Total value locked has roughly tripled since mid-July to around $312 million, according to DefiLlama, and Robinhood Chain now clears more than $600 million in daily decentralized trading volume, placing it among the most active networks in crypto.
Its number of transactions has also attracted attention, with more than 138 million in 30 days, per Token Terminal. But the most traded tokens on the chain remain mainly memecoins.
On DEX Screener, the top of Robinhood Chain’s trending list is filled with tokens like “Hoodrat,” “Vladhood,” and “Swole Doge,” not the tokenized stocks the network was built for, which trade on Uniswap but rank well at the bottom of the leaderboard by volume.
Tokenized stocks generate about $55 million in daily volume, less than a tenth of the chain’s nearly $600 million in total DEX transactions, according to the data. The rest is dominated by memecoins.
Stablecoins remain the largest presence on the chain, with a combined market value of hundreds of millions of dollars, and memecoins, such as the Robinhood mascot-themed CASHCAT, which defined the chain’s early weeks, are still active and heavily traded.
The criticism three weeks ago was that Robinhood had built expensive infrastructure and sparked only speculation, with few signs that the token stock business it had launched would materialize.
