Robinhood Chain has pulled in $431 million in protocol total value locked and nearly $400 million in stablecoin market cap in under three weeks, though memecoin trading drives the bulk of its early activity, according to FalconX.
The network, an Ethereum Layer 2 built on the Arbitrum tech stack that went live July 1, is processing roughly 6 million transactions a day and counting more than 250,000 daily active users, placing it among the most active chains by user activity and flipping Base by certain metrics on some days, FalconX Senior Crypto Market Strategist Martin Gaspar wrote Monday, citing data from Artemis.
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Cumulative DEX volume has edged toward $9 billion, but more than 80% of that has come from higher-risk memecoins, per data from Entropy Advisors that Gaspar also cited.
Robinhood Chain settles on Ethereum and pays Arbitrum 10% of net chain revenue as a standalone Layer 2 using Arbitrum's stack, while Ethereum Layer 1 has captured around 0.6% of fees in practice.
