Robinhood Chain Trading Activity Mainly From Degen Traders, Not New Users

Lorenzo Valente, an analyst at ARK Invest, has analyzed data on Robinhood's Chain and found that most of its current trading activity may not be from new users added to the platform.

In a recent analysis, Valente noted that only about 1% of transactions on the chain are confirmed to come from Robinhood Wallet's Swap trades, which use the 0x Settler contract. Even if some unidentified long-tail transactions are included, the percentage attributed to Robinhood users is around 5%.

The majority of trading activity on the chain appears to be coming from platforms like GMGN and OKX, which have similar behavior on other blockchains.

Valente summarized his findings by saying that the situation on Robinhood Chain resembles 'the same batch of degens, just on a new chain.'