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SOL GMTrade announced that it will leave Solana and migrate to Robinhood Chain
GMTrade said it will leave Solana and migrate to Robinhood Chain, which has brought another Solana-native transaction project to join the new migration discussion surrounding Robinhood, a Layer 2 focus on real-world assets (RWA). The perpetual contract DEX attributed the decision to fierce competition on Solana and the declining exposure of Solana co-founder Anatoly Yakovenko (known on the X platform as Toly). \"Competition on Solana is just too fierce,\" the team wrote, adding that \"retweets from @toly began to decrease\" until they decided there was \"no alternative.\" The wording somewhat continues Crypto Twitter\'s meme culture, but the statement follows World.xyz\'s decision to migrate from Solana to Robinhood Chain after a 24-hour review. World.xyz\'s move, days after Robinhood Chain was launched on its main website, pushed the chain into discussions among Solana ecosystem builders.
Robinhood Chain promotes RWA applications
Robinhood launched the Robinhood Chain public main network on July 1, a Layer 2 based on the Arbitrum platform. Uniswap, Pleiades, Alchemy, BitGo and Chainlink are listed as early ecosystem and infrastructure partners. The network is built around real-world assets, tokenized stocks, loans, and DeFi primitives related to Robinhood Wallet. Robinhood has also opened stock token products to qualified users in more than 120 countries, which are designed to support round-the-clock trading on Robinhood Chain and can be used in scenarios such as lending pools and trading collateral in decentralized applications. Early DeFi mobility has begun to flow through the network. After Ethena injected $50 million into the Steakhouse Financial USDG vault, the total locked value (TVL) of the Robinhood Chain agreement increased from $83 million to $147 million, making Morpho the core of the chain\'s first lending activity.
Solana still maintains RWA trading lead
GMTrade\'s public application still describes it as the leading RWA perpetual contract DEX on Solana, providing wallet-based trading and covering cryptocurrency, foreign exchange, commodities and equity-related markets. The move is eye-catching because GMTrade\'s product positioning has been closely linked to Solana\'s low-fee trading environment. In the cryptocurrency space, Solana still has a strong RWA trading narrative. In the most recent trading boom led by xStocks and Backpack, trading volume in tokenized shares on Solana reached $380 million in 24 hours, and derivatives positions expanded further as traders focused on tokenized stock activity in the chain. The GMTrade team\'s statement did not include a migration timeline, deployment address, user transfer process or a launch date for Robinhood Chain. As of the latest inspection, the GMTrade website still lists its products as perpetual contract DEX on Solana.
