at all. It has become something else entirely: a full AI-native infrastructure stack with live products, real users, and intelligence running inside the system rather than layered awkwardly on top of it .

The technological expression of this shift is Neutron, Vanar’s AI-driven compression layer that solves a problem most blockchains have spent years simply ignoring. Conventional chains store only a checksum on-chain while hosting the actual file on Amazon S3, IPFS, or some other external gateway. This creates brittle systems where links break, content vanishes, and the permanence blockchain promised becomes conditional on the continued operation of centralized cloud providers . Neutron flips this model entirely. Using a two-stage AI-powered compression pipeline, it shrinks multi-megabyte files into text-sized seeds—sometimes achieving ratios as high as five-hundred-to-one—and commits the full payload directly onto the ledger . These seeds are self-describing, queryable by smart contracts, and completely independent of any external infrastructure. For the first time, a DAO can anchor its actual meeting minutes to the chain, not merely a cryptographic fingerprint of minutes stored elsewhere. An AI agent can cite and prove its data source without relying on a centralized API. A lending protocol can execute a loan agreement backed by the very document it references . This is not incremental improvement. It is a structural redefinition of what on-chain means.

Yet infrastructure alone does not constitute a strategy, and this is where Vanar diverges most sharply from its peers. Many projects build impressive technology and then wait hopefully for developers to arrive. Vanar, by contrast, has spent the last year systematically embedding itself into the institutional environments where infrastructure decisions are actually made. The partnership with Worldpay, which processes over two trillion dollars annually across nearly one hundred and fifty countries, is not a logo on a website; it is a joint effort to bring blockchain-based settlement into global payment rails, enabling stablecoin transactions, reducing cross-border friction, and embedding compliance directly into the transaction layer . Similarly, the collaboration with Nexera positions Vanar as the settlement layer for compliant real-world asset tokenization, complete with regulatory backing from VASP-registered entities operating within the Qatar Financial Centre Authority’s Digital Asset Labs . Google Cloud validates the network. NVIDIA provides GPU infrastructure. Mastercard has appeared alongside Vanar at flagship industry events . These are not integrations of convenience; they are structural alignments with institutions that will define how value moves in the coming decade.

Critically, Vanar has not waited for these partnerships to mature before proving its stack can function in the hands of ordinary users. The launch of myNeutron marked the moment the project’s intelligence stack moved out of architecture diagrams and into daily workflows . Real users—not just developers or institutional partners—are now managing real data, context, and memory through a live product. Every action on myNeutron, from creation to storage to function execution, burns VANRY tokens, creating a direct, utility-driven demand loop that ties the token’s value to productive usage rather than speculative positioning . This is the difference between a protocol and a product. Vanar has crossed that line. It is no longer theoretical.

Equally significant is what Vanar has done outside the purely technical domain. Through Vanar Academy, the project has maintained a sustained presence across universities and institutions, training thousands of students in applied blockchain development, smart contract engineering, and AI-native system design . This is not corporate social responsibility or abstract educational outreach. It is a deliberate strategy to cultivate the next generation of builders on terms that align with Vanar’s architectural choices. These students are not learning theory detached from practice; they are working directly with the tools and systems being developed inside the Vanar ecosystem. In an industry that often behaves as though developer adoption is a spontaneous phenomenon, Vanar is systematically farming the soil in which that adoption must ultimately take root.

None of this has translated into the kind of price performance that captures retail attention. VANRY tokens trade more than ninety percent below their all-time high, and the gap between technical progress and market valuation remains the project’s central narrative tension . Skeptics are not wrong to note that adoption metrics remain unverified at scale, that developer activity is still early, and that competition from established Layer 1 and Layer 2 ecosystems poses a genuine challenge. But to focus exclusively on the price chart is to misunderstand what is being built. Vanar is not optimizing for this quarter or this year. It is optimizing for structural relevance in a future where AI agents transact autonomously, where real-world assets require on-chain provenance, and where the distinction between traditional finance and decentralized infrastructure has eroded to the point of irrelevance. The subscription model planned for its AI-native tools in 2026 is not a monetization gimmick; it is an attempt to establish recurring, utility-driven demand that decouples the token from speculative cycles entirely .

