Unchained Plasma's Successful Launch, Revenue Over TVL & the Future of Pump.fun - Ep. 910
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Sep 26, 2025 
Seth Ginns, Managing Partner at CoinFund, shares insights on the launch of Plasma, a stablecoin-centric chain poised to compete in a growing market. Lily Liu, President of the Solana Foundation, argues why revenue should become the primary metric for success in crypto, challenging the traditional emphasis on TVL. James Parillo of Figment Capital explores Pump.fun, discussing how creator tokens could revolutionize streaming and financial participation for audiences, while drawing parallels to gambling behaviors in trading.
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Plasma's Fast Mainnet Momentum
- Plasma launched mainnet and its XPL token quickly reached a multi-billion-dollar market cap, showing strong demand for stablecoin-focused blockchains.
- Early ICO mechanics and broad participation signaled renewed retail access to token gains previously reserved for venture investors.
Stablecoin Chains Flip Fee Economics
- Stablecoin chains plan to offer near-zero transaction fees and monetize at the application layer rather than on-chain fees.
- That model forces rapid partnership-building and app ecosystem growth to capture revenue off user activity.
Bootstrap Liquidity Via Stablecoin ICOs
- Use token sales to bootstrap on-chain liquidity by requiring stablecoin deposits as part of participation.
- That warms the network and creates locked deposits that jumpstart usage at mainnet launch.