Author: Lao Bai

With the launch of Plasma approaching, there has been a lot of Pros & Cons, Shill, and Fud. What the market is most concerned about is whether a stablecoin public chain is a highly imaginative track and whether it can overturn Tron.

Compared to Tron, Plasma has two obvious advantages - Pros

1. Faster and cheaper, transferring USDT incurs zero fees, which has forced Tron to recently "reduce prices" by 60%, but there are still fees, it's not zero.

2. EVM compatibility, making it easy for blue-chip projects like AAVE and Curve to come over; the DeFi ecosystem on Tron basically only has Justlend with a TVL worth mentioning.

As for the underlying consensus technology architecture, it really doesn't matter. The security of the BTC sidechain still relies on its own POS, and while it has some relation to BTC, it's not significant; viewing it as Merlin is also reasonable.

Of course, the disadvantages are equally obvious - Cons

1. Although Tron's USDT TVL has dropped from a peak of 83B to 76B, it is still an order of magnitude higher than Plasma, which currently still leads by a crushing margin.

2. USDT is essentially a product of regulatory evasion, somewhat like a Southeast Asian on-chain version of the "EuroDollar" - (the concept of EuroDollar I learned from a video by @joyliumacro), so most USDT holders do two things - 1. Trade cryptocurrencies on CEX + transfer 2. Use it as a store of value for USD, indirectly holding USD and withdrawing when needed. Therefore, "on-chain payments" are not the main use case for USDT.

For points 1 and 2, Tron's integration over the years has created a significant moat; Sun's work in this area over the years has not been in vain. As for on-chain payments, the Tempo distribution channel I previously wrote about seems to have more advantages.

Then we can also talk about Shill and Fud.

The points for Shill are that I have personally talked with the Founder and some Plasma ecosystem projects, and they feel quite solid. The main reasons for not investing last year were that I didn't see the future trend of stablecoin chains clearly and thought it was expensive in the context of the environment in 2024… Moreover, Plasma's cooperation with Binance and AAVE, etc., indicates exceptionally good resources; not every chain starts with a baseline of 3-4B in TVL, and being able to stabilize at a pre-market value of 6-7B after launching futures on Binance is impressive.

The point for Fud is that I saw someone reveal today that Plasma has a high overlap with the Blast team; the authenticity of this cannot be judged at the moment since I have only talked to the Founder. Assuming it's true, whether this is good or bad is subjective. Blast was also a very popular project back in the day, indicating that the team has ideas and is capable of making things happen, but the downside is that they might grab the spotlight, dig a hole, and then leave it unattended once the hype is over… I can only say that based on the feedback I received from the ecosystem projects, Plasma seems to still intend to build long-term and make things happen, and it is unlikely to end up like Blast, becoming "eunuch-like."

So, Tron VS Plasma, old money VS new forces, which one do you favor more?

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