Robinhood Chain has been discussed a lot recently, but the idea of it being an “early-stage chain” may no longer hold up.

Its current TVL is $758 million. Out of 465 chains listed on DeFiLlama, it ranks 11th. On the same table, 324 chains have TVL below $50 million.

Let’s take one more layer apart: within these locked positions, a single lending protocol on Morpho Blue accounts for 64%. There are 134 deployed protocols on-chain, but the largest DEX has only 102 million.

So its current scale is mainly supported by a lending pool, not a diversified ecosystem. These two kinds of “big” are risks of a completely different nature.

Data DefiLlama.