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SOL Robinhood Chain has only been launched for two weeks, and its daily trading volume has surpassed Ethereum.
Robinhood Chain (@RobinhoodCrypto) has been launched for less than two weeks, and its daily decentralized exchange (DEX) transaction volume has exceeded Ethereum. According to @DefiLlama, the chain's DEX transaction volume reached US$808 million in 24 hours, ranking third among all blockchains, behind Solana and BNB Chain.
Record debut of a new chain
Since its launch on the main network on July 1, Robinhood Chain has generated US$3.1 billion in decentralized exchange transactions in the first week, making it the top five blockchain in DEX activity. On some days, it ranks third among all chains in 24-hour DEX transaction volume, behind Solana and BNB Chain.
The network did all this on a relatively weak basis: at the time its total locked position value was only US$145 million, and the number of agreements was about 36.
Robinhood launched Robinhood Chain's public mainnet on July 1, an Ethereum Layer-2 blockchain built based on Arbitrum, designed for tokenized real-world assets and decentralized finance. Partners on the first day of launch include Uniswap, which deploys a dedicated automated market maker as the main public liquidity protocol, as well as deep integration of Alchemy, BitGo and Chainlink, and provide fast check-out times and ready-to-use lending capabilities.
Born for stocks, but filled with Meme coins
Although the network is positioned as an Ethereum Layer-2 focusing on tokenized stocks and real-world assets, early on-chain activity has been overwhelmingly concentrated on a few newly issued Meme coins. A large proportion of that activity came from an unexpected source: Meme coins called Cash Cat, which alone drove approximately $98 million in 24-hour transaction volume on July 8.
The total market value of Meme coins on Robinhood Chain is approximately US$254 million and generated more than US$658 million in transaction volume in 24 hours. According to @DefiLlama, real-world assets account for approximately 4% of the chain's activity. [TAG Bernstein analyst Gautam Chhugani pointed out that there are currently about 65,000 users holding $13 million worth of tokenized stocks and $300 million worth of stablecoins on the chain. While early trading was driven by Memecoin, Bernstein expects Robinhood to increasingly focus on tokenized real-world assets, including stocks and commodities, as well as perpetual futures contracts.
Hidden worries behind bright start
Despite the impressive start, questions remain about the long-term sustainability of the network. Critics have raised concerns about its centralized architecture, including reliance on a single sequencer and trading failures during peak demand periods. Others believe that continued success will depend on Robinhood's ability to shift from Meme-driven speculation to providing deeper liquidity for tokenized stocks and other real-world assets.
