Robinhood Chain hits $3.98 billion in DEX volume after launch
Robinhood Chain has built up $3.98 billion in cumulative decentralized exchange volume since mainnet launch, according to DeFiLlama data cited in the report. In the past 24 hours, its DEX volume ranked second across all chains, behind Solana and ahead of Ethereum, Base and BNB Chain.
The pace looks even sharper when compared with Ethereum layer-2 peers. Token Terminal data showed Robinhood Chain recorded 10.4 million transactions on July 11, versus about 6.4 million for Base in the same period. L2BEAT data also showed the network’s Ethereum data availability usage temporarily moved above Base, making Robinhood Chain the second-largest consumer of Ethereum DA at the time referenced in the report.
User growth has accelerated as well. Dune data showed active addresses on Robinhood Chain rose about 5x to 8x from the prior week, while new addresses made up more than 45.4% of active addresses over the past three days. Across the EVM ecosystem, the chain has become one of the fastest-growing networks by wallet activity, with DEX active wallets rising to second place among EVM chains, behind only BNB Chain.
Meme tokens drove the boom, and risks rose with it
The report says meme coins are the main force behind Robinhood Chain’s early breakout. Dune data showed meme tokens accounted for about 54.3% of on-chain trading volume on July 10 alone.
Token creation accelerated with the trading frenzy. Dune data showed the number of newly created tokens on a single day recently passed 24,000, while the number of meme issuance platforms expanded from only a few to more than 10. Capital, though, remains concentrated in a small number of names. Total meme market capitalization on Robinhood Chain has exceeded $240 million, and Cashcat alone represents about 59.6% of that figure. Outside the leaders, only about 20 meme tokens have reached a market cap of at least $1 million, leaving limited liquidity across the long tail.
Security concerns are also building. Relay Protocol recently warned that Robinhood Chain has seen a large number of honeypot scam tokens. According to the warning, users can buy these tokens, but the assets then disappear from their wallets and the funds cannot be recovered. Relay said the issue does not stem from wallet compromise, and users’ private keys and other assets remain safe. The malicious logic sits inside the scam token contracts. In many cases, these tokens allow buys but block sales through preset rules, or even move funds directly to wallets controlled by attackers. Some community users said certain malicious contracts used hidden storage mappings to bypass standard ERC-20 checks and steal assets.
Relay Protocol advised users to trade tokens verified by trusted sources, confirm contract addresses before trading and test with small amounts first. The report added that scam-heavy conditions during a new chain’s early phase are not unique to Robinhood Chain and have appeared on other L1 and L2 launches before.
The report also cited alleged hype and manipulation. Community users claimed a Robinhood founder may have exposed a seed phrase during a livestream. A hacker then took control of the related address and used it, along with linked wallets, to buy the meme coin $1 on Robinhood Chain. That buying drew follow-on traders and pushed the token’s market cap from about $500,000 to $14 million in a short period. After the address was frozen, the attacker reportedly moved to BNB Chain, issued a new token with the same set of linked wallets and used wash-style activity to create the appearance of trading before exiting with profit.
Bubblemaps also said ArrowFinance token ARROW showed a high degree of wallet clustering on Robinhood Chain, with 80% of supply concentrated in linked addresses. One cluster of 200 wallets had no prior EVM activity, yet all bought within three minutes of the token’s launch and were funded from the same source, according to the report. Bubblemaps said it found other similar wallet clusters on the chain as well.
Who captured the ecosystem upside
The report identifies DEXs, lending protocols, launchpads and infrastructure providers as the clearest early beneficiaries of Robinhood Chain’s growth.
Uniswap
Uniswap has become the network’s dominant DEX. Dune data showed cumulative volume across Uniswap versions on Robinhood Chain exceeded $830 million as of July 12, accounting for 99.8% of all DEX volume on the chain.
That activity fed into protocol revenue. DeFiLlama data showed Uniswap generated about $4.97 million in protocol fees over the past 24 hours, trailing only Tether and Circle and coming in above Hyperliquid and Pump.fun. The report added that Uniswap has already turned on its UNI fee-burn mechanism and that a proposal has been put forward to extend that fee model to networks including Robinhood Chain.
Morpho and Ethena
Morpho has become the largest venue for parked capital on Robinhood Chain through its DeFi yield products. Dune data showed total value locked on Robinhood Chain stood at about $306 million as of July 12, with more than $120 million deposited in Morpho, or 39.2% of total TVL.
Ethena has also benefited as the main issuer of collateral assets used in Robinhood Earn. Dune data showed Ethena’s TVL on Robinhood Chain reached $99.59 million as of July 12, equal to 32.4% of total TVL and second only to Morpho.
The chain’s total stablecoin supply has passed $290 million. Of that, about $99.59 million came from USDe issued by Ethena, and roughly $50 million sits in the USDG vault operated by Ethena and Steakhouse, bringing the combined amount to nearly $150 million.
NOXA.fun
On the launchpad side, NOXA.fun has handled much of the chain’s token issuance demand and was also the platform used for Cashcat. Dune data showed tokens launched via NOXA.fun made up 51% of all new token issuance on Robinhood Chain on July 11. The platform has recorded more than 260,000 cumulative active addresses and over $13 million in cumulative protocol revenue. In the past 24 hours alone, it generated $1.94 million in fees, above Pump.fun’s $1.61 million over the same period.
NOXA.fun has temporarily shut off new token creation, citing a growing flood of copycat projects and bots creating tokens in bulk. It said it is looking for a fix. The team also burned 40% of NOXA token supply on July 12. The report said the token was issued by the team on DBK Chain, developed by DeBank, in 2025 and had seen no activity since.
Arbitrum and Arcus
Arbitrum, which provides the underlying technology for Robinhood Chain, is another beneficiary identified in the report. ARB rose about 16.1% over the past week. Brendan Ma, head of investment strategy at the Arbitrum Foundation, said Robinhood Chain’s annualized transaction revenue has reached $12.5 million. Under the cooperation agreement between the two sides, Robinhood Chain will return 10% of net protocol revenue to the Arbitrum ecosystem, with 8% going to the DAO treasury and 2% allocated to ecosystem development.
At the same time, Dune data showed cumulative net protocol revenue on Robinhood Chain was only about $717,000 at the time of the report. It said the recent move in ARB reflects expectations for future revenue growth more than realized income so far.
The report also pointed to Arcus, a perpetual futures platform built by the original dYdX team. DeFiLlama data showed Arcus processed more than $5.16 million in trading volume over the past seven days, making it the second-largest DEX on Robinhood Chain. The report added that the recent jump in Arcus activity is widely seen as tied to possible airdrop expectations.
The next test comes after the cold start
The report said meme coins helped Robinhood Chain complete its cold start. The open question now is how long the meme trade can last, and whether the current wave of traffic can turn into real users, longer-term capital and a sturdier ecosystem base.