coindesk.com
Robinhood Chain, the blockchain network built by the popular trading app to power tokenized stocks, has become one of the busiest new chains in crypto. But despite being built around tokenized stocks and other real-world assets (RWAs), speculative memecoin trading has so far become the network's defining use case.
A cat-themed token called CASHCAT, named after Robinhood's former mascot before the company rebranded, has surged 2,158% over the past 7 days, and the memecoin has a $156 million market cap. By comparison, tokenized real-world assets on the chain are worth just $12.81 million, of which $10.68 million is stocks, with the rest split across commodities, tokenized ETFs and a $410,000 sliver of U.S. Treasuries as of Monday morning.
The contrast comes as the chain has posted explosive early growth since it officially went live on July 1.
Data reviewed by CoinDesk shows that total value locked for the chain reached about $135 million, up more than sevenfold from $17 million on July 3, according to DefiLlama. It even ranked among the top three networks for decentralized exchange trading volume over the past week, generating $3.1 billion in volume.
This means the tokenized-equity book remains tiny in a chain that clears billions of dollars in weekly trading volume. The pattern is similar to when prominent exchange Coinbase launched its own network, Base, in 2023. Memecoins and speculation filled it first, while the durable applications arrived later, per CoinDesk reports from that time.
Robinhood Chain also recently surpassed Base in daily transaction count, according to Token Terminal. "Robinhood Chain overtook Base in just 1.5 weeks. Yesterday, Robinhood Chain processed 10.4 million transactions versus Base's 6.4 million," it posted on X.
What is Robinhood Chain?
Robinhood Chain is an Ethereum layer-2 built on Arbitrum's Orbit stack. It settles transactions on the Ethereum network and uses ether to pay network fees.
An anchor product of the chain is Stock Tokens, onchain versions of equities like Nvidia and Apple that trade around the clock and, unusually, are structured as tokenized debt securities barred to U.S. persons. Crypto applications, including Uniswap, Chainlink and the Morpho lending protocol, were also integrated at launch.
As of Monday morning, the value of all tokens locked on the protocol is $312 million, and the total asset market cap is $480 million. The chain has drawn nearly 800,000 lifetime active addresses, processed 3.6 million transactions in a day, and cleared $838 million in decentralized exchange volume over 24 hours. Fees run a fraction of a cent per transaction.
Robinhood positioned it as a regulated venue where tokenized real-world assets plug into decentralized finance (DeFi), enabling blockchain-based versions of traditional financial assets to interact with onchain lending, trading and other applications.