Robinhood Chain Logs Record Daily Transactions Amid Stablecoin Surge

Robinhood Chain, an Ethereum Layer 2 network using Arbitrum technology, has reached a new milestone. The network processed an average of 11.6 million daily transactions last week, marking a 30% increase from the previous week.

This growth is largely due to the rise of Ethena's synthetic stablecoin USDe, which now accounts for 43% of the network's stablecoin supply. Total value locked (TVL) on the network also rose by 32%, reaching approximately $473 million.

However, user growth has been modest, with active accounts increasing by only 3.3%. This indicates that the increased transaction volume is coming from existing users trading more frequently, rather than new users joining the platform.