Plasma entered 2025 as the chain that promised everything. Perfect execution. Heavy backers. The cleanest infra rollout the industry had seen in years. But 10 months later, that story is cracking. And the data over the past 30 days paints a brutal picture. The network has lost 70% of its stablecoin market cap, 33% of its TVL, and most of its users. Its native token, XPL, is down 87% from its all-time high. For a chain that launched as the “next big base layer,” the unwinding feels fast, deep, and structural. Plasma lost 70% of stablecoin market cap over the
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