Robinhood Chain Fails to Attract Retail Users Despite Significant On-Chain Activity

Robinhood Chain, an Ethereum-compatible Layer-2 network launched by Robinhood in July 2026, has seen significant on-chain activity since its public launch. However, a recent analysis by ARK Invest's research director Lorenzo Valente found that less than 1% of total transactions are generated through the Robinhood Wallet's primary swap mechanism.

The study, conducted in September 2026, two months after the network's launch, revealed that activity flowing through the 0x Settler contract accounted for only 0.5% of all transactions. This suggests that external platforms, such as GMGN and OKX, are driving most of the volume on Robinhood Chain.

The data also showed that approximately 42% of transactions on the network flow through contracts with three or fewer unique users, indicating automated activity. Valente's analysis implies that existing crypto traders are migrating to this new venue rather than Robinhood's retail user base discovering on-chain finance for the first time.