Robinhood Chain Logs $3B DEX Volume, 7M Daily Transfers

Robinhood Chain processed more than $3 billion in decentralized exchange trading volume in its first full week of public operation and recorded about 7 million daily transfers, with most trading concentrated in meme tokens rather than tokenized stocks.

The network launched its public mainnet on July 1 on an Arbitrum Orbit layer-two deployment during Robinhood’s London event. Launch partners included Uniswap, Chainlink, BitGo and Morpho. Robinhood reported serving nearly 28 million customers across 38 countries, and stock tokens were made available in more than 120 jurisdictions. The company offered no commission fees on the chain and covered initial gas costs for users during the rollout.

On-chain metrics show rapid uptake in the first two weeks. Daily transactions rose from roughly 680,000 at launch to several million; a snapshot during the early period recorded about 7 million daily transactions and roughly 296,000 daily active addresses. Specific daily snapshots logged $563.9 million in DEX volume on July 8 and $846.8 million on July 10, with active addresses rising from about 193,000 to more than 306,000 across those dates.

Uniswap’s dedicated Robinhood Chain pool accounted for the largest share of trading, with about $868 million in 24-hour volume and roughly $3.097 billion over seven days. Competing pools combined for a small fraction of that total, with individual pools reporting single-digit millions in weekly volume. Much of the trading centered on a meme token called cash cat, which reached a market capitalization near $144.6 million and reported about $34.8 million in 24-hour trading. A wallet linked to a trader identified as Ansem moved approximately $233,000 into the token, and perpetual futures listings added speculative interest. Robinhood’s CEO Vlad Tenev acknowledged that a network built for tokenized real-world assets has also been used heavily for meme trading.

Total value locked on the chain reached $139.78 million. Morpho Blue held $89.04 million of that TVL, and active loans on the network totaled about $100.93 million, most tied to Morpho. Uniswap held roughly $44.87 million in TVL and a token launchpad, NOXA Fun, held about $10.92 million. Ethena provided capital, seeding about $50 million into a Steakhouse-curated USDG vault on Morpho. Robinhood Earn routes user deposits into that vault and an estimated 7% annual yield was advertised for deposits held in a self-custody wallet.

Stablecoins on the chain reached $294.42 million in supply, with USDG representing about two-thirds of that amount. Bridged value into the network totaled approximately $439.58 million, split between roughly $293.79 million in native assets and $145.79 million moved through canonical bridges. Bridge activity logged about 246,850 transfers and $19.63 million in net inbound flow, with Ethereum-to-Robinhood Chain the busiest route.

Chain-level fees recorded about $116,284 over 24 hours and $709,137 over seven days, while app-level fees tied to trading activity reached about $4.24 million in 24 hours. Chain revenue was recorded at zero because collected fees are being directed elsewhere in the network’s fee structure.

Tokenized stocks remained a small portion of on-chain activity. Market tallies placed the tokenized stocks market capitalization at roughly $12.6 million, and more than 65,000 users held about $13 million in stock tokens, compared with roughly $300 million in stablecoins and $3.1 billion in weekly DEX volume.

Platform support and analytics expanded during the early weeks: an NFT marketplace added support for the chain on July 11, monitoring and token support were enabled by analytics providers, and queryable dashboards were published. NFT trading volumes were modest, with two native collections registering about 85.64 ETH and 11.96 ETH in total volume respectively.

Some analysts warn that active address counts can be inflated by incentive-driven wallet activity. Market participants and observers are monitoring whether lending and tokenized stock activity will increase beyond the levels driven by meme-token trading.