.@arc mainnet has been live for less than a week and I wanted to look past the headline numbers for a minute @circle says 100+ applications launched with the network and @DefiLlama is showing around $348M in TVL right now but once you open that number up, most of the money is sitting in just a few places around $192M is in Morpho, another $127M is in Aave V4 and Uniswap has around $23M Morpho’s cirBTC/USDC market alone has around $176M supplied and almost $19M borrowed, so there is already real activity behind some of that liquidity people are putting up Bitcoin-backed collateral and borrowing $USDC against it at the same time, a big part of that liquidity comes from players like Galaxy and Keyrock, so I wouldn’t look at those numbers and pretend this is broad adoption already Aave is even more interesting in a different way there’s around $129M supplied there, but only about $1.2M has been borrowed so far Arc also has around $628M in stablecoins onchain, almost all of it USDC, and around $48M in DEX volume over the last 24 hours I’ve been following Arc for months and building here myself, so yeah, of course I want it to succeed but I’d rather look at where the money is, who is actually using it and what people are doing onchain than just throw around 100+ apps or $348M TVL and call that adoption it’s only been six days that’s way too early to judge the network, but it’s already enough to start asking better questions