L1 launches from 2025-26 have terrible TVL retention. Let me show you the real picture: → @berachain: $3.3B peak, $74M now (-97%) → @SonicLabs: $1.14B peak, $34M now (-97%) → @plumenetwork: $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.