The most interesting aspect of the XPL project lies in this stark contrast—impressive technical indicators that look stunning, launching into the top 8 of stablecoin liquidity immediately, handling 75 million transactions in the first month, attracting 2.2 million users, yet the token price plummeted 90% from its peak, with 85% of early on-chain large holders withdrawing. The disconnect between technological implementation and market performance is indeed worth a deep dive.

Careful examination of XPL’s approach reveals that it did not chase the broad narratives of general public chains but instead focused intensely on the "Digital Dollar Highway" track. The stablecoin market itself has already surpassed a $250 billion ceiling, with monthly transfer volumes often reaching trillions of dollars. Mastering this vertical domain makes for a substantial business.

Its competitiveness is grounded in real-world features: USDT zero-fee transfers, sub-second transaction confirmation, and full compatibility with the EVM ecosystem. For high-frequency transfer merchants and cross-border remittance users, these are essential needs. The boldest move is its deep integration with Tether—directly controlling the most core liquidity in the stablecoin sector. This focused strategic choice is much clearer than those public chains that spread themselves thin trying to do everything.

In terms of execution, XPL’s rollout has been surprisingly swift. Within 24 hours of mainnet launch, a leading lending protocol’s on-chain deposits surpassed $3.5 billion, soaring to $5.9 billion in just two days. By mid-October, TVL approached $6.6 billion, making it the second-largest deployment network for that protocol globally. These tangible adoption figures demonstrate the project’s ability to meet real needs effectively.