Lorenzo Valente, a researcher at ARK Invest, analyzed contract-level data on Robinhood Chain and concluded that most trading activity on the chain is not driven by new crypto users onboarded by Robinhood. Instead, it comes from degen traders using platforms like GMGN and OKX. Valente found that wallet activity confirmed as originating from Robinhood users—specifically swaps via Robinhood Wallet's Settler contract on 0x—accounts for less than 1% of total volume, and even including unidentifiable long-tail trades, the share is around 5%. The rest of the activity mirrors degen behavior observed on other chains. Valente described the situation as "the same degens, just on a new chain." Robinhood Chain is an open, permissionless Layer 2 network, allowing any EVM-compatible wallet or app to connect, meaning on-chain activity does not necessarily indicate new users.
BlockBeats said on September 5 that ARK Invest researcher Lorenzo Valente reviewed contract-level data from Robinhood Chain and came away with a blunt read: most of the chain’s trading activity probably is not coming from new crypto users brought in by Robinhood.
Valente said the only wallet activity that can be clearly tied to Robinhood users is swaps routed through Robinhood Wallet’s Settler contract on 0x, and that makes up less than 1% of total volume.
And even after folding in unidentifiable long-tail trades, the portion linked to Robinhood users is estimated at roughly 5%.
The rest, by his read, mostly comes from trading terminals like GMGN and OKX. Same pattern as the degen trading seen on other blockchains.
Valente summed it up like this: "the same degens, just on a new chain."
Robinhood Chain is an open, permissionless Layer 2 network. So any EVM-compatible wallet or application can connect, which means on-chain trading activity does not automatically mean new Robinhood users are showing up.
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