Plasma (XPL) breaks out in DeFi, leading the stablecoin efficiency despite significant reduction in incentives

Plasma continues to strengthen its leading position in DeFi as data from Kairos Research and DefiLlama show that this network is achieving outstanding stablecoin utilization. On Aave V3, Plasma records stablecoin supply and borrow rates of up to 92% and 97% respectively – the highest in the entire ecosystem, reflecting genuine demand rather than short-term capital flows.

Plasma currently ranks second in TVL ratio among major protocols such as Aave, Fluid, Pendle, and Ethena, and also owns the largest syrupUSDT liquidity pool in the market with a scale of approximately $200 million. Launching its mainnet in October 2025, Plasma is positioned as a blockchain specializing in global remittances and stablecoins, quickly integrating leading DeFi protocols and reaching TVL of billions of USD, becoming the fastest-growing chain in the top 10 despite cutting incentives by up to 95%.

Although skepticism about scam risks – a common concern with new DeFi ecosystems – persists, on-chain data shows that Plasma is maintaining steady organic growth after the bootstrapping phase, reinforcing positive expectations about the long-term potential of this network.