Rapport DeFi du 2026-09-26

Perps remain the only sector with meaningful token capture, though multiples are elevated. Lending multiples are low, but several protocols pass quality flags, though capture is generally absent.

ROBINHOOD CHAIN — DAILY 2026-09-25

ÉTAT ON-CHAIN

Chain TVL stands at $1.008B, recording a +1.2% daily uptick, snapping a two-day consolidation phase. The trajectory indicates a stabilization around the $1B psychological support after a volatile initial launch window. Capital concentration remains pronounced: the top 3 protocols—Morpho Blue, Steakhouse Financial, and Uniswap V4—command ~86% of total TVL. Morpho Blue is the dominant liquidity engine, holding $563.5M in supply TVL (55.9% dominance) with $453.6M borrowed, implying a utilization rate of ~80.5%. This high utilization, coupled with Steakhouse's significant presence ($504.7M), suggests capital is "sticky" and risk-managed rather than purely yield-chasing launch incentives. Lighter Perps and Arcus maintain a combined derivative exposure of ~$123M, indicating steady but secondary demand for leverage relative to the lending core.

CATALYSEURS

• SEC "Innovation Exemption" for Tokenized Stocks (CoinTelegraph/Decrypt): The regulatory approval of a five-year path for 24/7 tokenized equity is the primary structural driver. This directly validates Robinhood Chain's core value proposition, legitimizing the on-chain venue for regulated securities. The immediate on-chain consequence is the sustained TVL floor in lending markets, where users are deploying capital to borrow against these newly sanctioned tokenized assets.
• NYSE & Blockchain.com Partnership (The Defiant/Decrypt): The preliminary agreement to offer tokenized U.S. stocks signals institutional validation of the 24/7 trading model. While not a direct integration with Robinhood Chain, it expands the total addressable market (TAM) for tokenized equities, creating a rising tide that benefits the primary regulated L2 venue.
• Morpho Integration of Coinbase Tokenized Stocks (The Defiant): The specific expansion of collateral types to include competitor-issued tokenized stocks deepens the liquidity pool on Robinhood Chain. This catalyzes the $453M+ in borrowed assets observed on-chain, as it unlocks cross-platform capital efficiency.
• Fee Compression (CoinDesk): The reported 97% collapse in chain fees despite near-record transaction volumes is a critical product development signal. It suggests a hyper-competitive environment or aggressive subsidization by the broker to maximize user acquisition and volume share, prioritizing ecosystem growth over immediate protocol revenue.

VALUE ACCRUAL

Robinhood Chain operates without a native token, meaning the protocol itself does not capture direct fee-based value for external holders. The primary beneficiary of on-chain activity is Morpho. Given Morpho's 56% share of TVL and 80%+ utilization, the protocol captures the majority of lending spreads and interest payments. Steakhouse Financial accrues value via risk management fees and curation rewards on its $504M TVL, acting as the gatekeeper for capital quality. dYdX (via Arcus) and Lighter capture value through take-rates on derivative trading, though their current TVL (~$123M combined) is subordinate to the lending dominance. The "value" to Robinhood (the broker) is indirect: data monetization, user retention within the brokerage ecosystem, and transactional rebates from the underlying tokenized stock venues, rather than on-chain gas fees.

LECTURE RÉGIME

In a down-cycle characterized by scarce fresh capital and global regulatory tightening (MiCA in Europe, Taiwan's crypto frameworks, the US GENIUS Act), Robinhood Chain represents the "Compliance moat" trade. Structural flows are increasingly favoring regulated venues over permissionless gray markets. The chain's trajectory—holding $1B+ TVL without a speculative token—demonstrates that "institutional-grade" capital is entering crypto not for price appreciation of a chain asset, but for utility and regulatory safety. The SEC exemption acts as a catalyst for this structural shift, moving capital from offshore DeFi to onshore, regulated RWA (Real World Asset) hubs. The fee collapse is consistent with a regime where the broker (Robinhood) subsidizes the infrastructure to secure market share in the tokenized stock wars before the monopoly phase sets in.