This is why Vanar is building the foundation while others bake hype. Hype is a narrative game, and Vanar chose not to play it. While competitors rushed to market with TPS benchmarks and venture capital valuations, Vanar spent eighteen months quietly accumulating nearly twelve million transactions, one-point-five million unique addresses, and more than one hundred ecosystem partners . It integrated biometric Sybil resistance through Humanode’s zero-knowledge proof system, enabling DeFi protocols to distinguish bots from humans without invasive KYC . It replaced hexadecimal wallet addresses with human-readable names like sana.vanar, making the system legible to both people and AI agents . It compressed entire videos into on-chain seeds and demonstrated the result on three-hundred-sixty-degree screens at Dubai’s Theatre of Digital Art, turning a technical breakthrough into a visual spectacle not because flashy demonstrations matter, but because compression that works at that scale changes what is possible .

The industry is now beginning to move in Vanar’s direction. Competitors are suddenly interested in AI agents, on-chain memory, and real-world asset tokenization. But there is a difference between chasing a narrative and having built the infrastructure that narrative requires. Vanar does not need to predict where the market is going; it is already operating in that reality . The tooling others are scrambling to design is already live. The primitives are defined. The stack is in production. The partnerships are signed. The students are trained. The institutions are engaged.

Vanar may never win the TPS wars, and its token may continue to trade at a valuation that bears little relationship to its technical maturity. But the projects that start from human behavior rather than whitepapers tend to age better. The ones that study how people play, explore, and stick around tend to outlast the ones that optimize exclusively for throughput. Vanar is not shouting about the future. It is quietly, methodically constructing the infrastructure that future will require. And when the hype cycles finally exhaust themselves, as they always do, what remains will not be the projects that shouted loudest. It will be the projects that built the foundations that everyone else eventually needed to stand on.

#vanar @Vanarchain $VANRY

Nel settore delle criptovalute, il 2025 è stato l'anno in cui il rumore finalmente si è fermato. Per quasi un decennio, i progetti blockchain hanno inseguito la stessa metrica stanca—transazioni al secondo—come se il throughput grezzo da solo potesse garantire l'adozione di massa che promettevano. Eppure le imprese sono rimaste in disparte, gli sviluppatori hanno continuato a cucire insieme middleware fragili, e il sogno di applicazioni completamente on-chain è rimasto tale: un sogno.

Poi, Vanar Chain ha smesso di competere sul vecchio campo di battaglia.

Emergendo dalle ceneri del metaverso Virtua alla fine del 2023, Vanar ha fatto qualcosa di insolito: ha guardato alla pila, non al punteggio. Ciò che il team guidato da Jawad Ashraf ha scoperto è un mercato saturo di "catene veloci, economiche e, in ultima analisi, intercambiabili"—tutte in corsa verso il basso sui tempi di blocco mentre ignoravano la fragilità strutturale del Web3 stesso. Il risultato è un Layer 1 che non si limita a muovere valore più velocemente; muove intelligenza on-chain. Questa è la storia di una catena progettata per velocità, scala e quel tipo di semplicità che arriva solo da una profonda ripensamento su cosa dovrebbe essere una blockchain.

There is a strange honesty in watching a blockchain project navigate its first bearish chapter. The euphoria of mainnet launches fades, the “zero-fee” headlines become old news, and the price charts start telling stories of impulse and regret. It is in these moments—when the hype cycle closes its jaws—that you see what a project is actually made of. Not the code. Not the tokenomics. The belief.

I spent the last week walking through the histories of two Layer 1 blockchains that launched within eighteen months of each other. One is Plasma, the stablecoin-native chain that pulled in $2.5 billion in 24 hours and then watched its token retrace more than 85% from its September 2025 peak . The other is Vanar, a chain that began life in 2017 as a collectibles platform, learned hard lessons about broken IPFS links, and pivoted into something far more infrastructural .

At first glance, they are different species. Plasma chases the dollar; Vanar chases the file. But beneath the whitepaper jargon, they are reaching for the same horizon: a world where blockchain stops apologizing for what it cannot do and starts delivering what it promised.

The Quiet Conviction of Plasma

When Plasma launched in September 2025, it arrived with a clarity that unsettled the general-purpose chain crowd. It did not claim to be the computer for every decentralized dream. It claimed to be the rail for stablecoins—nothing more, nothing less .

