Locked Assets on Robinhood’s New Network Near $1 Billion: Who Is Using It?

Robinhood Chain reached approximately $1 billion in total value locked and $1.88 billion in daily DEX volume shortly after its launch on July 1.

While Robinhood’s blockchain network reached a billion-dollar scale in a short time, its growth is largely driven by native users and platforms in the crypto ecosystem rather than the company’s own app. StoneX analyst Mark Palmer noted that behind this momentum lie the Robinhood brand, the ability to create tokens freely, subsidized transaction fees, and the interaction between memecoins and tokenized stocks.

The total value locked on Robinhood Chain has risen to approximately $1 billion since its launch on July 1. The daily volume of decentralized exchange (DEX) transactions on the network reached $1.88 billion on Sunday. According to information shared by Palmer, this figure corresponded to more than half of the total volume on Uniswap that same day.

Which factors are supporting Robinhood Chain’s growth?

Palmer stated that there are four key factors driving the chain’s growth. The first is Robinhood’s wide user recognition and strong brand influence. CEO Vlad Tenev following the account of the CASHCAT token was cited as an example that contributed to the token spreading rapidly on social media.

The second factor is the design that allows developers to freely create tokens on the network. It was reported that approximately 10,000 tokens are launched daily on the Pons platform, with that number reaching about 25,000 on September 2. The third factor stands out as incentive economics: Robinhood subsidizes transaction fees for wallet swaps over $5.

The fourth element is the interaction between memecoins and Robinhood’s tokenized stocks. Long.xyz provides an example of this model by pairing community tokens with Robinhood’s tokenized stocks. According to Palmer, interest in memecoins can create movement in tokenized stocks, while stock tokens can offer a financial narrative to memecoins.

For now, the connection of growth with users coming from the Robinhood app appears limited. According to CoinDesk Research estimates, app users account for only 1 to 2 percent of Robinhood Chain transactions. Most of the activity takes place through trading terminals, Uniswap, and token launch platforms.

The network’s stablecoin market capitalization also exceeded $1 billion last week. This value increased by approximately 12 percent in one week and 72 percent in the last month. USDG accounted for 67 percent of the total, while Ethena’s USDe made up 30 percent.