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.