Robinhood Chain Surpasses Coinbase in Daily Active Users After Just Three Weeks

Rohanhood Chain, a relatively new Ethereum layer-2 (L2), has surpassed Coinbase's Base in daily active users after just three weeks of operation. By July 21, it had recorded around 324,000 daily active users compared to Base's 274,500. The chain continued its rapid growth and by August, it was processing over 10 million transactions per day, ranking first among all Ethereum L2s.

The chain is built on Arbitrum's stack and uses ETH for gas, with blocks landing every 100 milliseconds and transactions settling back to Ethereum. Robinhood Chain's sequencer operates on a first-come, first-served basis, without priority fees, which is rare in the L2 space. The chain itself is permissionless, allowing anyone to deploy contracts or bridge assets.

The bulk of early volume on the chain is driven by speculative meme coin trading, with Cash Cat (CASHCAT) being one of the largest meme coins on the network. Robinhood covers network fees for its users during the first 90 days, making early activity nearly free. The lack of a native token has also contributed to the chain's growth, as users farm on the theory that an airdrop might be on the way.

Robinhood Stock Tokens, which are tokenized debt securities issued by Robinhood's Jersey entity, trade 24/7 in over 120 countries. Although they have seen significant growth, their market capitalization remains relatively small at $28 million, behind Ondo ($871 million) and other competitors.