This time, let's not talk about the ecology or the story of the chain. Let's purely analyze the profit model of stablecoin projects from a business perspective. Frankly speaking, whether projects like Plasma can survive ultimately depends on solving a real but awkward problem: how to truly convert the trading volume of stablecoins into sustainable system revenue. If this problem isn't understood, then no matter how fast, cheap, or compatible the technology is, it will only be icing on the cake and won't build a real moat.

I broadly categorize the revenue sources from stablecoin circulation into four types. Whether a project can succeed mainly depends on whether it can at least secure stable income from two of these categories, and these must be based on genuine business logic, not just subsidies to keep it alive.

**First Category: Friction Revenue**

The friction here doesn't refer to the transaction fee itself being expensive, but rather the part of the cost users are willing to pay during transfers, exchanges, and clearing processes to save time and ensure transaction certainty. On traditional public chains, this friction often manifests as gas fee competition and hidden slippage losses during swaps, making user experience akin to opening a blind box.

Plasma aims to reduce the friction of stablecoin transfers to a level close to that of legitimate payment networks, so users feel "this is reliable, I don't have to gamble." The key isn't whether fees can be pushed close to zero, but whether the uncertainty can be minimized. Stablecoin users aren't really afraid of paying a little more; they fear the uncontrollable price fluctuations and variable speeds—when the transaction is fast or slow.

My assessment of Plasma in this regard is: it doesn't intend to make big money from friction revenue. Instead, it’s willing to give up some of this profit to achieve lower friction and increase transaction volume. It sounds idealistic, but from the perspective of settlement network business logic, this is a pragmatic approach. Once the settlement network reaches sufficient scale, the users' default choice itself becomes valuable.