Robinhood Chain TVL Surpasses $200M Led by Morpho and Ethena

Robinhood Chain, the Layer 2 blockchain being built by Robinhood, surpassed $200 million in total value locked (TVL) on the 8th, according to data from on-chain analytics firm Entropy Advisors published on Dune Analytics. The TVL reached $213.93 million, driven by rapid liquidity inflows primarily from Morpho and Ethena during July. Robinhood Chain is designed to support tokenized stock trading and real-world asset (RWA) tokenization as part of its on-chain financial services infrastructure.

Morpho and Ethena Lead Protocol Distribution with Combined 64% Share

Morpho accounted for the largest share of Robinhood Chain's TVL at $77.78 million (36.4%), followed by Ethena at $59.30 million (27.7%). Spark recorded $19.35 million, Robinhood's native protocol held $15.16 million, and Uniswap contributed $13.90 million. Additional protocols included Arcus at $11.03 million, Lighter at $10.92 million, and Maple Finance at $6.36 million. Together, Morpho and Ethena represent over 64% of the total TVL, indicating their central role in the early-stage ecosystem growth.

TVL Growth Accelerated in July from Million-Dollar Range

Entropy Advisors' chart shows Robinhood Chain's TVL remained in the millions of dollars through late June. In July, liquidity inflows centered on Morpho and Ethena drove the TVL past $200 million in a short period. Robinhood recently unveiled Robinhood Chain at an event as a Layer 2 network for tokenized stock trading, with infrastructure goals including RWA tokenization and on-chain financial services. The TVL increase is viewed as an indicator that DeFi protocols and liquidity are entering Robinhood Chain in earnest.

FAQ

What is Robinhood Chain's total value locked as of the 8th?
Robinhood Chain's TVL reached $213.93 million on the 8th, according to Entropy Advisors data published on Dune Analytics.

Which protocols hold the largest share of Robinhood Chain's TVL?
Morpho leads with $77.78 million (36.4%), followed by Ethena with $59.30 million (27.7%). Combined, the two protocols account for over 64% of total TVL.