Robinhood Chain Soars on Memecoins Despite Slow Start for Tokenized Equities

Retail brokerage firm Robinhood's Ethereum Layer-2 network, Robinhood Chain, has experienced significant growth since its public mainnet launch on July 1. According to data from DefiLlama, the total value locked (TVL) in the network has tripled to approximately $312 million as of mid-July.

The growth is driven primarily by memecoins and stablecoin trading, which accounted for the vast majority of decentralized exchange volume in the first week of operation. Tokenized real-world assets (RWAs), such as stocks and ETFs, made up only about 4% of total activity at that time, but have seen a fivefold increase in volumes over the past two weeks.

RWA trading has been slower to gain traction than speculative assets, but analysts believe it's an important use case for Robinhood Chain. The network's address count has surged to nearly 800,000, with daily transactions peaking at 3.6 million and briefly surpassing Coinbase's Base protocol.