This kind of focus is rare in crypto, where projects typically prefer ambiguity so they can pivot later without admitting failure. Plasma instead bet everything on the observation that stablecoins had become a $300 billion market moving $18 trillion annually, yet they were still forced to live on blockchains designed for speculative trading, not payments . The result was friction: gas fees in unfamiliar tokens, confirmation times that felt sluggish for a coffee purchase, and user experiences that required users to understand what “gas” even means.

Plasma’s answer was not faster blocks or cheaper compute. It was the elimination of the question itself. Through its paymaster framework and gas abstraction layer, users sending USDT simply… send USDT. No wallet holding XPL required. No mental math about fee spikes. Just a transaction that costs zero and finalizes in under a second .

Skeptics call this a marketing gimmick. They point out that someone still pays—validators earn XPL rewards funded by network issuance and the economic activity of more complex transactions. But this misses the point. Plasma is not claiming to have repealed the laws of economics. It is claiming that end users should not have to care. That is not a gimmick. That is product design.

By December 2025, Plasma had accumulated over $7 billion in stablecoin deposits and ranked as the fourth-largest network by USDT balances . Tether publicly endorsed it as global payment infrastructure. Chainlink integrated it. Aave, Ethena, and Fluid deployed on it .

Then the market turned.

XPL, which briefly touched $1.68 shortly after its Binance listing, drifted downward through the winter. By January 2026, it was trading in the $0.14 range—a correction that erased more than 90% of its value from the all-time high . The usual chorus emerged: dead project, exit liquidity, venture capital dump. The token unlock schedule, which releases 2.5 billion team and early supporter tokens in mid-2026, became a source of dread rather than a sign of maturation .

This is the moment where belief is actually tested.

Vanar’s Long Game: Memory as Infrastructure

Seven thousand miles away, Vanar Chain was fighting a different kind of war. Its enemy was not fee models but decay.

Jawad Ashraf, Vanar’s CEO, has a phrase he uses when describing the state of Web3 infrastructure: We are just paying three different landlords instead of one . It is a jab at the industry’s comfortable reliance on Amazon Web Services, Google Cloud, and Microsoft Azure. The irony is painful. Crypto spent fifteen years preaching trust minimization, yet the majority of Ethereum nodes and nearly every dApp frontend still phone home to Seattle.

Vanar’s response, Neutron, does not look like typical blockchain innovation. There is no consensus gimmick, no new virtual machine, no attempt to out-Benchmark Solana. Instead, Neutron is a compression engine—an AI-driven pipeline that can take a 25-megabyte file and shrink it into a 50-kilobyte “Seed” that lives entirely on-chain, queryable by smart contracts and readable by humans without a gateway in sight .

This is the sort of infrastructure that does not generate immediate trading volume. It does not make for exciting token price action. But it answers a question that has haunted non-financial blockchain use cases since 2017: where is the data?

Most NFTs are not on-chain. Most loan agreements are not on-chain. Most DAO records, gaming assets, and identity documents are stored on IPFS or centralized servers, with only a hash anchored to the ledger. When those servers go offline—when AWS has a bad Tuesday—the assets do not disappear; they simply become invisible. The blockchain keeps producing blocks. Users just cannot see what they own .

Vanar is not trying to beat Ethereum at DeFi. It is trying to make on-chain memory a default rather than a novelty. Its validator set includes Google Cloud and NVIDIA, not because Vanar surrendered to centralization, but because it understands that enterprise adoption requires enterprise-grade partners . The goal is not purity. It is permanence.

The Belief They Share

This is where Plasma and Vanar begin to resemble each other.

Both projects launched into a market that was still measuring blockchains by their token price. Both attracted enormous early capital—Plasma from stablecoin depositors, Vanar from gaming and entertainment partners. Both faced skepticism when their tokens corrected. Both are led by founders who speak not of flipping Bitcoin, but of building something boring and essential.

Plasma believes that stablecoins will eat the remittance and payroll industries the way email ate postal mail. It believes that users will not tolerate paying $5 to send $20. It believes that the chain which makes stablecoins invisible will win, even if its native token experiences volatility along the way .

