Robinhood's canonical bridge leads with $231M, the clearest sign that Robinhood Chain is becoming a real ecosystem, not a side project. Behind it, the new wave splits two ways: DEXs & derivatives (RocketSwap $196M, plus BULK and Arcus from dYdX team) and real-world assets (Valos $112M, tokenized gold, tokenized yield).

The rest is still small, most under $50M. But summer's builders are all betting on the same two themes: trading infrastructure and RWAs. The question is which of these is still here by winter.