The Robinhood Earn vault, curated by @SteakhouseFi on @Morpho, has reached $16M TVL at a 7.1% APY:

• 1.7% intrinsic
• 5.4% incentive
For scale, Coinbase's vaults peaked around $500M TVL. That's the obvious benchmark, but if you think Robinhood is eyeing $500M, you're thinking too small.
The incentive budget is the tell: $115M of USDG has been allocated to this vault per year. It runs a target APR strategy, so if the vault underperforms, it won't overspend.
But at a ~5% incentive rate, a $115M annual budget mathematically supports roughly $2B in deposits, and depending on where the intrinsic APY settles, that puts the ceiling somewhere between $1.5B and $2.5B TVL.