Robinhood Chain’s first two weeks put it near $4 billion in DEX volume
Robinhood Chain has moved into focus at unusual speed. According to DeFiLlama data cited by PANews, the network has generated more than $3.98 billion in cumulative decentralized exchange volume since its mainnet launch less than two weeks ago. Over the past 24 hours, its DEX volume ranked second across all chains, behind Solana and ahead of Ethereum, Base and BNB Chain.
That growth stands out even more within the Ethereum layer-2 segment. Token Terminal data shows Robinhood Chain recorded 10.4 million transactions on July 11, compared with about 6.4 million for Base over the same period. L2BEAT data also showed Robinhood Chain’s Ethereum data availability usage briefly moved above Base, making it the second-largest consumer of Ethereum DA at the time referenced in the report.
User growth has accelerated as well. Dune data shows active addresses on Robinhood Chain rose roughly 5x to 8x from the previous week, while new addresses made up more than 45.4% of active addresses over the last three days. Across the wider EVM ecosystem, the report said Robinhood 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 coins account for more than half of trading
The current surge has been driven largely by meme coin activity. Dune data shows meme tokens made up about 54.3% of Robinhood Chain’s on-chain trading volume on July 10 alone, making them the network’s main source of liquidity.
Token creation has climbed with that demand. Dune data cited in the report shows daily newly created tokens on Robinhood Chain recently topped 24,000, while meme launchpads expanded from a handful of platforms to more than 10.
Capital, though, remains heavily concentrated. Total meme market capitalization on Robinhood Chain has passed $240 million, and Cashcat alone accounts for about 59.6% of that value. Outside the top names, only about 20 meme tokens have market caps in the million-dollar range, leaving the long tail with limited liquidity.
Scam warnings and trading anomalies are already appearing
As meme activity picked up, security issues started to surface. Cross-chain interoperability platform Relay Protocol recently warned about large numbers of honeypot scam tokens on Robinhood Chain. According to the warning, users buy the tokens and then see them disappear from their wallets, with funds not recoverable.
Relay Protocol said the attacks do not mean the wallet itself has been compromised. Users’ private keys and other assets remain safe, while the malicious logic sits inside the scam token’s smart contract. These contracts typically allow buys but restrict selling through preset rules, and in some cases can move funds directly to wallets controlled by attackers. Community users said some malicious contracts use hidden storage mappings to bypass standard ERC-20 safety checks.
Relay Protocol advised users to trade tokens verified by trusted sources, confirm contract addresses before trading and test with small amounts first.
The report also pointed to suspected hype-driven manipulation. Community users said a Robinhood founder may have exposed a seed phrase during a livestream, after which a hacker took control of the related address and used that wallet along with several linked wallets to buy the Robinhood Chain meme token $1. The buying wave drew in copycat traders and pushed the token’s market cap from about $500,000 to $14 million in a short period. After the related addresses were frozen, the attacker moved to BNB Chain, issued a new token using the same cluster of linked wallets, created activity through wash-style trading and then exited with profit, according to the account cited by PANews.
On-chain analytics platform Bubblemaps separately said ArrowFinance’s ARROW token showed high ownership concentration on Robinhood Chain, with 80% of supply held by linked addresses. One cluster of 200 wallets had no prior EVM activity, bought within three minutes of the token launch and was funded from the same source at the same time. Bubblemaps said it found several similar large wallet clusters on Robinhood Chain beyond ARROW.
Who is benefiting from the traffic surge
Rising activity on Robinhood Chain has lifted multiple sectors across the network, including DEXs, lending, launchpads and infrastructure.
Uniswap
Uniswap has handled almost all trading demand on Robinhood Chain so far. Dune data shows cumulative volume across Uniswap versions on the network exceeded $830 million on July 12, equal to 99.8% of total chain-wide DEX volume.
That flow has fed directly into fees. DeFiLlama data shows Uniswap generated about $4.97 million in protocol fees over the past 24 hours, trailing only Tether and Circle and running ahead of Hyperliquid and Pump.fun. The report noted Uniswap has already activated a UNI fee-burn mechanism and has proposed extending the fee model to networks including Robinhood Chain.
Morpho and Ethena
Morpho has become the biggest venue for parked capital on Robinhood Chain through its DeFi yield products. Dune data shows total value locked on the chain stood at about $306 million as of July 12, with more than $120 million deposited into Morpho, or 39.2% of total TVL.
Ethena has also benefited from the inflow as the main issuer of collateral assets for Robinhood Earn. As of July 12, Ethena’s TVL on Robinhood Chain reached $99.59 million, equal to 32.4% of the chain total and second only to Morpho.
Stablecoin supply on Robinhood Chain has now exceeded $290 million. Of that, roughly $99.59 million comes from Ethena’s USDe, while the USDG vault run by Ethena and Steakhouse holds about $50 million in assets. Combined, the two are close to $150 million.
NOXA.fun
NOXA.fun has emerged as the leading launchpad on the network and the issue platform for Cashcat, the largest meme token in the ecosystem. Dune data shows tokens launched through NOXA.fun accounted for 51% of all newly issued tokens chain-wide 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, protocol fees reached $1.94 million, above the $1.61 million recorded by Solana launchpad Pump.fun over the same period. Even so, NOXA.fun has temporarily suspended new token launches because copycat projects and bot-driven token creation have become more severe. The team also burned 40% of NOXA token supply on July 12. PANews said the token had been issued in 2025 on DBK Chain, developed by DeBank, and had seen no activity since.
Arbitrum and Arcus
Arbitrum, the underlying technology provider for Robinhood Chain, has also gained from the expansion. ARB rose about 16.1% over the past week, according to the report. Brendan Ma, head of investment strategy at the Arbitrum Foundation, recently said Robinhood Chain’s annualized transaction revenue had reached $12.5 million. Under the cooperation agreement between the two sides, Robinhood Chain will return 10% of protocol net revenue to the Arbitrum ecosystem, with 8% going to the DAO treasury and 2% allocated to ecosystem development.
Dune data, though, shows cumulative protocol net revenue on Robinhood Chain is only about $717,000 so far. PANews said that means ARB’s recent gain reflects expectations about future revenue growth more than current cash flow.
Another project drawing attention is Arcus, a perpetual futures trading platform built by the former dYdX team. DeFiLlama data shows Arcus processed more than $5.16 million in volume over the past seven days, making it the second-largest DEX on Robinhood Chain. The report added that the market has largely tied Arcus’s recent volume increase to potential airdrop expectations.
The next test is whether traffic becomes sticky capital
Meme coins helped Robinhood Chain get through its cold start and quickly lifted trading, wallet activity and liquidity across the network. But scam tokens, concentrated holdings and suspicious wallet clusters have surfaced just as fast. The chain’s early momentum is clear. Whether that activity turns into lasting users, long-term capital and a more resilient ecosystem is still unresolved.