Robinhood Chain has accumulated $431 million in total value locked and nearly $400 million in stablecoin market cap in under three weeks, according to FalconX. The Ethereum Layer 2 network, built on the Arbitrum tech stack and launched July 1, processes roughly 6 million transactions per day and counts 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. Memecoin trading drives the bulk of its early activity, with cumulative decentralized exchange volume edging toward $9 billion but more than 80% coming 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.
Robinhood Chain Records $9 Billion Cumulative DEX Volume
Cumulative DEX volume on Robinhood Chain has edged toward $9 billion since the July 1 launch, according to data from Entropy Advisors cited by Gaspar. More than 80% of that volume has come from higher-risk memecoins, the data showed. "Early activity so far suggests strong user interest, although memecoin trading dominates DEX volumes," Gaspar wrote in the Monday primer. The network processes roughly 6 million transactions per day and counts more than 250,000 daily active users, data from Artemis cited by FalconX showed.
Robinhood Launches Stock Tokens as ERC-20 Tokenized Securities
Robinhood rolled out Stock Tokens usable onchain as ERC-20 tokens, structured as tokenized debt securities issued by Robinhood Assets (Jersey) Limited and backed 1:1 by the underlying shares held with a U.S. custodian, according to FalconX. RWA.xyz data cited in the primer puts Robinhood tokenized stocks at $14 million so far, against $851 million for Ondo and $481 million for xStocks, instruments that have been around far longer. "Robinhood Chain appears positioned to onboard millions of its users onchain and explores key unlocks of crypto technology, especially with regards to RWA," Gaspar wrote, flagging real-world assets as the chain's stated focus. Robinhood's customer base of nearly 28 million, largely retail, gives it a distribution advantage that could close the gap as the chain matures, Gaspar argued.
Robinhood Earn Offers 7% APY with Lloyd's Insurance Coverage
Robinhood Earn, a decentralized lending product available via the main app, lets users lend USDG through Morpho-powered vaults supported by Steakhouse, Ethena, Spark, and Maple, according to FalconX. The product is insured through Lloyd's of London and RELM against losses tied to a cyber event or smart contract exploit—coverage FalconX described as rare for a DeFi offering and a contrast with Coinbase's uninsured Morpho vaults. Earn advertises an estimated 7% APY for depositors, though the underlying Steakhouse USDG vault paid 1.9% as of July 20, suggesting Robinhood is subsidizing the difference, Gaspar wrote. Analysts cited by FalconX estimate a Merkl campaign paying the yield gap could sustain the 7% target up to roughly $2 billion in vault TVL. Morpho Markets on Robinhood Chain reached a total market size of $280 million as of July 19, with vault TVL around $194 million, Gaspar stated.
Bernstein Raises Robinhood Price Target to $160
Bernstein raised its Robinhood price target to $160 from $130, keeping an Outperform rating and modeling prediction markets, perpetual futures, and Robinhood Chain at 18% of total revenue in 2027, reportedly. "Ultimately Robinhood's stated focus for the chain is RWA, so tokenized stock market cap as well as functional onchain utility for these tokens could be key drivers of activity going forward," Gaspar wrote in the Monday primer.
FAQ
What is Robinhood Chain's total value locked since its July 1 launch?
Robinhood Chain has accumulated $431 million in total value locked and nearly $400 million in stablecoin market cap in under three weeks since its July 1 launch, according to FalconX.
How much decentralized exchange volume has Robinhood Chain processed?
Cumulative DEX volume on Robinhood Chain has edged toward $9 billion, with more than 80% coming from higher-risk memecoins, per data from Entropy Advisors cited by FalconX Senior Crypto Market Strategist Martin Gaspar.
What insurance coverage does Robinhood Earn provide?
Robinhood Earn is insured through Lloyd's of London and RELM against losses tied to a cyber event or smart contract exploit, coverage FalconX described as rare for a DeFi offering and a contrast with Coinbase's uninsured Morpho vaults.
