Three metas are competing for the same attention this week, and they are not in the same shape
> Robinhood Chain is the one actually working
Eleven weeks after its July 1 launch, it did $1.6B in DEX volume yesterday on $1.0B of TVL, so the capital there changes hands 1.59 times a day
Morpho Blue on that chain is 83% utilized: $549M supplied, $456M borrowed. Its two biggest vaults are both stablecoin: steakUSDG at $483M and USDe at $345M. That looks like carry, not trading leverage.
> ARC was supposed to take the crown, and three days in, it has not started
The capital showed up: $343M, with $185M in Morpho and $127M in Aave. But almost none of it is doing anything. The same Morpho Blue, the same code, is 5.5% utilized on Arc, and Aave sits at 0.6%
Turnover is 0.23x a day, a seventh of Robinhood's. Pool liquidity is $30M next to Robinhood's $342M
Capital arrives ➡︎ almost nobody borrows it ➡︎ pools stay shallow ➡︎ not much to trade against ➡︎ the trade meta has not started
Three days is not a verdict, and one number will settle it. If Morpho's borrow figure on Arc is still near zero in two weeks, that is the answer.
> With Zcash, the coin and the meta sit in different places
zcash:native trades at $1,534, up 169% in 30 days, inside the top ten by market cap. The privacy behind that move genuinely works.
Shielded pools hold 4.89M ZEC, 29% of supply, and Ironwood has been live since July 28.
That meta has already started, quietly. Zilk Road opened today and traded 1,305 ZEC, about $2M, in its first three hours. Every trade settles in shielded ZEC, and no new protocol feature was needed
Nobody can say how long any of this lasts. What each chain is doing with its money is not a guess
Robinhood has the turnover
Zcash has the smallest numbers of the three and something actually moving
Arc has the most money and the least happening