Vanar believes that data is not truly owned if it can be taken away by a cloud provider’s outage. It believes that AI agents will need to cite verifiable, on-chain sources. It believes that the next billion users will not care about finality times, but they will care when their in-game sword vanishes because a storage link expired .

Neither belief is fashionable right now. The market is distracted by memes and leverage. XPL is trading near lows. VANRY is not yet a household name. The unlock schedules loom. The skeptics are loud.

But here is what the price charts do not show: Plasma processed $78.4 billion in daily transaction volume at its peak . Vanar recorded nearly 12 million transactions from 1.56 million unique addresses within eighteen months of mainnet . These are not ghost towns. These are cities under construction.

Infrastructure as an Act of Patience

The hardest thing about building infrastructure in a speculative industry is the mismatch of time horizons. Users want instant gratification. Investors want quarterly returns. Influencers want daily content. But infrastructure matures in years, not weeks.

The Bitcoin that institutions now embrace spent a decade being declared dead. Ethereum survived a hack that froze millions, a contentious hard fork, and years of gas fee complaints before it became the settlement layer for half of DeFi. Solana weathered an FTX collapse that wiped out its largest backer and kept building.

Plasma and Vanar are not immune to this pattern. They will face more corrections, more token unlock FUD, more comparisons to flashier competitors. The XPL that feels heavy in portfolios today may be the same XPL that powers a global neobank tomorrow. The Neutron Seeds that seem like overkill for NFTs may be the legal standard for real-world asset tokenization by 2027.

The future they believe in is not one where blockchain replaces everything. It is one where blockchain does the things it is uniquely good at—settling value without intermediaries, preserving data without landlords—and does them so reliably that users stop noticing the technology entirely.

The Unfashionable Bet

I asked a friend who works in traditional payments what he thought of Plasma. He had never heard of it. I explained the zero-fee USDT transfers, the Bitcoin bridge, the 1,000 transactions per second. He shrugged. “We do 10,000 per second and our customers don’t know what a block is.”

He was right, of course. The endgame of good infrastructure is invisibility. No one praises the fiber optic cable under their street; they just expect Netflix to load.

Plasma and Vanar are laying cable. It is unglamorous work. It does not trend on social media. It attracts criticism from those who mistake volatility for failure. But the cable, once laid, is not easily removed. And the users who eventually transact on it will not remember the token price in January 2026. They will only know that the transaction went through, the data stayed put, and for once, the blockchain did exactly what it was supposed to do.

That is the future Plasma still believes in. That is the memory Vanar is building. And if you look closely—past the red candles and the unlock schedules and the cynicism of people who have seen too many promises break—you can see them both moving toward it, quietly, stubbornly, convinced that the real adoption has not even started yet.
@Plasma $XPL #Plasma

In un ecosistema affollato di catene che vantano di essere più veloci o più economiche, Vanar Chain presenta un'evoluzione più fondamentale. Non è semplicemente un'altra blockchain di Layer 1; è il primo stack infrastrutturale progettato da zero per essere nativo all'IA. Mentre le blockchain convenzionali eccellono nella registrazione delle transazioni e nell'esecuzione di logiche predefinite, Vanar si muove in modo diverso. È progettato per memorizzare, comprendere e ragionare su dati complessi, trasformando la blockchain da un registro passivo a un partecipante attivo e intelligente. Questo cambiamento architettonico fondamentale—da programmabile a intelligente—posiziona Vanar non come un computer di uso generale, ma come il livello fondamentale per una nuova generazione di applicazioni in cui i dati verificabili e la logica autonoma sono fondamentali.

Plasma XPL introduce un paradigma fondamentalmente diverso. Non è semplicemente una catena più veloce, ma una blockchain progettata con uno scopo unico e profondo: essere il mezzo ottimale per il movimento globale del valore delle stablecoin. La sua filosofia di design sposta l'attenzione dal throughput grezzo all'efficienza progettata per uno scopo, creando un sistema in cui il flusso delle transazioni—consenso, esecuzione e regolamento—è meticolosamente architettato attorno alle esigenze uniche dei pagamenti in dollari digitali. Questo porta a una rete che non si limita a elaborare transazioni, ma sposta valore in un modo che è senza attriti, sicuro e perfettamente integrato con il più ampio ecosistema finanziario.