À SURVEILLER

• Sustainability of Fee Compression: Monitor if the 97% fee drop persists or stabilizes; a continued divergence between high volume and near-zero revenue could signal a "war chest" phase or unsustainable unit economics.
• Morpho Utilization Rates: Watch for utilization exceeding 85-90%, which would indicate supply constraints in the lending markets and potentially upward pressure on borrowing rates.
• Tokenized Stock Volume Velocity: Track the turnover rate of tokenized equities on Arcus/Lighter; high velocity with flat TVL would suggest efficient trading rather than passive holding.

RWA — DAILY 2026-09-25

ÉTAT DU SECTEUR

The RWA sector TVL stands at $4.72B, reflecting a stabilization after a sharp correction. The sector is down -18.5% over the last 7 days, a drawdown primarily driven by a massive liquidity event on Sept 22 where TVL dropped from ~$5.8B to ~$4.8B in a single 4-hour window. Current trajectory is flat (+0.02% 24h), suggesting the outflow pressure has abated. Capital quality remains bifurcated: sticky institutional capital is consolidating around established treasuries (Invesco USTB), while high-growth private credit (Huma) and emerging L1-specific vaults (Plume) are capturing fresh deployment. Notable 7d movers include Invesco USTB (+4.8%) and Huma (+14.5%), demonstrating resilience against the sector-wide bleed. Conversely, Anemoy Capital (-48.6%) continues to shed liquidity, indicating a rotation away from niche yield strategies toward blue-chip tokenized assets.

CATALYSEURS

• SEC Exemption for Tokenized Equities (Regulatory): The SEC has granted a specific exemption providing a five-year path for trading tokenized equities. This structural clarity directly fuels the "tokenized-equities" sub-narrative, validating protocols like Ondo which have launched in-kind minting for US stocks.
• NYSE & Blockchain.com Partnership (Institutional): The agreement to explore tokenized stocks and ETFs signals the entry of Tier-1 traditional market infrastructure. This legitimizes the sector and likely drives the observed inflows into equity-ready protocols and stablecoin collateral.
• MoonPay Acquires North Capital (Infrastructure): The $60M all-stock acquisition of an SEC-registered broker-dealer lowers the compliance barrier for RWA distribution, facilitating the institutional on-ramp necessary for sustained TVL growth.
• Ondo In-Kind Minting (Product): The launch of in-kind minting allows institutions to swap existing shares for Ondo Stocks. This product update removes friction for institutional capital, correlating with the sustained interest in the sector despite broader TVL volatility.
• Canadian Banks Tokenized Deposit Project (Institutional): Six Canadian banks outlining the first phase of a tokenized deposit project reinforces the global shift toward on-chain traditional finance, supporting the long-term thesis for RWA adoption.

VALUE ACCRUAL

Value accrual in the RWA sector remains heavily skewed toward the issuer model. The majority of TVL growth benefits the asset managers (BlackRock, Invesco, Franklin Templeton) and stablecoin issuers (Circle, Tether) via management fees and spreads. There is no public token capturing this value for Invesco USTB, Ethena USDtb, Re, or Huma. The exceptions remain Ondo (ONDO) and Centrifuge (CFG), which utilize protocol tokens to capture platform revenue. However, the current surge in TVL—driven by regulatory clarity for equities—disproportionately enriches the issuers of the underlying assets (e.g., the stock issuers, the ETF providers) rather than the tokenization protocols themselves, unless those protocols own the issuance stack.

LECTURE RÉGIME

The regulatory regime has shifted from "uncertainty" to "structured permissioning." The SEC's five-year exemption for tokenized equities and the CFTC chair's advocacy for tokenization represent a structural driver that supersedes crypto-native market cycles. We are witnessing the "Institutional Entry" phase: regulated entities (NYSE, Canadian banks, KB Securities) are not just experimenting but building production infrastructure. In a regime of scarce fresh crypto money, RWA represents the only viable vector for massive capital inflows, as it monetizes existing off-chain wealth rather than relying on speculative liquidity. The current TVL dip is a technical correction within a broader structural expansion driven by compliance.

À SURVEILLER

• Volume Metrics for Ondo Stocks: Monitor the uptake of the new in-kind minting feature as a proxy for institutional demand.
• Implementation Timeline for NYSE/Blockchain.com: Specific dates for the launch of the digital trading platform.
• KB Securities/Securitize Bond Launch: The execution of the MOU in Korea to gauge Asian institutional appetite.
• Regulatory Clarity in EU: ESMA's upcoming supervision framework for tokenization, which could trigger a second wave of European bank participation.