Robinhood Chain’s TVL Nears $1B, but Failed L1s Raise Sustainability Question
Four blue-chip layer-1 blockchains from the final market cycle have misplaced greater than 99% of the worth as soon as locked on them, and a crypto researcher is asking if Robinhood Chain is subsequent.
Stacy Muur pointed to steep TVL losses at Fantom, Aurora, Canto and Songbird, placing Robinhood Chain’s current progress in opposition to a much less forgiving historical past.
Four Blue-Chip L1s That Cratered
In a submit on X, Muur called out the harm bluntly. “Blue-chip L1s from the final cycle bought completely deleted,” she wrote earlier than working via the numbers. Fantom peaked at $7.7 billion in locked worth and now sits at $4.8 million, with day by day decentralized alternate quantity right down to underneath $9,000 although $318 million value of stablecoins are nonetheless parked on the chain.
Aurora went from $2.6 billion to $3.1 million, and DefiLlama exhibits simply 133 addresses touching the chain previously day, regardless of the challenge having raised $102 million over its lifetime. Canto fell from $200 million to $3.6 million, with its token now buying and selling at $0.0017 for a market cap of roughly $1 million.
On its half, Songbird dropped from $50 million to about $200,000, although it nonetheless pulled in over 2,500 day by day lively addresses even with chain charges sitting at simply $77 for the day.
Current DefiLlama information exhibits Robinhood Chain itself holds about $928 million in DeFi TVL, a number of orders of magnitude above the place any of the 4 chains Muur cited stand in the present day, with a stablecoin market cap of $1.026 billion. Its 24-hour DEX quantity was $1.552 billion, whereas perpetuals quantity hit $577.58 million.
The chain recorded $524,989 in charges and $471,769 in income over the identical interval, though it additionally had internet outflows of $11.11 million. Its DeFi TVL is up 3.35% over seven days and 71% throughout 30, and it ranks tenth among the many greatest chains by that metric, behind extra established networks like Ethereum, Solana, Base, BSC and Tron.
Despite the spectacular efficiency, Muur closed her submit by asking, flatly, whether or not Robinhood Chain’s personal TVL will nonetheless be round in 2030.
Activity High, but TVL Durability Remains Untested
Robinhood Chain’s DEX quantity hit a day by day high above $1.3 billion in early September, with Arkham information on the time exhibiting the chain producing extra in charges than Solana, Base, or Ethereum, one of many drivers being the direct buying and selling of meme cash in opposition to tokenized shares.
It has since crushed that mark repeatedly, going so far as $2.61 billion in DEX quantity on September 11, with yesterday’s coming in at over $1.6 billion.
But Muur’s comparability raises a distinct query: whether or not the present utilization can translate into TVL that persists via one other market cycle, and the 4 older chains have proven how dramatically liquidity can disappear after an L1 falls out of favor.
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