Recently, many people have been pessimistic about Plasma, saying it has dropped from an average of 58.9 million transactions per day to 6.3 million, and monthly active users have fallen from 1.8 million to 260,000. The implication is that the project has collapsed. But from another perspective, this is actually a normal process of the flow bubble receding and genuine users accumulating.

I have looked at data over the past six months. During the peak in October last year, 62% of new users were genuine merchants from Africa—vendors in Nigeria settling with zero-fee USDT and Chinese suppliers, and workers in Ghana sending money home. These are high-frequency, essential needs, not just opportunistic users. The current 260,000 monthly active users actually have a transaction frequency three times higher than at the peak, indicating that those who remain are truly users with real use cases.

Even more interesting are the data points at the ecosystem level. TVL remains stably locked at $6.8 billion, and DeFi revenue sharing and B-end service fees already account for 70% of the income. Most importantly—monthly transaction fee revenue in January alone reached $52,000, enough to cover operational costs. This is not about burning money to attract traffic, but a strategy of "initially attracting C-end users with zero fees, then monetizing through B-end institutions and ecosystem services." Offline supermarket payments have also been successfully implemented in Africa.

From a technical infrastructure perspective, features like 1-second transaction confirmation, Bitcoin-anchored security mechanisms, and EVM-compatible development ecosystems—these foundational capabilities are turning stablecoin payments from a conceptual idea into everyday operations for ordinary people in Africa. Short-term fluctuations can be misleading, but this logical chain deserves close attention.