$3.3M in 7 days puts Circle's chain right next to Arbitrum ($3.6M), a network with a five-year head startand it isn't the only newcomer. Robinhood Chain went live on July 1 and is already #3 with $49M, ahead of Hyperliquid and Base.

Two chains launched this quarter, two chains in the top 10. The fee map is getting redrawn fast.