If you look at the ratio of stablecoin supply to market cap, you can get a sense of fair value for Plasma $XPL Using Tron as a comp, which is basically just a stablecoin chain, the valuation floor lines up with where presale buyers got in at $500M FDV If you use the industry average of $1 in stablecoins mapping to $1 in market cap, the floor looks closer to $1B But if you comp it to Ethereum, which is more relevant given AAVE, ENA, PENDLE, and other DeFi apps going live on day one, the floor market cap is about $4.2B With 1B in stablecoins guaranteed on day 1, the floor is relatively high on $XPL. With Hyperliquid, Binance and Bybit perps trading at $5B seems like Plasma has room to run if more stablecoin supply gets brought onto the chain Trillions @PlasmaFDN