Total value locked has roughly tripled since mid-July to about $312 million, according to DefiLlama, and Robinhood Chain is now clearing more than $600 million in daily decentralized exchange volume, placing it among the most active networks in crypto.
Its transaction count has also attracted attention, with more than 138 million in 30 days, per Token Terminal. But the most traded tokens on the chain are still overwhelmingly memecoins.
On DEX Screener, the top of the Robinhood Chain trend list is filled with tokens like “Hoodrat,” “Vladhood,” and “Swole Doge,” not the tokenized stocks the network was created for, which trade on Uniswap but rank well below it in the volume rankings.
The tokenized shares generate about $55 million in daily volume, less than a tenth of the chain’s nearly $600 million in total DEX trades, data shows. The rest is dominated by memecoins.
Stablecoins remain the largest presence on the chain, with a combined market value in the hundreds of millions of dollars, and memecoins, like the Robinhood mascot-themed CASHCAT that defined the chain’s early weeks, are still active and heavily traded.
The criticism three weeks ago was that Robinhood had built expensive infrastructure and was only attracting speculation, with little sign that the tokenized stock business it launched would materialize.
