TL;DR
This week’s Plume Network Review will take a close look at one of the newest RWA projects to find out if it’s a promising innovation or an empty promise. Still very new to the world of RWAs, Plume recently launched its token after a long and tiring airdrop campaign. Having used Plume Network and engaged in its community since the summer of 2024. This allows me to provide some additional insight into the conditions of the network and what we can expect from Plume in the coming year. With so much to cover, it’s time to jump in.
Since first hearing about Plume, I’ve been a fan of the project. Regularly providing the Wealth Mastery community with detailed updates throughout their Airdrop Campaign. While it’s good to keep your guard up and not overextend yourself in chasing airdrops for tokens. After conversations with the team behind Plume, I made it a point to complete every task available. While I missed a few days here and there. I did far more than most would have by completing everything the testnet had to offer. With almost 200 daily check-ins, accumulating millions in Plume miles, and even securing a Legendary Plume Goon. It makes what I’ll have to divulge in this review about Plume that much harder.
Intro to Plume Network
Plume Network started as an ambitious endeavor to bridge traditional finance with the new blockchain industry through the tokenization of assets. Launching as an Ethereum Layer2 network, Plume inherits broad compatibility with the existing tools and network available. While tweaking just enough to enable faster settlement times, Plume functions similarly to any Optimistic Rollup. With transactions sequenced off-chain and periodically posted to Ethereum. This enables high throughput with Ethereum while taking advantage of the network’s inherent security. Offering scalability without requiring Plume to set up its validators from scratch. This is the basic outline for any Optimistic Rollup.
Where things change slightly with Plume is that instead of using ETH to transact on the network, fees are paid in the native PLUME token. For anyone else who’s participated in the Testnet, you’ll remember having to interact with the Testnet Faucet to provide you with PLUME tokens to complete transactions on the network. So when you think of Plume Network, consider it to operate in the same exact way Ethereum does. Only slightly faster and using PLUME as its gas token. ETH and PLUME are interchangeable assets on the network with the help of the Plume Bridge.
Here comes my first concern with Plume Network. Everything, and I do mean “everything” currently using Plume Network, is still operating on the Testnet. Despite the network being semi-functional for a year to date, over 1 million monthly website views, and completing more than 700,000 transactions. The photo represents the current status of the network. It’s nothing but a sea of errors. Even in testnet, Plume is extremely unreliable to the point of being unusable. There were signs of this during the testnet, with many daily failed transactions. But that’s the point of a testnet. What is hard to understand is how the network is in the same place it was a year ago.
At one point, I had to stop using the Plume Bridge due to so many stuck transactions. All of which the team had no…
Head of Research Jesse is a passionate seeker of truth who enjoys educating others about Bitcoin. As a free thinker and 2nd amendment advocate, Jesse believes each individual has the right to monetary freedom. “The swarm is headed towards us” -Satoshi Nakamoto
