Robinhood Chain Defies Declining Users with Record Deposits
Rising deposits on Robinhood Chain have defied declining daily active users, sparking interest in the Layer-2 network. Despite averaging 275,000 daily active accounts - a 7% week-over-week drop - total value locked (TVL) reached $588.9 million on July 21.
The chain's success can be attributed to its DeFi integrations, particularly Morpho and Aave lending protocols, which have seen significant growth. Morpho deposits surged 74% in a single week, reaching $222 million, while Aave offers attractive yield opportunities including a 7% return on USDG deposits.
The nearly $589 million in TVL accumulated in under a month puts Robinhood Chain ahead of many established chains at the same stage. However, investors should monitor yields relative to other networks, as a significant narrowing of the spread could trigger capital migration.