Robinhood Chain’s TVL Nears $1B, but Failed L1s Raise Sustainability Question

Four blue-chip layer-1 blockchains from the last market cycle have lost more than 99% of the value once locked on them, and a crypto researcher is asking if Robinhood Chain is next.

Stacy Muur pointed to steep TVL losses at Fantom, Aurora, Canto and Songbird, putting Robinhood Chain’s recent growth against a less forgiving history. Four Blue-Chip L1s That Cratered In a post on X, Muur called out the damage bluntly.

“Blue-chip L1s from the last cycle got absolutely deleted,” she wrote before running through the numbers.

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.