good analysis on the new Plasma chain and $XPL
If you look at the ratio of stablecoin supply to market cap, you can get a sense of fair value for Plasma $XPL
Using Tron as a comp, which is basically just a stablecoin chain, the valuation floor lines up with where presale buyers got in at $500M FDV
If you use the industry average of $1 in stablecoins mapping to $1 in market cap, the floor looks closer to $1B
But if you comp it to Ethereum, which is more relevant given AAVE, ENA, PENDLE, and other DeFi apps going live on day one, the floor market cap is about $4.2B
With 1B in stablecoins guaranteed on day 1, the floor is relatively high on $XPL. With Hyperliquid, Binance and Bybit perps trading at $5B seems like Plasma has room to run if more stablecoin supply gets brought onto the chain
Trillions @PlasmaFDN
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