Robinhood Chain Defies User Decline with Surging Deposits

Robinhood Chain has managed to attract significant deposits despite a slight decline in daily active users. The chain's Total Value Locked (TVL) hit a record $588.9 million on July 21, less than a month after launch.

Cumulative decentralized exchange (DEX) volume since launch landed somewhere in the $8 billion to $9 billion range. Daily active users peaked at 323,969 on July 21, but cooled down to an average of 275,000 by late July.

The chain's success can be attributed to its integrations with DeFi protocols such as Morpho and Aave, which offer yield opportunities. Morpho saw its deposits surge 74% in a single week, reaching $222 million.