Most new money lands on Solana and Base, then splits between AI agents, memes and perps.
Gross = stablecoin mint + burn, CEX deposits + withdrawals, bridge volume · net new +$4.81B
Each bar is one block on Solana, Base and Hyperliquid. Height is net value moved; colour is where it went.
Source → chain → sector · hover a band to isolate it
Solana takes 40% of new capital and spends most of it on memes and AI agents. Hyperliquid is pure perps.
Top path: stablecoin mint → Solana → Memes $0.31B · Ethereum L1 −$0.41B net is internal re-routing, excluded from new capital
From row to column · $M · total $5.75B
Ethereum sends more than it receives. Most of it goes to Base and Arbitrum, so it stays in the Ethereum family.
ETH L1 bridge net −$410M · 73% of gross out to Base and Arbitrum · Hyperliquid net +$365M
Daily · 90 days · supply $318.6B