Robinhood Chain's DeFi total value locked has climbed toward $1 billion, but a crypto researcher is pointing to four earlier blue-chip layer-1s that lost more than 99% of their locked value after similar growth spurts. The comparison raises a sustainability question just as the chain also posted $11.11 million in net outflows over 24 hours.
Robinhood Chain now holds about $928 million in DeFi TVL, according to DefiLlama data cited by CryptoPotato. Researcher Stacy Muur, however, set that growth against four networks from the last market cycle that once posted comparable numbers and then collapsed.
Four Blue-Chip L1s That Cratered
In a post on X, Muur pointed to steep losses at Fantom, Aurora, Canto and Songbird. According to Stacy Muur: "Blue-chip L1s from the last cycle got absolutely deleted", before laying out the figures behind the claim.
Fantom peaked at $7.7 billion in locked value and now sits at $4.8 million, with daily decentralized exchange volume down to under $9,000 even though $318 million worth of stablecoins are still parked on the chain. Aurora went from $2.6 billion to $3.1 million, and DefiLlama shows just 133 addresses touching the chain in the past day, despite the project having raised $102 million over its lifetime.
Canto fell from $200 million to $3.6 million, with its token now trading at $0.0017 for a market cap of roughly $1 million. Songbird dropped from $50 million to about $200,000, though it still pulled in over 2,500 daily active addresses even with chain fees sitting at just $77 for the day.
Robinhood Chain's Numbers So Far
Against that backdrop, Robinhood Chain's current metrics stand several orders of magnitude above where any of the four chains Muur cited stand today. The chain's stablecoin market cap sits at $1.026 billion. Its 24-hour DEX volume reached $1.552 billion. Perpetuals volume, meanwhile, hit $577.58 million.
The chain also recorded $524,989 in fees and $471,769 in revenue over the same period, though it had net outflows of $11.11 million. Its DeFi TVL is up 3.35% over seven days and 71% across 30 days, ranking it 10th among the biggest chains by that metric, behind Ethereum, Solana, Base, BSC and Tron.
Source: CryptoPotato
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