Robinhood (NASDAQ:HOOD) stock has pulled back in recent days, falling from this month’s high of $120 to around $94. Whether this retreat proves temporary or extends further will likely depend on the company’s quarterly earnings report, which is scheduled for release on Wednesday.
Robinhood Chain is Gaining Momentum
HOOD has pulled back in the past few days, even as third-party data shows that the recently launched Robinhood Chain gains momentum. DeFi Llama shows that the network’s total value locked jumped to a record high of $333 million. Uniswap, Morpho Blue, and Arcus have driven this growth.
Robinhood Chain’s growth has been an exception as other chains have been slowing down in the past few months. For example, the TVL in the crypto industry has dropped to $75 billion from last year’s high of $165 billion. Most chains, including Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL) have had their TVL metrics drop.
More data shows that Robinhood Chain is growing. Its stablecoin supply jumped to $482 million, while its Real-World Asset (RWA) tokenization has soared to $75 million.
