Here's a counterintuitive observation about on-chain tokens: while on-chain tokens have been consistently declining, the TVL (TVL) of Robinhood Chain and Arc has been steadily increasing. In the past 30 days, UNI has fallen 18%, MORPHO 13%, AAVE 9%, and ETH 12%, with the total TVL of DeFi across the network dropping from $96.2 billion to $88.7 billion (-8%). However, during the same period, Robinhood Chain's TVL rose from $1.02 billion to $1.14 billion (+11%), compared to just $340 million 90 days ago; Circle's Arc started at $330 million in mid-September and is now at $630 million (+88%). I looked at the protocol distribution of these two chains, and the money is mostly concentrated in the top protocols: 1. Robinhood Chain: Morpho $615 million, Uniswap $288 million. Together, these two account for about 3/4 of the total TVL (TVL) on the chain, and about 74% of the new TVL added in the past 90 days comes from these two. 2. Arc: Morpho $296 million, Aave $178 million, also accounting for about 3/4 of the total TVL on the chain. Robinhood Chain lists 266 protocols, but only 29 have a TVL exceeding $1 million. Therefore, the key reason for the growth in TVL on these two chains is the continued growth of top protocols, such as Morpho and Aave for lending, and Uniswap for trading, rather than the emergence and resurgence of other new protocols and features. HOOD CRCL MORHO AAVE UNI