L1 launches from 2025-26 have terrible TVL retention.

Let me show you the real picture:

→ $BERA : $3.3B peak, $74M now (-97%)

→ $SONIC : $1.14B peak, $34M now (-97%)

→ $PLUME : $299M peak, $11M now (-96%)

→ @StoryProtocol: $45M peak, $352K now (-99%)

→ @initia: $42M peak, $4M now (-90%)

None could retain capital once incentives ran out.

That liquidity rotated straight into stablecoins, Ethereum, @HyperliquidX, and @base.

Not all L1 launches during this period were bad, though.

For example, TVL in projects like @monad, @megaeth, and @Plasma is steadily growing.

Future L1s need to ensure they have a good enough PMF to retain users once the incentives are gone.

Otherwise, we'll see a lot more dead chains with -99% TVL.

PLUMEUSDT

Διην.

0.01281

+1.42%

SONICUSDT

Διην.

0.03421

-5.18%

BERAUSDT

Διην.

0.3222

-13.34%