According to Defillama data, on September 5, on-chain capital flows over the past 24 hours piled into the Ethereum mainnet and a small group of older L1s. Ethereum posted a net inflow of $46.47 million, about 4.5 times the figure of second-place Solana. The numbers point to a rebalancing move: "return to Ethereum, exit L2s."
On the flip side, Robinhood Chain, Arbitrum, Hyperliquid, and others logged combined net outflows of more than $100 million, a sharp rotation out of L2s and newer chains. Robinhood Chain took the biggest hit, with $21.07 million in net outflows. The chain launched in July 2026 as an Arbitrum Orbit-based brokerage L2, and it had recently posted heavy transaction volume tied to Meme and tokenized stocks. At one point, its on-chain fees were higher than Ethereum, Solana, and Base. But now, daily bridge flows have turned negative.
Arbitrum, Base, and Polygon slipped into the red too, and the four major L2s, including Robinhood, recorded a combined net outflow of about $69.55 million. Hyperliquid, the perpetual contract chain, saw a net outflow of $18.34 million, roughly in line with Arbitrum. Stablecoin settlement chains were red as well. Tether-linked Plasma lost $13.27 million, while Stripe-incubated Tempo and Tether ecosystem's Stable posted outflows of $3.45 million and $2.99 million, respectively.